As insurance professionals, we tend to view the world rationally. To a large extent, our industry is based on carefully measuring risk and presenting product benefits using sound empirical value.
But as consumers, there’s a degree of irrationality in every choice we make. That’s why insurance, despite being based on such rational principles, often has to be “sold and not bought” – as the old adage goes.
It’s also why investors tend to buy when the market is high and sell when it’s low. And why millions of working people continue to underfund their retirement savings – despite often being exposed to the very rational warnings against that.
In short, human choices always tend to differ from the rational “best”…
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