The Cost of Not Having It

The Cost of Not Having It

by Optic Staff, September 6, 2016

Remember hearing about that friend or acquaintance, a mother or father perhaps, that passed away unexpectedly and didn’t have any life insurance?

How did that make you feel about what their family was going through? Not only an emotional tragedy, but now a financial tragedy.

The cost of them not having life insurance could have been so astronomical that it may not have even been possible to calculate that cost. And it’s not just the cost of the immediate financial needs of paying for a funeral. The cost and impact to family emotionally and financially could last for generations.

The cost of not transferring the risk of dying to a life insurance company not only costs immediate family members strained financial resources, but also impacts future decisions such as, where children may or may not go to college, where a family might live, whether or not they can keep their home, whether or not they work, or even be forced to work due to financial stress.

September is Life Insurance Awareness Month. Another month of something for us to be aware of. There are probably many other things to be “aware” of in the month of September as well. However, the seriousness of death, is well…serious. We don’t know when we will die. But, it is inevitable. We can do something now to protect our life and the financial impact of our passing.

You have Human Life Value (HLV). HLV is defined as your character, your knowledge, your experiences, your education, your intelligence, your judgment and power of initiative. HLV is who we are. How do you protect your HLV? Through life insurance and proper planning.

Most people want insurance, they just don’t want to pay for it. Think about it. If you wreck your car, you want to be sure you have auto insurance. If you get sick, you want to be sure you have health insurance. If your house burns down, you want to be sure you have homeowner’s insurance.

But, there’s no guarantee that you will ever use any of these insurances that you are paying for. And that can feel like a waste of money. However, think of the peace of mind that comes from having these types of insurances in place. And when something does go wrong, you are extremely grateful to be paying for them.

I once had an employee that wrecked a company car. It was his fault. The car was insured, so I had no worries. The driver in the other car had some minor whiplash, etc. and began to see doctors shortly after the accident for relief.

Eventually this employee of mine got married and moved on to go to college. Months went by, then years. One day I got a letter from the auto insurance company stating that I might be sued. They said that they had been unable to settle with the injured driver in the other car. He had taken his medical treatment to the extreme.

Then, several weeks later, sure enough, I was served with a lawsuit. I simply called the insurance company, emailed them the lawsuit, and wiped my hands clean of it. They handled all of it because I was insured and protected.

Again, there’s no guarantee that you will ever use your auto, home, or health insurance. You hope not to.

There is however, a type of insurance that is guaranteed to pay…no matter what. Whole life insurance. You can use whole life insurance now, while you’re alive because of the access to cash value, or you can choose to pass the death benefit on to leave a legacy…or both!

We’ve had clients do this; use the living benefits of cash value today, and the death benefit for loved ones. Our clients have passed away. Just last week I was at a retreat with friends and associates in the life insurance business. There were conversations of recent client passing’s; clients in their 40’s, 60’s, even a 19-year-old. I had a personal client that passed away a year ago; a husband and father of 3 children. It was sad and unexpected.

You see, whole life insurance will be with you until the day you die. It’s guaranteed for a lifetime!

You can protect your Human Life Value, your family, and create more wealth while you are alive with whole life insurance.

Your life and your love for your family can live on…

 

Sincerely,

 

Barry Brooksby