April 10, 2019

REACT – Real Estate Auto Commercial Trust

Welcome to the inaugural entry for the REACT Post by Steve the Insurance Man!  In this space I hope to inform, enlighten, and occasionally entertain on subjects related to insuring Real Estate, Autos, and Commercial Business from someone you can Trust. The purpose of the blog is to help consumers make better decisions about what type of insurance is appropriate for their particular tolerance for risk.  I am always a bit taken aback by the amount of people that don’t have a good understanding of their current coverages (or lack thereof) and what that might mean to them and their families in the event of a tragedy.  It is my intention in this blog to illuminate some of the basic information that one should know or seek answers from their insurance agent or financial advisor to be sure that they are prepared to handle some of the most common perils in life.

First a little about myself. I am a married father of 3 living in suburban Downers Grove, Illinois about 25 miles west of Downtown Chicago.  I am licensed to sell Life, Health, Property and Casualty Insurance, as well as FINRAs security licenses 6, 63, and 65, which allows me to sell my financial advice for a fee.   I am a Financial Services Certified Professional as designated by The American College.  I am a small business owner, President of my own Insurance Agency.  I have a passion for connecting with my clients, making life better for them and their families, and being someone they can come to for unfiltered advise.  If there is one attribute I want you to know about me is that I call it as I see it.  If I lose some clients along the way by not saying what they want to hear, that’s OK, because I’m good at what I do. I have spent my entire career studying and living the topics that come up here, and in most situations my clients have not. That’s why they hire me, to be their subject matter expert, and present their options so they can make an informed decision. 

Secondly, I know why many people don’t know as much as they should about their level of protection, because I know the sales process.  Many agents, especially in their early years, are laser focused on getting the client to ‘yes’ in the shortest amount of time possible.  This is what they are trained to do, to be more efficient, and if they get a quick ‘yes’ that is more important to them than making sure the client has the right coverage.  I guarantee you if you pick up the phone and tell an auto insurance salesman “I want 50-100 liability with 500 deductibles on Comp and Collision plus Roadside and Rental Reimbursement” you are going to be quoted a price and asked how you would like to pay. Is that doing right by the client?  Maybe, the client does have a basic level of protection in the event of an accident. Then again, maybe not. What if the client has $1.3 million in assets that are now available to creditors in the event of a judgement against them due to a tragedy. What if the client was unaware that an Umbrella Liability Policy was available to purchase from the same agency that sold him or her the auto insurance policy that would have saved them from ruin and cost less than $400 per year?  Did the agent do right by the client by not asking if there would be interest in this type of protection?  Of course not.  The agent got to ‘yes’ quickly and the client was left unprotected.

Ultimately, I feel an obligation as a Licensed Agent to make the client aware of the perils and ways to protect themselves from financial ruin. I value questions and feedback whenever I am talking with a client, so please feel free to drop me a line or pick up the phone if there is anything that you would like clarity or more information on. I am here to serve you, my friends, family, and neighbors, and I hope you will come back often.  

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