Get To Know Your Life Insurance Broker

The life insurance salesman must really be a Renaissance Man: part business owner, part financial professional, part spiritual guide. Here I share items of interest about myself, my sales company, and my life.

How Not To Play God With Your Kids

In this series so far, we have discussed the importance of not playing God in business situations – with your clients, with your employees, and in your profession. But this tendency to play God isn’t limited to the career world; it’s just as rampant on a personal level. To start off this deep dive into what it looks like to play God in your personal life, let’s focus on your relationship with your kids.

The Consequences Of Playing God

Up to this point, we have been discouraging you to play God primarily because of the ego trip involved. Ego trips inhibit your growth as a person, preventing you from developing finer character qualities. In a business situation, playing God often leads to self-deceit and the incorrect belief that you are running the show. You end up acting like a mini-tyrant and your spiritual development is squashed.

But there is an additional factor to consider: in many business situations, people easily get away with being a tyrant. There’s just not enough of an incentive to become a better person and put yourself through the growing pains associated with self-improvement. Although we sometimes see tyrannical bosses paying a price for their behavior by getting fired, experiencing harassment accusations, and developing a reputation of being a jerk, none of these things seem to faze them. In their own mind, they are still a big somebody and all of the by-products of their actions are just the cost of them being themselves. To them, it’s worth it.

Paying The Personal Price

When it comes to your personal life, there is a much higher price to pay for being a tyrant and a whole lot more to lose. You can always get another job, start another business, and even rebuild your professional image, but you can’t replace your kids. Losing them can be permanent. And a guaranteed way to lose your children is to play God with them and pretend that you are the ruler of their universe.

You might think that you would never go down this path, but when you have a young child who is solely dependent on you for many years, it’s extremely easy to fall into this role. You provide for them and can force them to do many things. For the most part, they can’t resist your wishes. Physically, and to a great extent emotionally, you are the center of their lives. You have a tremendous amount of power in this situation, and the pull to abuse is very strong. Tragically, many parents do just this. We all know men and women who turned into tyrannical fathers and mothers and basically blew their families apart with their attitudes and behaviors.

Fortunately, there is an instant cure for the insanity of parents playing God – accepting and realizing that you are but a junior partner in the creation saga.

Who Is Really In Charge?

When you stop and think about it, you and your spouse can’t claim that the birth of your children was entirely up to you. For sure, the two of you formed the physical environment through which a new life could be formed, but when you decided to join together, you automatically engaged a third-party: the Creator of all that lives. Who, exactly, do you think designed the universe in such a way that when men and women have sex, a baby can be born?

The entire genesis of a new person is a rather astounding process that has clearly not been invented by people. Fertilization? Not a man-made process. Inception? Not man-made. Gestation? Nope. And on and on and on. You can start at birth and list every natural process that takes place throughout a lifetime – from growth, to maturity, to decline and death, with every biological and chemical process that takes place throughout each day – and you will see that this is not a man-made world at all.

What a humbling thought! You don’t have to be a religious person to grasp that there is a Creator in charge of creation. All of us creatures are dependent on the life forces with which it has been endowed. That includes our kids and it includes us.

On the one hand, adults have a lot of power to wield over younger and weaker creatures like our kids. But at the same time, they are not our creatures to rule. We are no less dependent on the life with which our world has been endowed than they are. Just like our kids, we have to find a way to thrive in this world that is governed by natural processes. Whatever command-and-control we attain in our life, it is nonetheless subordinate to the One who designed all those processes in the first place.

A parent who understands that is going to let God be God, and content him or herself with simply being a parent and loving the children God gave to them.

Make The Changes Before It’s Too Late

Did this hit close to home? It’s not easy, is it? It takes a lot of self-reflection and maturity to accept your true role in your children’s lives. But without this reflection, you risk losing those you love most. If you commit yourself to avoiding an ego trip in your family life, your children will thank you someday. Would you like some more thoughts on playing God and how to avoid it? Contact me at skobrin@stevenkobrin.com or schedule a free 15-minute introductory phone call online to discuss this topic with me further!

