The Other Sure Thing
We’ve all heard the saying the only sure things in life is death and taxes. And no matter how painful it is, over 148 million of us manage to get our tax returns into the government by April 15th every year. Why? Because Uncle Sam may impose hefty penalties if we don’t.
So, what about that other sure thing?
Though we don’t like to think about it, all of us will make an exit sometime. And those we love may suffer if we are not prepared. Eight-five percent of us agree that most people need life insurance. Yet 30 percent of households don’t have any life insurance at all. When a household loses an income, life insurance may provide estate liquidity, help cover expenses, and potentially meet the income shortfall that may occur. Life insurance is something most of us plan to take care of but it is easy to put off.
It’s Never Too Early
One of my colleagues had a client years ago that constantly fought him when he suggested the client needed to buy some life insurance with his retirement plan assets to cover the cost of his death. He told him he was “healthier than a horse.”
The client’s wife finally convinced him, and he visited his office one afternoon and resentfully threw a check on his desk. That client died in a car wreck on his way home that afternoon.
Thanks to the life insurance policy the client had bought, his wife paid off the mortgage and his daughter attended college as planned.
Make sure you are having these important conversations with your prospects and clients.