No Brainer

Di was a wife and mother in her early 20’s when tragedy struck.  They were living in a coastal town in southern Australia where Di stayed at home with her young daughter and her husband worked to provide for their new family.  She was pregnant again at the time they discovered that her husband was gravely ill.  After only 6 months of surgery and hospital visits, he was gone.  Di was left alone with a 2-year-old and a newborn daughter now only 3 months old. 

For months they made the 3-hour journey to the larger hospital where her husband could receive the surgery and care that he needed.  Most of his time was spent in hospital, having 2 open heart surgeries and recovery.  From the day he fell ill they were on social welfare benefits as he was totally incapacitated for work and from normal daily life.  Money was tight.  

While their income was limited, they had reached out to their insurance advisor. They simply had to cut back on expenses, and his life insurance policy had to go.  Their advisor did his best to convince them not to cancel the policy, and even offered to pay the premiums himself.  He had seen this scenario before, and cancelling their policy was a financial disaster in the making.  He simply would not let them cancel the policy.  Di and her husband took their advisor’s advice and continued making their premium payments. For that bit of guidance, Di is forever grateful.

After a 6-month battle, her husband passed.  She now had 2 daughters to care for, a mortgage on their home, and a cranky car that constantly needed repairs. Her mom lived an hour away and of course invited her to return home with her daughters.  Di wanted to do it herself.  She did not want to raise her family within her mother’s house. 

Remember that insurance policy that they had struggled to continue paying for?  Her advisor brought her the cheque and at the time, Di was unemotional.  The money simply would not bring her husband back.  What it did allow her to do was maintain her independence.  It paid off the mortgage.  It bought her a better car.  It allowed her to provide for her daughters in their new reality.

Most of all, having the insurance money gave Di the chance to heal.  To grieve without having to worry about paying the bills, where to live, and how to get around.  To give her daughters a chance to grow up together.

Insurance advisors always talk about preparing for the unexpected things in life. Planning so that if something does happen your family will be able to carry on somehow without you.  Everyone always thinks that it can’t happen to them.  They will live a long life and this insurance policy is somehow money that might be better spent elsewhere.  Until it happens to them.  Can you even begin to imagine what’s Di’s life might have been like had there not been an insurance policy to help her?

Today, Di is a successful coach and entrepreneur on two continents. She is a mother, a grandmother and a partner. Her advice?  Life insurance is a ‘no brainer’.  That is the kind of advice that can only come from someone who has lived it.  

Check out the full video here https://youtu.be/haLEBM3Ls5o

Do you feel lucky?

You’re probably thinking; ‘Do I feel lucky?’ Well, do you, punk?

That is one of the most memorable quotes in movie history (Dirty Harry 1971). It’s also something we do every day: we make choices. Most choices we make involve benign things like what to wear, or what to have for lunch, you know, things that aren’t really life and death decisions.  Not like whether Dirty Harry might have one bullet left.

You might think comparing choices, a quote from Dirty Harry and the purchase of life insurance is too dramatic. Our eventual death is not in question; the question is simply when that will happen. The state of our affairs at death is something that we have little control over as we don’t have a definite timeframe to plan around. Someone who is avoiding having their own life insurance plan in place is really channeling Dirty Harry: ‘Do you feel lucky? Well, do you?’

What you really want is to be organized, so that when you pass on, your affairs are in order, your debts erased, and the important people in your life are looked after. You’ll be able to move on peacefully, knowing that you have done everything you could. That level of organization rarely happens. There always seem to be a couple of details that are left and not dealt with. If you add the uncertainty of the time of your passing, then having life insurance takes care of those details. You take ‘being lucky’ out of the equation, and you are left with good planning. Life insurance is simply good advance planning. 

So far, I am only talking about life insurance to leave your affairs in order. Nothing about using life insurance for leaving a legacy, tax planning, or transfer of wealth, etc. That will be for another day.

Why are some so averse to doing any life insurance planning? The excuses:

  • I’m young and healthy
  • I am too old now to start
  • I have no family or debt
  • I can’t get insurance
  • I have enough through my work
  • It’s too expensive

The truth is probably that no one they truly trust has ever had life insurance really explained it to them. I sat across from a 24-year-old entrepreneur the other day who is driven, focused, and has great things that she wants to accomplish. When asked her about her current debt to make her dreams reality and what would happen if she weren’t there to look after it, a sudden look of enlightenment appeared on her face. She said what I was expecting; “No one had ever explained it to me.” She doesn’t believe in luck, rather she believes in her own hard work and making smart choices. Like getting the proper life insurance coverage in place.  Sooner rather than later. Once it was explained, there was really no question in her mind as to how she would protect herself.

Take the time to have your life insurance needs explained or re-explained to you. Find an advisor you can trust to create a plan to fit your needs. Good planning means that you don’t have to feel lucky. You’ve got it covered.