Panoramic. Not a snapshot. That’s the best way to figure out where you are going in life, and how the life insurance asset comes into play.
Often times the insurance industry is trying to market to you 10 or 20 years until you no longer have a responsibility. I have lived this career, where I have seen the responsibility go on and on for an entire lifetime; a long entire lifetime. There are those clients, and I have probably been to 40 funerals of those individuals under the age of 60. I know how life can deal a circumstance that is unexpected; something that we never thought was going to be a reality, but even with those situations, I have many, many more clients who had only lived to their life expectancy, but lived so much more, good, enduring lives.
So, why does a person need to have life insurance over their entire lifetime? Because of the estate planning techniques that can be used an implemented, so they can literally become the beneficiary of their own life insurance policy without dying; be able to live the benefits while they are alive. It’s not called death insurance, that’s term insurance, where you are betting on an early death. Wouldn’t you want something that could extend and make a fulfillment of your entire whole life, no matter how long it would be?
Some years ago, I had an opportunity to visit the country of Spain. While there, my wife and I were asked to take a picture of a couple that we had met on their balcony outside their hotel room from our balcony. From the picture, you could see that they were at a sheer cliff outside their balcony looking onto a huge valley. The one snapshot that I took, showed the valley. Then I took my camera and was able to use panoramic view to be able to extend the landscape to 180 degrees, and that’s what I have learned over nearly 35 years of deploying the life insurance asset. I can see the snapshots along the way - people in their 20’s, 30’s, and 40’s, but I can also see it has played in a person’s life in their 50’s, 60’s, 70’s, 80’s, and 90’s a panoramic viewpoint as opposed to a snapshot in time.
Have you planned your life and your life insurance asset through all of your life?