Hm. Good question. As a person who’s spent weeks studying to become a life insurance broker, I definitely hope not. Yet, I guess maybe this is subjective. I’ll provide some reasoning as to why maybe it’s not so overrated, and you can be the judge.
So what is this thing you call life insurance?
Life insurance is an asset that guarantees the protection of the things most important to you if you pass away.
These things include
- Your Family
- Your Legacy
Unlike other types of insurance, life insurance allows the money being paid out to be used just about for any purpose. A well-structured will will give your beneficiary or trust strong guidance to ensure everything’s used according to your specific wishes.
For a more detailed look at the many things life insurance could provide protection for, let’s imagine a scenario…
Scripted Scenario
A Life insurance broker finds himself following a prospect to their front door as the prospect is just getting home from work.
PROSPECT
Not today. I’m sorry. Not today.
BROKER
But you haven’t even considered what this can provide…
PROSPECT
And I’m not going to consider it.
BROKER
How old are you?
PROSPECT
None of your business.
BROKER
Look at this beautiful home you got. Listen to what life insurance can provide. Mortgage protection! Income replacement! Easy business succession!
Upon unlocking, the prospect quickly enters and closes the door; leaving the broker alone outside.
BROKER
Maximized estate! Cash inheritance! College tuition fund! Health care for an aging parent! Funeral or final expense payments!
A passerby walking her dog watches. She offers some words of encouragement.
PASSERBY
Never get too low…
The Broker intently eyes them, to the passerby’s discomfort.
PASSERBY
Oh lord…
The Passerby makes a run for it. Dog as well.
BROKER
Hey! Excuse me, excuse me!
The Broker sprints following them.
THE END.
So as we saw here, life insurance can fulfill many obligations.
Recap of what life insurance can provide
- Income Replacement
- Mortgage Protection
- An Asset for Business Succession
- Security for your Estate
- A Cash Inheritance
- Elderly Parent Aid
- College Tuition Funds
- Funeral/Final Expense Payments
As you can see, life insurance definitely could fill some very important needs.
Different types of plans are available whether you’re looking to only be covered temporarily or for the rest of your life.
Some plans even offer additional advantages in the form of cash-value. This allows you to build financial value with each premium payment.
The financial value you’ll be building gives you access to parts of the life insurance benefit while you’re alive, subject to minor charges.
So in conclusion, the very things life insurance could protect lead me to believe it’s not overrated. These things could dramatically strengthen future generations if executed properly.
But of course, I could be a bit biased as I am a life insurance broker and this is a life insurance focused site.
Like I said, you be the judge.
Till next time :).
Subscribe to Our Blog
Subscribe to our blog to get notified whenever we release new content. It’s free to join and there’s no spam!
Other Posts
Life Insurance for 60+: What You Need to Know
Whether you’re still working, soon-to-be retired, or already journeyed off into sunset, life insurance options abound.
Term Life vs. Whole Life
So there’s been a lot of discussion about what’s the best life insurance policy. A complex question, yes, but the answer begins with one simple bout. Term vs. Whole.
Get a Direct Quote
Considering life insurance? Feel free to call/text the number below or reach out through Whatsapp to get your free quote today!
