1. Life Insurance’s Dirty Little Secret…
In every other type of insurance there is the presumption of “IF”. Auto policies pay IF you get in a wreck. Home policies pay IF your house burns down. Liability insurance pays IF you are sued.
Life Insurance goes past the IF and right onto WHEN…
With life insurance, we aren’t asking if you will die, only when you will die.
Car insurance policies take a look at the average number of wrecks over large group of insureds and charge premium accordingly. Some people will NEVER get in a car wreck. Even some people who choose not to buy car insurance will never get in a wreck. BUT – everyone dies.
So you see life insurance deals with a certainty. Not a possibility. And you must treat it the same way. It is certain you will die. Get over the shock and deal with in a direct and forthright manner.
Buy YOUNG, Save Forever…
The rate you pay for life insurance is based on the age you are WHEN YOU BUY it. I am an advocate of buying high limits on young people – the cost won’t ever be lower and they will never be healthier.
Buy life insurance in large chunks and buy it as young as you possibly can. Listen, insurance companies won’t overinsure you. They have strict underwriting guidelines which allow them to issue you only a limited amount of life insurance. So buy as much as you can. Your family will need it.
The reasons to buy young is simple. Evidence of health conditions are a lot less stringent the younger you are. But the biggest reason is…
COST. At a younger age you are cheaper to insure. This applies to people in any age group.
Each day you wait, costs you money!
You are responsible for the people you leave behind. You DO take it with you!
Finally - What you take with you, when you Go…
Everyone says you can’t take anything with you when you die…in fact you take a lot with you.
The income to pay the mortgage…
The contributions to your children’s education fund…
The retirement account you are building for you and your spouse…
Money to buy the groceries…
Even if you are a stay-at-home parent, you take your skills at child care with you, and what are those services worth…
Here’s some good advice…
Buy life insurance. Lots of it. Protect your family just like you protect your home and cars. They deserve it. You’ll sleep lots better at night. Don’t turn an emotional tragedy into a financial disaster. Life insurance is the tool to use.
Sure you could spend the money on something else. But what’s more important?
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