Similar to perception versus reality, two people can give a different meaning to the same event. Take a rainy day, for example. The chances are excellent that a bride on her wedding day will ascribe a different meaning to rain than will a farmer experiencing a drought. Likewise, meaning differs amongst religions and cultures.
And so it is with life and life insurance. In the West, we generally view human life as more valuable and equal than do other parts of the world. We view the life of a janitor as equal to that of a surgeon; not economically, of course, but philosophically.
Of course, when two people assign a different meaning, or at least a different level of meaning, to the same event, trouble can ensure. It’s called miscommunication, and it happens all the time.
I see it often in the life insurance arena. When I ask a referral for twenty minutes to introduce myself and my services, I’m sometimes told that that won’t be necessary, as the spouse has coverage through work. Being familiar with the employer’s group plan (as the referrer works there), I ask if they are aware of its limitations, and very often, they are not.
That could be a case of miscommunication or a case of each party assigning a different meaning to the benefit. Some people feel that three times salary is an appropriate benefit, while others feel that five times is woefully underinsured. Neither is necessarily right or wrong, but the fact is that the dependent survivors would need a certain amount to live on. If the group plan doesn’t provide that amount, then it must be supplemented.
Giving meaning to what others think of us is almost always pointless. I’m not talking about those that matter, such as our spouse and children; of course we want to be respected by them (but we must earn it). I’m speaking of those at the club, organization or religious institution whose thoughts don’t impact us in the slightest.
Eleanor Roosevelt had two great quotes about this. The first one is “No one can make you feel inferior without your consent.” The second is “You wouldn't worry so much about what others think of you if you realized how seldom they do.” Now that’s perspective!
The point I’m trying to make is that regardless of the meaning we attach to certain things, we should make sure that it meshes with the reality of the situation. The only good that can come from attaching more meaning than is warranted is a very expensive psychological lesson. There are better ways to learn.