Do you know ONE thing that you can NOT buy?
When you need it and want it most?
No matter how much you offer?
The answer is INSURANCE.
Doesn’t that make sense?
If you have stage 4 cancer and you’re about to kick the bucket and die with a family of four. You have two young kids. At that point the one thing you want the most is life insurance. You want a death benefit. But you’re not going to be able to buy it.
At that point is when you want it the most. When you need it the most. If you don’t have it, you’re family is going to go through hell.
No matter how much money you’re willing to pay, the insurance companies WON’T sell it to you because they know you’re about to die.
Your family’s life will be SUPER DIFFICULT AND THAT’S AN UNDERSTATEMENT.
In reality, they’re going to have three months or less (if you have savings) before they suffer through hell. Because if you need life insurance, that means, you don’t have the cash to support your family after your death.
Man, this is a very morbid, but necessary talk.
DISCLAIMER: I HAVE $1,000,000 IN DEATH BENEFIT
It all goes to my mom if I kick the bucket.
It’s just to leave my parents with something other than depression and tears. To ensure that their investment in raising me, which is about $200 – $250K, was not for nothing. At the end of the day, I would be able to give something back to her, which would equate to $1,000,000.
A Real Life Insurance Example
Near the end of January 2020, I was driving home from Louisville, Kentucky. I ran out of audiobooks, so I started listening to the radio.
It said that a man, aged 41, and his daughter were on a helicopter ride that crashed. There were no survivors.
That was Kobe Bryant, 41, passed away.
Unlike you or me, Kobe Bryant had a net worth of $600,000,000. His family is taken care of in his passing. But you and I, we aren’t NBA superstars with a $600M net worth. You and I are people who are working the 9 – 5 job trying to support the family.
With life insurance and a death benefit, you don’t have to worry about your family’s finances after your passing.
Key Life Insurance Terminology
Owner: Person who controls rights to the policy and pays the premium (it’s usually you)
Insured: The person whose life is covered (again, you)
Insurer: The company who pays the death benefit if the insured dies.
Beneficiary: Person(s) who gets the money when the insured dies (in my case, mom).
Premium: Payments made by owner to the insurer (you pay this, usually monthly).
Death Benefit: The money paid to the beneficiary…