Friday, May 17, 2013

Too Busy....For What?

Folks, if you're reading this blog-post and you don't have life insurance you need to STOP procrastinating – maybe even stop reading this – and go get started on having a life policy on yourself...NOW!

See, for several years now I have been talking to a couple about life insurance you don't have to die to use and how to use life insurance to build a tax-free retirement and a private funding source. Well, I should rather say I have been trying to talk to them, because I never really had the chance to sit with them and get into a full (or even half-way decent) discussion of what these concepts entail. The first time I spoke with them the husband (who was in the military then) was leaving for his 3rd deployment in the Iraq/Afghanistan conflict, and even though his wife was supposed to meet with me while he was gone and get a policy on herself, she had "so much" going on that she just never had time to sit down and get it done.

Then the husband got back 8 months later and wanted to get a policy on himself, but the excuse this time was that he was busy starting a new business in preparation for getting out of the military. And now she was working on building her fitness training business, and she also wanted to get out of debt before meeting with me. Furthermore, she wanted to quit smoking first so she could get a better risk class on the insurance.

I encouraged her to stop procrastinating and get started, but of course it was her decision to wait so I couldn’t really do much about it. Then I spoke with her not quite 3 months ago and she said she was expecting to be out of debt in another 3 months and then we would meet. Good news, right? We were finally going to get it done; after all, how long is 3 months when we’ve already waited 4 – 5 years to get started? Well, guess what? This fitness trainer who works out a lot, runs, eats a very disciplined diet and is maybe 40 years old had a heart attack in March, barely a month after that last conversation!
The good news is, she didn't die, but the bad news is that she is now uninsurable, and the sad thing about that is she has 2 kids (a 13-year old and 15-year old); God forbid she should have another heart attack and die now (that tends to happen), she would leave them with no money! Yet – and here is the other bad news – if only she had not been “too busy” to sit with me for just an hour (maybe 2 hours at most), she could have tens of thousands – if not hundreds of thousands – of tax-free dollars in her hands right now, to do whatever she wants with, including exploring the best of the best treatment choices for her full recovery. How sad!

So my question to everybody reading this blog is, are you too get life insurance? For your own sake – and for the sake of the people who depend on you, I hope not!

And if you already have life insurance, is it the kind that you yourself can benefit from while you're still alive, or is it the kind that only becomes useful after you're dead and gone – that is if it doesn't expire before then? Nothing wrong with your family getting a death benefit upon your death, but isn't the thing called life insurance (instead of death insurance)? Besides, this lady could live several years longer and yet have debilitating health conditions that would affect her income-earning potential, while she continues to rack up medical bills that in all likelihood drain the family's financial resources; then what? Financial struggles for her family? Forced liquidation of family assets? Bankruptcy? Your guess is as good as mine. And all that could have been avoided if she – and the husband – had not been too busy! Just think about that.

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