Personal Advice That Made a Difference
In 1995, I was flying high in the dot-com tech industry. Our company was growing and expanding, and I was definitely in my sweet spot of life with family and profession. Corporate decided we needed Key Man Insurance for the company's executives. While working on that, I got some excellent advice from the agent putting together our Key Man insurance. He told me how important it was to have personal life insurance and not delay getting a policy to benefit my young age. Of course, I had a generous Group Life Insurance with the company, so why would I need any additional life insurance? Life was perfect.
After a compelling discussion over a cold beer and napkin doodles, I took his advice. I acquired a Whole Life policy with Term Life insurance to add additional death benefits to the age of 65, and I have never looked back. I now had an efficient Whole Life policy, building cash value and the peace of mind of having substantial death benefits if something premature happened to me or changes in my company and employment. Then, the unforeseeable happened…
In 2001, the internet bubble ended. The bust of the “dot-com” economy was the root cause of this recession, worsened by the 9/11 attacks and resulting turmoil. I bring this up because that’s when I realized how the good life can change so quickly.
A cold beer and a napkin gave me a safe harbor for some of my investments, including taking out personal loans against the policy's cash value to help me through those rough times. I am happy to report that the policy is still in force today. The benefits are the same, with a much greater cash value, and I still appreciate that advice even more. That policy's financial benefits were also beneficial in the 2008 crash. It's not a panacea or the only strategy to have, but it is a good, secure piece of the financial puzzle you need in today’s world.
As you can see, and as evident on my website, my passion for helping others is deeply rooted in my previous experience. As I state quite frankly, “If I only knew then what I know now!” drives me to help and coach individuals in building a financial safe harbor for investments.
The bottom line is this: Whether I help you or you find another agent, I highly recommend investing in yourself now while protecting your family with safe and permanent Whole Life insurance at a minimum. There is no better time for young professionals, regardless of your Group Life Insurance. The older you get, the more it costs, and your health situation may change anytime. For those a little older, a cash value policy is a sound supplement financial strategy to store money safely for retirement. Last thought: I have survived multiple recessions and market adjustments. I have learned this much; it's not a matter of if but when it happens again.