Resources & Insights

5 Surprising Reasons Why Buying Insurance is Like Buying a Mattress

September 19, 2023

Will Steck
Senior Vice President, Partner

I know what you’re thinking, and no, it’s not because people think both can put you to sleep.

It’s because buying a mattress used to be a breeze. You picked a size, put down some cash, and voila! Ready to snooze. Insurance used to be just as simple, but times have changed.

#1. It’s Time to Shake Things Up

For a long time, people viewed insurance as a necessary evil. Just like shopping for a new mattress may not be the most exciting thing on your to-do list, you know that you’ll probably wake up feeling much better in the long run.

There are more risks to think through today – like the accelerating cost of building homes and the increasingly litigious nature of our society – that require us to reconsider our mindset about insurance. It’s not a necessary evil; it’s an asset protection strategy that can shelter your investments, assets, and possibly your future generations from catastrophic financial losses.

So, instead of sleeping on the old lumpy mattress because it is easier than finding a new one, it’s time to stop settling for “fine” and start demanding better for yourself today and in the future.

#2. You Get What You Pay For

When you were younger, that hand-me-down, old mattress might have worked for your budget and your back, but needs evolve with time. Many popular insurance companies today promise huge savings, but what type of protection are they offering? Do you truly want an option that saves you a little money in the short term but ends up costing you much more down the road?

While you may save money on your monthly premiums by going with a middle-market company, you could be leaving yourself open to significant financial risks if there are gaps in your coverage or your policy isn’t tailor-made for you. We often find that our Private Client Group programs cost only plus or minus 10-15% than typical middle-market options.

#3. It’s Never a Bad Time to Reevaluate Your Options

The average lifespan of a mattress is seven to ten years, but I think we all have at least one mattress in our home that’s older than a decade (and then some). Even though we know it’s probably time to make a change, the thought of actually doing so is exhausting.

But – consider the potential benefit of investing the time now to understand your insurance program and what’s covered versus navigating your policy during a life-altering loss or incident. Having the right coverage can mean the difference between financial strength and stability for years (and possibly generations) to come, instead of managing the fallout from a major financial loss.

No one wants to spend their weekend browsing a mattress store or combing through online options, but think about how well you’ll sleep at night knowing that you made an investment in yourself.

#4. Don’t Fall for the Hype

Advertising is all around us – experts estimate that the average consumer is exposed to 6,000 to 10,000 ads per day. So it’s no surprise that (consciously or subconsciously) we often go with the company whose ads give us a good laugh.

But strength in brand image doesn’t equate to strength in service or coverage. Don’t let familiarity make you think those are the only options. Choosing insurance based solely on the brand is like booking a room in a five-star hotel, only to find they haven’t replaced the mattress since the ’80s.

#5. You Deserve Nice Things

When working with clients, I sometimes hear that they don’t think of themselves as high-net-worth individuals or families. When we talk about our Private Client Group, we’re not talking about an exclusive club; we’re talking about helping our clients embrace a higher standard from a service perspective.

Your advisor should care more about your program than you do. Instead of having an advisor you have to track down in the event of an accident or claim, you deserve an advisor who understands your situation, provides strategic cost-benefit analysis for your program, and, above all, offers intelligent, empathetic advice.

CCIG’s Private Client Group approaches insurance as part of your general wealth management strategy. It’s a hedge against future financial risk and should be customized to your unique needs. Mattresses and insurance might not be the most fun purchases, but it’s time to shift our approach to buying decisions. The best part? No matter which one you’re buying, you’ll definitely sleep easier.


Learn more about our Private Client Group today.

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