With September being Life Awareness Month, I thought it would be nice to put in some thoughts about a product that is suddenly popular again. Life insurance is what I consider a basic for anyone who wants to build wealth. You see, with purchase of life insurance you create immediate wealth. I think most people get the concept but in case a few don’t, let me help to educate. Most people work hard and save or invest money hoping to gain wealth. They keep this money so that they can live a life leisurely when they get older. But unless they know the exact date of death, they will either live too long or die too soon. If they live too long, they will run out of money and since most people list this as one of their biggest fears, they will set aside significant amounts of money or will alter their lifestyles to accommodate a smaller amount of savings but they will never use their last dollars. Since that is the case, they will leave assets behind and if that is the case, why not leave it in life insurance. It has been eye opening to me to have the opportunity to sit with people in their 80’s and 90’s and listen to what they think. I can’t recall one person in that age group (who I considered successful) that didn’t mention that they wish they would have purchased more life insurance. They see something many of us don’t care to see, our own mortality. As you get closer to the end of your life, you realize that selfishness is a wasteful attribute. People towards the end of life want to be remembered as being generous and giving. If they have family, they want to provide a better life for their children, grandchildren or maybe a niece or nephew. If they did not have children or have lost them, they want to be remembered for making a difference. A charitable gift or memoriam is usually something they have a desire to provide. Either way, life insurance becomes the answer to the problem. Unfortunately, at that time of life, it becomes difficult to obtain coverage because of health or wealth. The best time to purchase life insurance is today. None of us has the ability to know the number of days we will be granted but all will have the same conclusion. If you have the opportunity, talk with seniors and listen to their thoughts about what it means to know the days are numbered. Talk with someone who has been told that their days are numbered because of disease. Both of these groups will express their desire to have made a difference.
How much do you own? Are you a believer or do you just peddle your policies? I purchased my first policy before I got into the insurance business and looking back, it may have not been the correct policy for my situation but it served a purpose. After I got into the business, I purchased a life policy about every two years. Different types and amounts depending on how much “credit” I needed to meet an honor club. Probably not the most prudent way to make a decision but each served a purpose. Today, I have all of my policies in cash value contracts. I don’t worry about how the stock market goes, whether the bond market crashes or if gold prices plunge. If I were to find out today that my time here is limited, I know that my legacy is assured. My wife, my children and my grandchildren will all benefit from my planning. What a comfort it is to know that everything is in order and that my loved ones will be taken care of. In addition, because they are cash value contracts, my future finances are also assured and although I may not become rich, I won’t ever be poor. I am very fortunate that I learned the value of life insurance early in my life and purchased much of it while I was still young. Go make sure your life insurance is adequate and up to date. Then, go out and see your clients, friends, neighbors, and family and make sure their needs have been met. Make a difference. You are the only one who can help your clients develop wealth with a stroke of the pen. SEPTEMBER IS LIFE INSURANCE AWARENESS MONTH!