Why do we insure our valuables? What makes a car, a wedding ring or your home worth protecting? Clearly, they have a financial value. You would suffer a financial loss if they were damaged or destroyed. Insurance will make you whole should a loss occur. I use the word should very specifically. The odds of losing your home are very small. Even car accidents are relatively rare.
So why don’t many people protect their largest valuable? Ask yourself this: If you had an ATM in your home that dispensed the money you needed to survive, would you insure it? Clearly your family would suffer a loss if it were destroyed. That cash machine is an analogy for our lives. The economic value of your life is enormous. Consider your earning potential for a moment. Consider how the loss of that earning potential would affect your family’s lifestyle. Would changes have to be made? Absolutely!
Death is guaranteed. Loss of life WILL occur whereas the loss of possessions might not occur. Yet we insure less valuable items that we are less likely to lose. Does that make sense? It’s backwards to me.
Life insurance is a love product. It products the ones you love in times of loss. A death in the family brings new burdens. From the financial cost of the funeral to the loss of current and future earnings, a death can devastate a family. Is that the legacy you would like to leave behind?
When a death benefit check is issued to a family member it lets them know that there lost loved one cared enough to protect them. That person was thinking about the future and planning for their family. A whole life insurance policy is the only product that guarantees what you want to have happen will happen. What else can do that? So if you love your family and want to protect them, then insure your life.
Scott Storace
Tags: guarantee, life insurance, whole life
