How Real Insurance Differs from the Game of Life’s Insurance Policies 

The first version of The Game of Life, then known as “The Checkered Game of Life,” dates all the way back to 1860. From the start, this thought-provoking board activity about personal milestones and challenges has had a distinctly American slant. 

The modern experience focuses on all the basic milestones you might encounter in reality, including buying a house and cars, getting married, and having children. There are also plenty of financial hurdles to navigate, including buying stocks and promissory notes, as well as insurance policies, like homeowners, life (term, whole, and universal), and auto. 

But The Game of Life and the game of life insurance do have some big differences in how insurance works. Here’s what you need to know! 

Why Your Board Game Strategy Might Not Cut It in Real Life 

In the board game, buying an auto insurance policy protects you from random accidents that may happen later. Homeowners insurance is part of the cost of buying a home. Generally, it can make sense to buy these products to protect your property — both mobile and otherwise — from any challenges that might come your way. 

But in reality, you have to consider other factors, such as premiums, your ability to self-insure against risks, and the value of the property you’re protecting, as well as all the various state rules and regulations, such as liability minimums when it comes to car coverage. 

The Game of Life’s Auto Insurance vs. Real Auto Insurance 

In The Game of Life, you can pay a flat $10,000 to insure your plastic “car” from the dreaded “accident” spot on the board, which would otherwise lose you a turn (and possibly a win against a savvy opponent).  

In real life, you’re going to pay a monthly premium scaled to the amount of protection you’ve purchased. Your cost will be based partly on your individual risk factors plus the various options included in your policy, such as comprehensive coverage or roadside assistance. And similar to the board game, even when you are not the driver who caused the accident, you may still have to pay. 

Homeowners Insurance Board Game Version vs. Reality 

As with auto coverage, The Game of Life takes a fairly simple approach to homeowners insurance. When you buy a home while playing, you also have to pay a one-time fee to insure based on the property you’re buying. It protects you against tornadoes, peg people, and your rogue housecat that comes to trample the entire board (well, maybe not that last one, but you get the drift). 

In reality, homeowners insurance is a regular expense based on premiums. You’re going to pay extra if you live in a flood or earthquake zone, and you’re going to have to pay special attention to the exclusions list to make sure you have the protection you need. And you might get a break in price if you incorporate new technologies to help protect your home. 

Spinning the Wheel vs. Reading the Fine Print 

In The Game of Life, you’re constantly spinning that fun wheel in the middle of the board to see how many spaces your plastic car gets to zoom across the map. Along the way, you’ll land on spaces like “Pay Day,” “Give to Art Institute,” and “Summer School” (pay $5,000 per child — ouch). If you have auto insurance in the game, you’re protected from spaces related to auto incidents. 

But in reality, you’ll need to read the fine print on your policy documents. Luckily, it’s not like those eight times superheroes could’ve used insurance. You’ll want to start with the Declarations page, which provides a high-level summary of all your protection, including limits and dates, followed by the types of coverage provided, exclusions indicating what isn’t covered, and other conditions. This page also covers your endorsements, which can give your policy unique upgrades. 

Game Over vs. Real-Life Consequences 

The Game of Life always comes to an end, and whoever has the most money wins. It’s pretty simple to play, and it’s hard to completely lose unless you spin more than a few bad turns. But in real life, the consequences of not having the right policy or protection can be far more devastating, including losing financial assets, your home, and your car (which is why it’s so important not to misunderstand the terms of your car insurance). 

Treat your insurance-shopping exercise as a serious sport rather than a game, and make sure to talk to your agent to better understand the kinds of coverage you might need, whether you’re shopping for your car or your home. 

Get Real Life Insurance Without Rolling the Dice with Vern Fonk 

The Game of Life is simple, but the reality is a lot more complicated. It’s all fun until something breaks down. At Vern Fonk, we can help you customize an insurance policy that will make sure you’re not stuck “rolling the dice” in real life! 

To get started, get a quote online, request more information from an agent in person at one of our locations near you, or give us a call at (800) 455-8276 today!