“I Sell Money.”

Yes, that is what I do.  Pretty plain and simple.  Twice this past week, I have been challenged to come up with a new elevator speech.  You know the one, where someone asks you “What do you do?”   So, I woke up at 4:30 A.M this morning to this realization.  I used to say, I am an insurance agent. But in reality, my end product is money.  Money from insurance companies when you or your family need it most.  When you get sick or hurt, it is your medical insurance that pays those big bills.  If you become sick or disabled, there is money to pay those pesky bills.  When you die, (notice I did not say if), your family will have money to take care of your final expenses.  And if your family depends on you financially, there is money so that they can go on with their lives.  And, if you are lucky enough to retire, I sell money so that you can never outlive your money.  Pretty good idea, right?

To get a bit more technical, I use insurance products to leverage money.  Not nearly as compelling is it?  How about, “I sell dollars for pennies?” That is an old one, but true.  Insurance is a great product.  But how do you know if you are getting a good deal?  That is where I come in.  I sell for a lot of reputable and financially loaded insurance companies.  But some have better products to meet your needs than others.  Some of them give you a better deal for your money. I can help you understand what it is that they are offering to do and help you shop for the one that is best for you and your family.

Caution – Old Universal Life Policies

Being an insurance agent, I try to help people, not scare them. However, sometimes we have to face some unpleasant realities. Most evident is that each and every one of us will die at some point. That is why we buy life insurance to financially protect those we love. Another reality is that maybe even if we bought life insurance at one point, that policy may be failing to do what we wanted it to do. This is especially true of Universal Life policies that were purchased in the 1980’s. Many reputable insurance companies sold policies to consumers who may have been mislead (or did not fully understand how UL policies worked.) These policies were sold as permanent policies, (not term). They may have been misrepresented as policies with “vanishing premiums” or “wealth generating”. These are interest dependent policies and provide a death benefit only as long as there is cash value in the policy. Interest rates have dropped significantly from those of the 1980’s, yet the internal cost of insurance goes up as the insured ages. The policy can run out of money (fail). Unfortunately, this has happened to many people and is continuing to cause much consternation to unsuspecting life insurance owners.

Your insurance company is required to send you an annual report on your policy. They are keeping you informed. But what I see in the “real world”, is that the majority of people do not read the statements, and even if they do, they do not fully comprehend them. This can lead to a lot of heartache. Please, do yourself and your loved ones a favor. Call me for a no obligation consultation about your policies. I will be happy to review them and try to help.