What did I use to think about when I think about life insurance?
Money left for your family to bury you when you die.
What do I think now?
Life insurance creates wealth. It literally is the difference in generational wealth and money management.
What changed that for you?
The pandemic, life insurance has given me a peace of mind and time… you can’t necessarily buy those things. I say necessarily, because technically, you can buy things that give you the idea of either more time or more peace. Life insurance is one of those things.
The pandemic made or broke lots of people. Me being one of the broken. I owned and operated a live event consulting company that was doing extremely well since starting it in 2018 to about February 2020; and then every event was just non-existent in the span of a few weeks. It was tough, but I learned so much about myself and other things being stuck in the house.
I crave education and learning. I love learning new things and challenging myself to do more. I think that comes from a place of having low confidence and depression. I have to constantly motivate myself out of a slump. It’s my good and bad. I learned that during the pandemic. I also decided to go in a whole other direction to become a licensed life insurance agent. I was looking into plans for myself and got into a wormhole and came out a licensed agent July 2022.
One thing the pandemic could not take from anyone is the ability to maneuver or grow another business or adjust on the fly or learn new things. If you can make one business, you can make another. I tried several failing others, including investing.
The one thing I never took a loss on was my life insurance policy. My income became extremely tight. I was thinking about what to do next while studying to get my license. I dreaded “looking for a job”. I only had to get by a few more months to include getting licensed and starting the new career.
I didn’t realize when I was young, my father had a whole life policy on me that was building cash value since I was 14 years old. I could borrow money from myself and pay it back whenever I could. This was game-changing or even better life-changing. It was a win-win situation. I get by for a little while longer and give myself time and peace of mind to finish getting my license and start the new journey. Doing that, without the stress of keeping up with the expenses, was huge.
You can buy things that give you time and peace of mind. I know one of those things is definitely life insurance. It literally creates wealth. I will always say that from experience designing wealthy families policies. I’m not wealthy yet, but what if my family had a history of passing down wealth instead of debt.
What if every generation bought the next generation a policy? Can you imagine the difference that would make in sending a child to college debt-free? Buying your daughters first house or grandkids first car? They would save so much money and be able to afford policies for not only themselves, but the next generation, that also build cash value. It changes the family dynamic drastically.
That is why I believe in life insurance. Now to acknowledge the elephant in the room, when you talk to other ethnicities, it’s not news to them. Their families and businesses have been doing this for years. It’s not about being behind anymore, it’s about building generational wealth mentally and financially.
If you own a business, you should be using life insurance to grow your business, especially if you are doing over $100k a year. If you have children or grandchildren, you need insurance. Even if you only have enough to bury you, it’s a relief on a financial burden nobody should ever leave on their family. However, I think we should be doing more than that, lots more.
Life insurance can be used for mortgage protection. Something happens to the person paying the mortgage, the family is not left with the possibility of being homeless.
The mindset is what needs to change. We need to learn as a community to “pay it forward”. I think we are missing this concept in comparison to those that offered up their lives to give us some of the freedoms we enjoy today.
If you need help navigating your options, please give me a call or email, I’d be more than happy to help get you started. If you have insurance and you’d like to redesign your policy, don’t hesitate to contact me.
Maybe you bought a term policy a while back, has your income changed since then? Let me show you how to maximize the policy so it doesn’t feel like a useless bill. Did you know you can use life insurance as a retirement vehicle, like an annuity? The best part is unlike a 401k or IRA, you never lose money. It’s contractually guaranteed to never have a negative return.
If you want to search options yourself, please contact me to see what you qualify for. Most people overestimate the cost of insurance. If you know like I do, life insurance buys time and peace of mind.