Life Insurance, A Bucket List Item?
Let’s face it, if you ask the average person what he has on his bucket list he’ll probably run down the usual list of mountains to climb, sites to see or hobbies to pursue. Fact is, the very first thing on your list should be making sure that your loved ones will not be left holding the proverbial bucket after you kick it. How much is left on your mortgage? How much will it cost for your spouse to send the twins to college fifteen years from now? These are the issues to which serious thought needs to be given…today, not tomorrow. And good luck buying a life insurance policy after being diagnosed with a terminal illness.
Client– “I’m too young for life insurance. I’m only thirty years old, not married and have no kids.”
Response – “So if you wait until you’re forty and with kids, that same $500,000 policy may cost you double what it would today, that is if you haven’t had a life event which renders you uninsurable.” Buy today… not tomorrow.
Client – “I’m retired, have no mortgage, plenty of money, no debt to speak of and the kids are grown so I don’t need life insurance.”
Response – “On average, a funeral costs roughly $15,000.00. Wouldn’t it be better to have coverage for this, even if your spouse has plenty of cash on hand, instead of having to spend his / her own money after you’re gone? A $15,000.00 final expense policy is quick, inexpensive, easy to get… and smart.” Buy today… not tomorrow.
Client – “I’m pretty healthy. I don’t think anything is going to happen to me.”
Response – “Said the 610,000 people who suffered heart attacks in 2015. And by the way, if you’re waiting for something like this to happen before you get life insurance, the bad news is that it is going to cost you significantly more afterward, that is if you can find coverage at all.” Buy today… not tomorrow.
Client – “I have life insurance through my work.”
Response – “No, the company you work for has life insurance which you are borrowing as long as you work there. You may have nothing. Remember your neighbor who got laid off after working for the same company for over twenty years? Chances are good that along with his job went his coverage.” Buy today… not tomorrow.
Client – “I’ve already got plenty of life insurance.”
Response – “But do you have enough? When did you buy your policy? How many years are left on it? Have you taken on additional debt since then? How much? Did you have another child who you are planning to send to college? When was the last time you gave sufficient thought to what you needed ten years ago as compared to what you might need today or ten years from now? And again, if your waiting for your current policy to lapse before re-evaluating, keep in mind that even if you’re completely healthy in ten years, you’ll still be ten years older. Your rates will be much higher than they are today. Wouldn’t it make sense to enter into a new twenty or thirty year policy today, extend your coverage for an additional ten years and do it for less money than to pay more for it ten years from now? Buy today… not tomorrow.
So, a friendly suggestion about that bucket list. Mountains are difficult to climb. Getting there requires time, planning, and resources which you may or may not have. Hobbies, depending on what you have in mind, may require time to practice and perfect. By all means, if climbing mountains, fly fishing or seeing the Grand Canyon are things which you have always wanted to do, then go ahead and put them on your bucket list. But there’s one thing that you can put on your bucket list and then cross off…today, but not until after you contact me. Buy today… not tomorrow.