Few consumer products are the object of a love/hate relationship as life insurance. The thought of buying life insurance is not something that most like to think about, yet, if it is done right, it can provide the greatest peace-of-mind a person can have. The key is to do it right. Following this helpful life insurance advice may ease the burden and have you feeling good about your purchase right from the beginning.
Did you just read the title of this blog and laugh out loud?
It probably surprises you as much as it does our clients when we tell them they need $1,000,000 of term life insurance. When you factor the income you earn and what your family would miss out on if you pass away prematurely, then add in the time value of money, you might be worth more than you think.
My first experience with insurance claims (or lack thereof) occurred just days before I got married back in 2011, a few years before I started selling insurance. We had a destination wedding in California and invited some close friends and family to help us celebrate.
Two days before our wedding, the groomsmen and I were relaxing by the pool and playing some basketball.
(Important note: We are not basketball players)
We started goofing around and shooting from half court to see who could score from furthest away.
We’re living longer – that’s a fact. As our life expectancy increases, many individuals have moved their planning focus from dying too soon to living too long. Fewer Canadians are buying life insurance; approximately only 43% of Canadians had a policy in 2013, according to LIMRA.
When it comes to taking care of your family, protecting their future is one of your key responsibilities. For most families, that means choosing life insurance. This way, if you pass away while your family needs financial support, they can maintain their standard of living and achieve their life goals.
Life insurance is not something to purchase just any place, where you may end up with a one-size-fits-all product. You need a customized solution designed just for your family.
Being a parent is life-changing in the best way
A new life is in your hands. And with that life comes immense love and caring and endless adventure. It’s truly a wonderful experience.
Becoming a parent also brings great responsibility. That’s why so many people purchase life insurance when they have a baby. After all, it’s said the number one reason to choose life insurance is when someone depends on you for financial support. And what can be more important when that “someone” is your own child?
My sister-in-law was up visiting this weekend for Thanksgiving. Steph and I love when she visits because it makes our son, Elliott, so happy!
“Auntie A!” he yells out in joy.
“Who do you want to help feed you?” “Auntie A!”
“Who do you want to give you a bath?” “Auntie A!”
“Who do you want to change your bum? “Auntie A!” “Yes!” (I silently cheer…)
Recently a prospective client asked us the simple, straight-forward question:
“Why do I need life insurance now?”
While each person has a different life situation, once the decision to purchase life insurance has been made, it’s best to apply as soon as possible. Based on past experience, we have seen many scenarios that emphasize the urgency of putting an insurance policy in place. Below are just a few examples where the client got the insurance just or time, or just missed their opportunity.
It happens more often than we think.
Approximately 1 in 4 of today’s 20 year-olds will become disabled before they retire, according to the US Social Security Administration Fact Sheet. If you’re curious what that chances of becoming disabled are based on your age, job type and a few other attributes, you can look into that at www.disabilitycanhappen.org
You may be a DIY’er (Do-It-Yourself-er) and find the thought of shopping from your couch in your pajamas to be a great experience. Amazon has made millions selling books, DVDs, watches and more to online shoppers. Cyber Monday has exploded with popularity and is on pace to outsell retail stores on Black Friday in the next few years. Having said that, there are a few products that shouldn’t be purchased online without advice and insurance is one of them. Insurance isn’t a television. If a TV breaks, you can buy a new one with little financial impact.