THURSDAY, JULY 10, 2014
This is a true story..........
A client cut down in his prime and no life insurance
I don't even remember now how the news arrived. It's irrelevant really. One of our clients, dead at 54. Had a heart attack while sleeping. Just like that. Gone. (important to note- there were no early indicators. He had just had a complete blood workup that checked out great and had lost 20 pounds).
So, as is our policy, we clipped the obituary out of the newspaper and put it in the client file.
And then I saw it. A life insurance proposal from the previous fall. You see, the client had requested the proposal. He had no life insurance and decided it was time to get serious about providing for his family.
But as is too often the case, he did nothing about it. He left it for later. And later arrived all too soon.
He didn't have life insurance because he fell victim to the "I'll get around to it" mentality
Fast forward a few days after the funeral and his widow came to the office to make the necessary personal policy changes.
She sat down in front of me and said, "I held onto that life insurance proposal you sent Bill. I kept telling him to get it done and he kept putting it off and putting it off......"
So I asked her, "Did he have any coverage through his employer?" The answer was no.
Then I asked, "So you have nothing to fall back on?"
She replied, "I have no income. Nothing. And the only thing I can sell to get some money is his car."
Sitting there with her, listening to her story, was one of the hardest things I've ever done.
Because the story could have had a difference outcome. A more positive one.
Besides the "I'll get around it" mentality of our client, there are many other reasons why people don't get around to buying life insurance.
Some just don't care. I think those are in the minority, so let's move on to the more likely answers:
- No one likes to think about his or her death. I get it. But I think it's time we put on our big boy or big girl pants and acknowledge the fact "no one gets out of this world alive." It's a fact of life. So acknowledge the truth, then work toward a solution to take care of those people who are left when you're gone.
- Getting your blood drawn or peeing into a cup isn't a lot of fun. Yes, for most life insurance policies, getting a medical exam is part of the process. But it's not difficult. The nurse pays you a visit and depending on your age and policy amount, you could be subject to any of the following: small blood sample, urine specimen, and simplified paramedical exam (height, weight, blood pressure, breathing, etc.) It's a very small amount of inconvenience for a long-term solution.
- No one likes paying premium. Yes, even me. I often hear from clients they are "insurance-poor." But the younger you are when you buy life insurance, the lower the premium. Fact. And when you're young, the monthly cost is probably what you'd pay for three lunches out. Not a huge sacrifice. Not for what you're trying to accomplish. And even when you're older, the better health you're in, the lower the premium. So it's not impossible.
- No one like paying premium for something they won't use. Reality check- the policy isn't for you. Never has. Never will be.
- In trying to decide how much life insurance is "enough", people become paralyzed and don't settle on anything. Keep this in mind- ANY amount is better than nothing. Do you think my client would have been thrilled with $25,000? Of course she would have. $25,000 would have provided her with roughly half of her husband's salary and would have been able to pay continuing expenses while she looked for a job. Don't get paralyzed trying to make a decision. Again, anything is better than nothing. Make the choice and move forward.
All the above reasons are excuses. Plain and simple. Don't buy into the excuses. Buy into the solution.
If there is anyone in your life you care about and who will be left to pick up the pieces after you're gone, then you need life insurance. Period. Again, it may only be a small policy for final expenses, but it's something to get them over the hump that will be caused by your absence.
I don't care where you buy your life insurance from. I just want you to buy it.
Because I hate having the kind of conversations I just had. And chances are, your agent does too.
If you're in Ohio, we'd be happy to help you. You can contact us to start the conversation or visit our dedicated life insurance page to request your quote. We don't believe in high pressure tactics. Just practical, helpful outcomes.
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