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Posted: 23 Oct '11

Is There Value In Owing A Life Insurance Policy?

Is There Any Value In Owing A Life Insurance Policy?

A long time ago a man, someone I considered a friend, shock his head at me when I asked the crazy question, do you own life insurance?  He owned a business, was married with children.

The reason I say he was a friend is because I knew better than anyone else that his business was in trouble and not doing very well.

We talked about a life insurance policy in fact we talked about an inexpensive term life insurance policy.   At the time he had not been to a doctor in years, worked hard, put in long hours and loved his family and the small amount of time he was spending with them during this time.

He always said to me that term life insurance was for people that were thinking of dying.  The other thing he said was that as soon as he turned his business around we would talk again about some life insurance.

Well he was one focused individual and it only took him about one year and that business that was close to folding was now paying its bills and he was on his way out of debt.

I have to say that the life insurance policy we talked about was going to cost him just over 75 dollars per month for 500,000 dollars of coverage.  Term life insurance is very inexpensive today and over the years the premiums on term insurance have come down significantly.   In fact if he was going to purchase a policy today for the same 500,000 dollars of coverage, the same age he’d only pay 48 dollars per month.

The story ends, with him getting a sour back, some tests and cancer showed up.  Four months later I attended his funeral.  The business was wrapped up, no real money and his wife was left with 2 children, personal debt and no career to earn an income.  It was a very sad situation.

Sometimes I think about his statement to me, “term life insurance was for people who are thinking of dying”.  I guess we are all going to die some day, the real question is will we be proud and save our 75 bucks or will we get that policy when we can, meaning when our health is good enough to qualify or will we wait until it is to late? 

So I ask you, will you wait until it is too late or will you get a quote today and do what's right?

About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.