It's not uncommon for people to refer to whole life insurance as a “forced savings plan” or at least it was common back when we started out in the industry. Sounds like a bad thing but is it really?
Sounds like a bad thing but is it really?
We've seen some data that indicates something north of 95% of Americans are weeks away from financial ruin. If they were to miss a paycheck or two, the fit hits the shan…know what I mean?
Now, “north of 95%” isn't any sort of hard data. But who cares? I think we all know it's way more than 50% and that's tragic.
We all need a plan, an accountability buddy or whatever you wanna call it that isn't influenced by human emotion. We all need a mechanical way of putting money away that isn't gonna cut you any slack because you're having a bad day.
We gotta save regularly and most of us (pointing at myself) should be pushing the limits of what we think is possible. 10% is a joke, we should be thinking more in the 50% range if we're really serious.
Do you have at least a year's of monthly expenses put away?
I'm not talking about your 401k.
The 4% (or whatever that number is) that are crushing it financially have a system, do you really believe your superior? Can you afford to argue with the results?
If you put away too much…what's the downside?
I'm sure you're all wondering, what's any of this have to do with life insurance?
Well, I suggest you listen to this episode to find out.
Brantley is a practicing life insurance agent and has been for nearly 18 years. After years of trying to sell like his sales managers wanted him to, he discovered that people want to buy life insurance if you actually explain the benefits.
IPB 106: Diversifiable Risk vs Market Risk: The Discussion You’re Not Having
IPB 104: You Can Just Buy Bonds: One of the Reasons Not to Buy Whole Life Insurance
Will Your Indexed Universal Life Insurance Policy Produce an 8% Average Return?
What are your Odds of an 8% Average Return on Investment in the Stock Market?