As a wealth strategist, when I speak with most of my clients their financial focus is usually on paying down debt, investing in stock markets or real estate, and saving for retirement. They overlook one of the most important pillars of financial success … life insurance.
Are any of these factors holding you back?
Life insurance is an easy thing to put on the back burner. “I am not going to die this week!” Unfortunately, we never know if there is going to be a tomorrow. Life insurance is a tool to cover the unexpected. None of us know the date we are going to die. Truthfully insurance will cost you the same if you buy it now or 5 years from now. Its just 5 years from now you will pay a higher amount, for a smaller period of time. But if your health changes, you may not even qualify or you may have to purchase a more costly rated policy as a result of a reduced life expectancy. So instead of taking the risk of leaving your loved ones with nothing, look in to covering the full value of your life now while you can, giving you and your family peace of mind.
People always overestimate the chances of good things happening to them (I will live a long time, I won’t get sick, my investments will do well) and completely underestimate the chances of bad things (Cancer happens to others, I won’t suffer a job loss). And even though most of us agree people need life insurance, we often choose to believe we are not one of them. In a perfect world, we grow old and enjoy our lives and never need coverage for the unexpected. Most of us would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today. Do you want to leave your family like this? None of us can predict the future. Protect yourself and your family before anything else, because the unexpected very well could happen to you.
The third reason people avoid purchasing life insurance is perceived cost. They believe it’s too expensive. But for most, the actual cost is on average 3 times less than what they believed it would be. And the cost to now owning insurance when you need it most can be unimaginable. Don’t make the critical mistake of evaluating cost based on the price of the insurance premiums. Permanent cash value insurance products for instance give you an array of living benefits giving you the coverage you want and need now and the prospect of a secured retirement in your later years.