Sometimes, when I’m writing a policy for someone who’s of older age & has quite a few medications that they’re taking, their insurance comes out to be high of course. therefore, they can generally only afford less than 10,000 in coverage.
The problem is, sometimes they’ll say “if I pay that monthly payment, in a few years I’ll have basically paid the amount of the death benefit myself.”
example: coverage amount 10,000 for $120 a month.
In about 7 years, the client will have paid 10,000 into their life insurance policy.
“So why should I buy it, I might as well just put that money into my savings myself. If I pay on this policy for 10 years, I’ll have paid more into it, than what I’m getting for the death benefit”
This response irks my soul. Let’s talk about this guys.
Posted by diaryofnicole