A few weeks ago, our dog, Murphy, was not feeling well. It got so bad that my wife and I had to take her to the emergency vet one night and have multiple tests run. After several hours, the vet was able to figure out what was wrong and prescribed medication to help Murphy get better. Although we weren’t thinking about it during the visit to the vet, her medical bills ended up being very expensive. Luckily, we have pet insurance for Murphy and that helped cover some of the costs and make it a bit less expensive.
Insurance is something that many people don’t like to talk about. Whether it’s pet insurance, life insurance, health insurance, or any other type of insurance, it’s a topic people don’t find very exciting. Most people don’t enjoy paying their insurance premiums every month, or every year.
And I can understand the sentiment. It’s hard to continue to pay for something without a guarantee that you will ever need it. But what if something unexpected does happen? How often is everything in life planned for?
Insurance allows us to mitigate risks. In my situation, the vet visit for Murphy became a whole lot less expensive. We didn’t have to worry about the cost of getting Murphy emergency treatment because we had protection in the form of insurance.
I know that some people might think insurance is expensive, but I’ve never heard of someone complaining that they had insurance coverage when something expensive and unexpected happens. People don’t normally complain that they had to pay less than the full cost of replacing a car after a car accident because it was covered by insurance. I certainly wasn’t complaining when insurance helped us afford Murphy’s emergency vet bill!
Insurance is an important part of a solid financial plan to help cover unexpected expenses. If you want a second set of eyes to review your insurance or financial plan, we are here to help!
For anyone concerned- Murphy is back to being her usual happy, crazy self. Just look at that picture!
| Trey Erb, CFP ®, CFS