With things changing so quickly and new products, services, and technology constantly spinning, is life insurance really something that is still needed? I recently had someone ask me why young people didn’t see the need for protection. They stated that life insurance was out of date, stale and only for old people. So how do we bring the excitement back to the industry? I think we first have to change some perceptions. Most people think you have to die in order to see the magic of life insurance. Yep, that is when it really shines. When someone passes away unexpectedly, it is the life insurance that steps in to help pay the bills and provide protection for loved ones. But life insurance is so much more. The true magic of life insurance is that it provides a platform for people to build upon. I have heard so many people talk about how they are investing in the stock market, buying real estate, or going to the casino. All of those previous items is the same. It’s gambling, no matter how you look at it. Life insurance isn’t a gamble. In the very worst case, seriously worst case, you die and leave a significant amount of money to loved ones, or to a cause or group you favor. In the best case, you have access to a sum of money that is not dependent on market risks, is guaranteed, and free of taxation. Talk about safety, a life insurance policy is one of the few guarantees in life. Just think about it, what else is as sure as life insurance. Do you know anyone who has lived forever? We all come to the same end and what we are remembered for is what we have done for others. The gift of life insurance proceeds are long remembered by those affected. So why is it that so many life insurance agents now do only investments? Investments are fun and require very little work. When the market goes up, the broker looks good. When the market goes down, the broker is saying it is good time to buy because the market always comes back. It is always a good time to invest! Life insurance requires that we confront ourselves and the reality that death is part of life. Many young people have yet to experience these life events. It only needs to happen once but often its too late. It is my hope that our industry can once again raise life insurance to its rightful place as the foundation to any good financial plan.
Is Life Insurance Irrelevant?
About the Author: Chuck Olson
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