(This article is in support of the Life Insurance Movement created by Jeff Rose over at Good Financial Cents)
My friends and family must think I'm nuts. For a living, I sell an intangible product that you don't ever want to use or even think about using - Life Insurance.
Every day I help people apply for life insurance and answer any questions along the way. I'm very lucky to work with people every day who love their family so much that they would purchase something as selfless as life insurance.
Those people I speak with who don't purchase life insurance still love their family, don't get me wrong. They're just confused about buying life insurance. How much do I need? How long do I need it? What is it going to cost? Can I get it cheaper somewhere else? What's the difference between term and whole life?
My answer to all those questions:
Start with why.
Why do you need life insurance?
Why do you get out of bed in the morning?
Focus on the "why" and you'll gain some clarity. Once you start focusing on the "who" (which agency or agent to contact), "what" (term or whole life), "when" (should you buy now or later) and "where" (which life insurance company), you'll sidetrack yourself from the most important part of all - why you're purchasing this life insurance.
Don't let anything sidetrack you from purchasing life insurance. When you focus on your "why" or that reason you need life insurance - everything else falls into place. For example:
- Trying to figure out what should you buy? Depends on "why" you need the coverage. If it's income replacement, family protection, to pay off the mortgage - term life insurance would make sense most of the time. If it's estate planning or final expense coverage - whole life insurance would make sense most of the time.
- Trying to figure out when should you buy? Depends on "why" you need the coverage. If your family is financially dependent on you and you don't have any coverage, you need to buy now. If you're single with no dependents, you can wait if you wanted to. (don't wait too long - your health could decline and coverage gets more expensive every year)
People need to feel inspired to own life insurance. There's a motivating factor to anyone who owns life insurance. Knowing your "why" and feeling the conviction to purchase life insurance to protect your loved ones is what separates those who own life insurance and those who don't.
Once you understand that tomorrow is promised to no one and have the realization that your loved ones would be burdened financially with your untimely passing, all those reservations you have about buying life insurance become insignificant.
The goal of my life insurance business isn't to sell to those who need what I have – access to the top-rated life insurance carriers. The goal of my business is to work with those who believe in protecting their family.
That's WHY I chose life insurance as my profession. What I do serves as the proof of what I believe.
Here's my "Why", what's yours?