By Paul Morrone CFP®, CPA/PFS, MSA
Unfortunately, most people purchase insurance, but not the right type of insurance policy. Even more frustrating is that these same people are likely overpaying for the wrong type of coverage when simply optimizing benefits and using the correct products would have resulted in lower out-of-pocket premiums for the years or even decades that they had coverage in force. There are numerous examples of this across all lines of insurance, but we most commonly see incorrect policy design in property and casualty insurance and incorrect product selection when it comes to life insurance. In both cases, the policyholder is the one that loses out, and the insurance company is the one that wins.