Procrastination is our most significant competition. All of us are guilty of saying, “When I get around to it,” instead of taking more timely action. I’ve even seen coins with the words “TO IT” — a ROUND to it — to give to procrastinators.
Agents procrastinate, thinking: “One of these days I should meet with that friend, neighbor, business owner, professional, etc.” One of our top advisors experienced the regret of not meeting with the father of his daughter’s best friend. The two fathers saw each other all the time at their daughters’ school and other events. But, the two fathers never talked business. Our advisor never got “around to it.” The friend’s father was on a flight that left Boston’s Logan airport of September 11, 2001. His widow and daughter needed to move away to live with grandma because dad didn’t have enough life insurance.
Clients procrastinate. They wait to buy life insurance until a time when their health and age substantially increase the premium. Or worse, they never get “around to it” and leave a surviving spouse and descendants with debt and insufficient income to maintain financial stability or independence.
The “cost of waiting” (buying life insurance at 55 instead of 45, for example) can be shown factually. But, what is the cost of not having the coverage? Families may “survive” but not “thrive” in the manner to which they had become accustomed.
Life insurance allows you to live better and leave more. Retirees can live on income and principal (instead of income only) knowing that the principal will be replaced with life insurance for surviving spouse and descendants.
When most people had defined benefit pensions, agents learned how to use life insurance plus a single life income pension benefit to generate greater family income as compared with taking the joint and survivor income benefit option. The same lesson applies to today’s 401(k)/403(b)/IRA plans.
Life insurance also helps fund a Roth conversion at death, giving beneficiaries a stretch Roth instead of a stretch IRA.
Funding health care, custodial care and retirement income can all be improved with life insurance to replenish the family’s funds.
DO IT NOW!! Help your friends, family, and other clients protect and preserve their financial freedom. Show them the cost of not having life insurance in their portfolio.