Have you ever thought about how the life insurance you sell today can ripple through time? Consider the effect that a death benefit can have not only on the immediate hardships faced after the death of a loved one, but on the future generations that come from those that benefited from an in force policy when it was needed. That cash infusion you helped setup can be a sea change on the lasting impact that a death can have on the financial and emotional security that follows a loss. Here are two examples from my own life:
- A good friend of mine inherited a failing flooring business from his father at the age of 24. He had some flooring skills but little business management experience. Luckily his father had left a small life insurance policy that helped my friend cover expenses while he learned the ropes. It is now ten years later and he is one of the biggest installers in New England for Lowes, doing over $1MM per year in sales. He has told me that there is no doubt that if he hadn’t had the benefit of his father’s life insurance policy he would have had to sell the business for next to nothing. His life would be completely different today.
- My father had lost both of his parents by the age of 18. He was one of six boys; two of whom were still in grade school at the time. Luckily, his mother had left a life insurance policy to help take care of all of her boys if anything happened to her. The two younger boys were able to go and live with one of their older brothers, who could now afford to support them, while my father was free to attend and pay for college. By my father’s own admission he wouldn’t have gone to college if that money hadn’t been there because he would have had to work to support his younger brothers. He attended Lehigh University and after graduation he began working for a large insurance company in New York, which is where he met my mother. That life insurance benefit not only helped in the immediate time after my grandmothers’ death, it shaped the future for my family. It’s not a stretch to say that I wouldn’t exist without that life policy!
These examples, and countless more, are why Life Insurance Awareness Month is so important. Make sure you are talking about the powerful effect a death benefit can have on the lives of the individuals you work with. Life insurance is not just a product, or a sale. It’s the ability to stay the course through the rough times so that the future is brighter because someone lived, not dimmer because they died.