If you own a home, do you have homeowner’s insurance? If you have a mortgage, you are pretty much required to do so. Did you know that fewer than 6% of homeowners’ insurance customers file a claim each year? And while there isn’t any reliable data available, it is believed that MOST homeowners NEVER file a claim. And yet they pay those premiums, year after year, to protect their home and belongings… just in case.
Another “must have” is auto insurance. You have it, right? Statistically, only about 50% of drivers file a claim during their lifetime. Which means the other 50% never do. But everyone is paying the premiums year after year to protect their auto, loved ones and others on the road.
And what about health insurance? If you can still afford it, you really want to have it “just in case”. But statistically, only about 40% of insured working adults in the U.S. reported in 2024 that they filed a claim or received a bill that required insurance processing. Which means the other 60%, who paid the ever-increasing premiums, didn’t use the insurance.
What is my point of all this? Good question!
Many, if not most, of us are paying premiums to protect our homes, our belongings, our vehicles, our health, our loved ones. And while we grumble, we do it either because we are required or “just in case we need it”. But the numbers above tell us that in every case, our chances are greater than 50/50 that we WON’T need it. But we pay the premiums even though we aren’t required to. It’s all about protecting our hard-earned assets and loved ones, and having genuine peace of mind.
Which brings me to the “sure bet” of estate planning. I don’t want to be morbid here, but 100% of us will die. It’s a fact. So knowing that, why would someone take the time and effort to protect their assets and loved ones with insurance policies but not with an estate plan that ensures your loved ones will be cared for when you die? Without a will, the state steps in and distributes your assets as it sees fit; it might not be how you would want them distributed. Without arrangements for legal guardianship for your minor children, again, the state will take over. Without legal documents such as medical directives and power of attorney, when you die, you could be leaving your loved ones a stressful, complicated, and perhaps expensive burden.
Please think about it; we all pay premiums to protect our assets, ourselves, and our loved ones, year in and year out – and you may never use the insurance. Take the time to set up your estate plan, customized to your goals and unique situation. Do it once. Yes, you will probably need to update it a little over time, but once done, it’s pretty much done. And you don’t have to pay premiums for your peace of mind.
So, again, not to be morbid, but it’s a sure bet: 100% guaranteed you will need it someday. And just like insurance, your loved ones will be grateful you took the time and effort to protect them.
Make sense? Call me at 513-399-7526 or visit my website www.davidlefton.com to schedule a meeting.