After 10 years of working for a large life insurance company, I commenced as a self-employed life insurance salesperson on the 2nd of July 1972. I had seen the results of life insurance in action when working in the claims department and understood the value provided to the families devastated by the loss of a loved one. As a young husband and a new parent, I knew I had to provide for Jill and Jason if I were to die. I did not have to be sold. So, what does it take to buy life insurance?
It takes more than money and good health. It takes a combination of caring, common sense, character, commitment, and communication. The communication is in understanding the impact of the economic loss one’s death creates.
If your death will create an economic loss for your family, business, estate, community or for a favourite charity you need life insurance. If your death does not create an economic loss for one of these entities one might ask why not.
Common sense dictates that if it makes sense to insure against the improbable loss of one’s home car or other personal effects it makes especially good sense to insure against the inevitable loss of income or capital created by one’s death. Does it make sense to ensure the golden eggs and not the goose?
Life insurance is not something most people spend time contemplating and yet life insurance makes a major statement about them as individuals. Life is about relationships and the differences we each can make in the lives of others. When someone else becomes involved in our life, we must accept a degree of responsibility for that person. Part of that responsibility is of an economic nature and that is where life insurance enters the picture.
As I said earlier, most people do not spend a lot of time contemplating these issues although they should. This is where the financial planner comes in by bringing these things to peoples’ attention and frankly some people do not like it. People who care, who are responsible, who have character, and who are committed to relationships, both personal and professional, generally are open to learning how life insurance can enhance the achievement of their goals and dreams. Life insurance will keep their dreams alive when they die.
Responsible, caring people do not say, “When I’m gone that’s their problem.” They do not even think such a thing. It is easy for someone to say. “I love you,” or that they care, buying life insurance is putting your money where your mouth is.
Why do successful people buy more life insurance than other people? Perhaps because they understand their value to others and the economic impact that their death will have. There is no cost to having life insurance… only a cost for not having it.
Bob Fowler
