The Value of Our ProfessionSubmitted by Robert McEachern & Scott McEachern on February 7th, 2018
So much of what we want to know, learn, or buy these days can be found online.
A few weeks ago, I needed to change a headlight on my car, so I watched a “How To” video on YouTube. I wanted to pick up some tips on personal development, so I subscribed to some Podcasts. Many consumers decide they need life insurance and search for an online quoting system to compare rates.
But here’s the problem.
How do you know how much life insurance you actually need?
I have asked prospects this question and the truth is they vastly underestimate the economic value of their life. Some have even just picked a random number because it “sounded like enough”.
I love telling people they are worth much more than they think. It’s a nice ego boost.
But the truth of the matter is if you’ve made the conscious decision to purchase life insurance – don’t you think it’s important you have the appropriate amount?
Most think life insurance is for final expenses and to clear off any outstanding debts, but that’s just the absolute bare minimum you should have.
In the event of a premature death, you’ll need to replace your income for a at least a few years, even more if you have dependents. Your family will be grieving enough, they don’t need the added burden of wondering how they’ll pay the bills. Even as a stay-at-home mom, you bring economic value to the home. You save the family thousands in daycare costs annually!
Finally, what about leaving a legacy? What about having some life insurance in force so that in the event of a premature death, you’ll still be able to fully fund your child’s post-secondary education. God forbid both parents pass away in some sort of accident, wouldn’t it be nice to have life insurance in place to replace the almost 40% of tax that the government will take from your long-term savings that were in an RRSP?
Most people think $250,000 of life insurance is enough. I am here to tell you it’s not. Not if you want to do more than one of the things mentioned above.
My goal is to help you protect your family, and I want to protect your family properly.