Now that it is officially September, that means that we have officially made it to Life Insurance
Awareness Month. This time of the year is always important to me not only as someone who is in the
insurance industry, but also as someone who has personally benefited from a life insurance policy. Let
me explain why I’m so passionate about life insurance.
Most people are presented with opportunities to buy life insurance through their work, their
spouses work, or through their insurance company. Historically speaking, the average person is
presented with that opportunity SEVEN times before they finally commit to purchasing life insurance.
I’m here to tell you to commit to protecting you and your family NOW; do not wait for the “perfect
time.”
According to a study from the Life Insurance Marketing and Resource Association (LIMRA), 52%
of consumers own a life insurance policy. As for the 48% that do not own a life insurance policy,
research shows that 52% of them do not make it a financial priority. I tend to believe that this is because
they do not fully understand it or see the need for it. Life insurance isn’t simply a product to be
purchased; it’s a product that the buyer should be educated on and personally invested in. It can
provide financial relief in a time of deep sorrow and grief. Many do not know or understand though, that
it can also be built in such a way to compound and grow as a financial investment over the course of
time.
Aside from the financial benefits of life insurance, securing coverage early also protects your
insurability. For example, say that you purchase a 10 year term policy (a policy that expires after 10
years) on yourself and then a year later, you get diagnosed with a medical condition that would
otherwise prevent you from qualifying for life insurance. Because you purchased the term while you
were healthy and qualified, you could actually convert your term policy into a permanent policy without
any hesitations or issues. How great is that?! We never know what life holds for us, so it’s of the utmost
importance to lock in your insurability while you’re healthy and able to do so.
Now, let’s take a second and look at something that’s referred to as “The No Life Insurance
Wheel.”
These are some of the things that not having life insurance can cause you or your family to
experience during a time of grief and need:
o No money for a funeral
o Family can’t afford to travel
o Family forced into cremation for financial reasons
o No grief counseling for family
o No money to cover lost wages and existing bills that continue after someone passes (mortgage, car
payments, etc.)
o Family members have to go back to work before they are ready
o Family must repay all debts out of their own money
I would wager that if I were to poll everyone reading this, 100% of you would say that you
wouldn’t want your family to deal with ANY of those things if something were to happen to you. The
reality, however, is that we are all going to die at some point. That’s not meant to be morbid, only
factual. The question really boils down to this: do you want your family taken care of when that
happens? I sure do. Let me wrap this up by telling you my story.
Back in January 2017, my dad was diagnosed with stage 4 liver cancer. It had already spread to
his spine and other areas of his body, as well. He deteriorated at a rapid pace and eventually succumbed
to the cancer on May 30th, 2017, just about a month after his 56th birthday. During all of the grief and
sadness that we experienced in going through my dad’s things and planning his memorial service and
cremation, my stepmom asked me to come over and look at my dad’s life insurance. I was surprised
when she said that because I had NO idea that he even had any.
You see, my dad worked 25 years or so for Dillon’s grocery store chain in Liberal, KS. As it turns
out, he started a life insurance policy once his full benefits were offered to him. I think he had about $10
taken out of every check for those 25 years. Based on my estimation, he paid roughly $6,000 in life
insurance premiums; when he passed away, my stepmom and I got to split $200,000. After paying for
his cremation, we both walked away with about $90,000! That money allowed my wife and I to put a
down payment on our first house. It also allowed me to buy a much needed vehicle at the time. It even
provided me the financial freedom in my career to step into a position that is 100% commission based.
None of that would have been possible had my dad not had the forethought to purchase that policy all
those years ago. Without even realizing it, he changed my life in an incredibly impactful way and in the
midst of the grief (and even some anger), I was able to be thankful for the legacy that my dad left me.
All of this to say that if you haven’t invested in life insurance for yourself, your spouse, or your
kids, please do so immediately! If you already have life insurance and have not recently reviewed your
policies, I highly recommend getting with the agent that handles your policies to make sure that they are
accurate, up to date, and meet the financial needs of your family. If any of the following changes have
occurred in your life, you should double check to make sure that your policies are good to go:
o Gotten married or are getting married
o Increased your annual income
o Have left your job or started a new job
o Became a parent or are soon to be one
o Retired or are planning retirement
o Purchased a home
Finally, if I can help answer any questions at all or provide you with quotes for you and your
family, please don’t hesitate to reach out to me. I would love to take care of the most important asset
that you have – your family. Show them how much you love them today by making sure that they would
be financially taken care of if something were to happen to you tomorrow. Leave a legacy for them, just
like my father did for me
