Life Insurance is often viewed as an unnecessary "expense" in one's family budget, I used the word "expense" to highlight the perspective by which some of us we decide on whether to get one or not
Classifying it as an "expense decision" placed it in the same category as decisions pertaining to whether to take a vacation or not, the type of car we purchase, or even the brand of shampoo we pick up at the grocery aisle.
"We purchase something, what do we immediately get in return?", in our mind, it has become a commodity purchase decision
I think this particular mindset with regards to Life Insurance is brought about in part by how we advisors offer it in the first place, it is not surprising to hear advisors telling prospects that his product is better because - its cheaper.. it has more benefits..etc etc.., we have framed our proposal as a commodity purchase, it is also not surprising that most of these offers get rejected
What is the price of "peace of mind" to a family breadwinner?
My suggestion is look at the money you would decide to allot to a life insurance policy as your regular savings, something you set aside for a rainy day, money intended for some important future life goal, money intended to give you peace of mind in case of some catastrophic events
Consider a typical family breadwinner, whose main aim to provide the best to his family from the fruits of his labor, in an ideal world this objective will go on unhindered for as long as the family breadwinner can provide..
An "estate" is something of value that is pass on to the family in case the breadwinner meet an untimely demise, its main purpose is to provide a base by which the family can use to absorb the financial difficulties this event may have created, it gives them a buffer to adjust to the new reality of going forward with the least disruptions
Contrary to popular belief, purchasing a Life Insurance Policy for this purpose in not that expensive, I have seen proposals that would enable a breadwinner to set up a ONE MILLION PESO estate for the price of several gourmet coffees that we indulged in from time to time
What is the price of "peace of mind"?
all the best my friends!
#acgadvice
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