Life Insurance Secrets Part 1
How to Win when Buying Life Insurance with the 'Tism- Background
Life insurance is a conundrum.
On one hand it is vital for you to have if you have dependents. You need to make sure they are taken care of if you were to die unexpectedly. Similarly, it is a huge asymetric return for you…well your loved ones. If you die, your family can get 10x, 100x, 1,000x+ what you put into a life insurance policy.
Sure, you hope you don’t “make a huge return” on the death benefit as that means you died earlier than expected. But you don’t want to compound your family’s grief with huge financial stress and burdens after you are gone.
But, on the other hand, insurance is confusing, complex, feels scammy, gets hard sold, and is depressing.
The perfect example of this I have seen across my years pricing insurance products. A customer will be ‘fully paid-up’, as in they have maxxed out all the benefits and are covered for life. There is literally no reason to put more premiums into the product as that money just goes straight to the insurance company. Yet 20%+ of the policies will still be paying premiums because the customer doesn’t understand what they have.
How about we even the odds a bit here? I’ll share some insights into insurance products so you can be brutally efficient if you ever want to maximize your benefits on the more complex products…