I was chatting with several folks today about life insurance and I asked them a few questions. It seemed to catch them off guard at first, almost like they were saying in their minds, "Why in the world is he asking me that?" And then the lightbulb came on and I could see in their eyes that I had made my point.
The questions were simple. #1 - Do you currently own life insurance? #2 - How much is your current cell phone bill? #3 - How much is your current cable bill? Believe it or not...not one person hesitated in answering these questions. The shocking thing to me was what they said. Only one person out of seven had an active life policy in force. And the cell phone and cable bills ranged from $60 - $200 a month total. And then I asked them this very important question..."How much money is your cell phone company or cable company going to send your family after you die?" That is when the lightbulbs came on. The answer is nothing. Nada. Zip. In fact they will probably do the exact opposite and send them a bill. So why is it that we can drop $60 - $200 a month for cable and cell phones and not even think about it...but when I quote a life premium for that amount it causes people to swallow their tongues? The truth is the financial security of our loved ones is far more important than the instant gratification we get from our cute texts, our Facebook posts, or anything that can be found in the TV guide. In a lot of cases, $60 a month can buy a very nice life insurance policy. $200 a month can buy a super nice life insurance policy. The sad reality is that by the time most people get serious about life insurance, the cost scares them half to death. Think about this... A 22 year old male in good health can purchase a $100,000 Universal Life policy for $60 a month. The coverage will last his entire lifetime, meaning a guaranteed payout to his heirs at his death, and he only has to make payments until he is 65 years old. Take that same scenario and increase the payment to $100 a month and the coverage jumps to $171,000. Payments until age 65 and lifetime coverage. And, if he bumps the payment up to $200, the coverage increases to $374,723. Payments until age 65, lifetime coverage. I can guaranteed you that neither Time Warner Cable, Verizon, Dish Network, nor DirecTV will send his wife and kids $100K, $171K, or $374K at his death. But your Life Insurance Company will...if he gets his priorities in order. So, let me ask you...Do you currently have life insurance? How much are you paying for your cell phone and cable? And finally, if you don't have life insurance, can you make room in your budget to make sure your family is well protected after you are gone? If I have gotten your attention and you want to chat about this...give me a call. 919-634-2490 Steve Grice
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