Invest against life uncertainties
This is a true story of my experience as a life insurance agent some years ago. I relate it here to give you a glimpse of what a life insurance policy can do for you and why it is important.
It happened at a large complex that marketed medical supplies. I remember the first time that I went there I had to report the intent of my visit to the male security guard who was housed in a little wooden rectangular structure at the gate. I stated that the purpose of my visit was to meet with one of the supervisors of the company and he duly let me pass. I drove in with a sigh of relief.
Long story short, I was entering my car after completing the Life Insurance application I had gone there to secure, when I suddenly realized just how unfair I was. Here was I, on several visits trying to gain access to my clients and prospective clients on the inside, and never stopped to talk with him about his life insurance needs.
I went to the cubicle and spent some time explaining the purpose and the need for life insurance to him, as well as asking the necessary questions to ascertain his related needs. Anyway, he lived with a female partner, they had three kids, one boy and two girls, and he was the sole bread winner. After discussion we realized that he could put aside a particular sum per fortnight, so I proceeded to calculate what this could purchase for him to provide for the mother and kids should he be dead, or worst yet, critically ill, or permanently disabled, as well as the associated investment benefits.
I left after roughly two hours with a completed application, issued him a conditional receipt, and went on my way.
I was a happy man the day that I delivered his policy, reinforced the benefits, and advised him of his 10-day free look offer. From the look on his face, he was a happy man too! He did not return his policy within the free-look period. His premiums were salary deducted from his company, and they were coming in fortnightly as requested by him, and everything was fine. I passed by several other times, and we had small talk, and by now he was letting me in with a smile and no questioning.
Going through my records some time later, I noticed that a premium was missing. Thinking that it must have been a slip from his company's end, I called to investigate. I was told that he came in and aggressivelyy demanded the accounting department to stop his premiums. I went personally to him and revised all the benefits. He was adamant that he did not want the policy anymore!
On one of my regular visits, I noticed that a new security guard was at the cubicle. I declared myself, and enquired as to why the regular guard was not there. This was the new guard response. "Last week there was a drive-by shooting and he was killed!"
I stood in shock, my mind thinking about his children and their mom, and what would they do now! His company did not offer him any kind of group insurance, because they were not under any legal obligation to do so. He would have paid about six premiums before his death had he kept the plan. He would have left an additional estate of $1000,000 as the face value covered by the plan that I sold him, and his wife and kids would have benefitted tremendously. Such is the power of life insurance to create an immediate estate! A single premium could leave your family a lump sum that you may never have worked for your living years!