About Steve

Steven H. Kobrin, LUTCF, owns and operates a national life insurance brokerage. He is a life insurance specialist, and expert in helping clients that are higher-risk or need special handling. He is affiliated with a premier general agent and master general agency to distribute top-of-the-line financial produces and services. Through them, he forms strategic partnerships with insurance brokers, financial advisors, and financial institutions to expand client services, increase sales, and generate referral income.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

How Not To Play God In Your Profession

When you are in a position of authority and hold significant amounts of knowledge and experience, it’s not a big step to start taking advantage of your power and playing God. In previous articles in this series, we discussed the importance of not playing God with your clients and your employees. In both cases, you can avoid this temptation and tendency by knowing how to deal with others so that a win-win relationship can be developed.

Recognize And Respect

People are not pawns in a game. Whether you are selling them life insurance or employing them as administrators, it is incredibly important to treat people as the individuals they are. Create opportunities for them to be the best version of themselves and respect them and their efforts.

This is easier said than done. As anyone who has ever attempted to change their ingrained mindsets or behaviors knows, a shift of perspective requires a tremendous amount of work towards personal growth. But, if you are not the best you can be, how can you expect others to be that way? If you aren’t committed to getting the job done right, how can you expect a client to spend their hard-earned money on a substantial policy? If you want your employees to give you their highest level of effort day-in and day-out, you need to model the same behavior you desire of them. I’m not going to lie; it takes a big man or woman to step out in this approach.

Strive For Humility And Wisdom

Nowhere is this concept more true than in the area of professional performance. Professional life can lure you into thinking you’re “The Man,” the person around whom the entire business world is supposed to revolve. This is especially relevant in the world of sales.

My father was a life insurance salesman for decades and now I have been a life insurance salesman for decades. I personally know how sales achievements can cause a swollen ego. In the financial services industry with its lofty sales and sizable commissions, resisting the temptation to think you’re the be all and end all is not for the faint of heart.

Thankfully, traps like this can be avoided with discipline, self-awareness, and humility. If you have the proper perspective on your achievements and realize the limits of your own capabilities, you can avoid playing God in your profession.

It’s Not What You Know…

If you sincerely want to find success in your profession without succumbing to playing God, here’s a Golden Rule to follow: It’s not what you know – it’s who you know. This age-old business principle is true in our profession, but with a twist.

We have a tendency to become an expert in a particular product line, and then automatically think we are an expert in other product lines. If we know life insurance, then how hard can disability insurance be? The fact of the matter is that the two products are very different in all ways: how they are designed, how they are underwritten, and how claims are paid. Not only that, but each type of life insurance itself requires specialized knowledge. Can you really fully explain the ins and outs of a whole life insurance illustration? How about universal life? Isn’t guaranteed universal life a completely different creature from indexed universal life? What about all the riders that are now added to these products? Now we even have hybrid products with both a survivor and a long-term-care benefit.

From my point of view, the products in our industry are becoming more and more complex and require increasingly specialized knowledge, along with specialist brokers to sell them. If you want to provide the absolute best service possible to your client, then you need to collaborate with other brokers or a brokerage firm that can provide you with the product specialists necessary for every product your client requires. This applies to all forms of life insurance, and most certainly to the various other forms of insurance and annuities your clients demand.

Back in the old days, when insurance products were simpler and fewer, it was easier to become “The Insurance Man” for your client. But those days are long gone. Now, we need to realize that our clients are best served by a team of specialists and that they trust us to bring in the right specialist at the right time. More than ever, who you know in this business, in terms of who specializes in different products, is key to selling a wide array of insurance policies.

It’s Worth It

Overcoming our personal weaknesses or wrong ideas can seem overwhelming. But if you are truly dedicated to being the best at whatever you do – the best boss, the best salesman, the best business owner – you will see the value in respecting those around you and understand the wisdom in partnering with others and not trying to place yourself on a pedestal. Have you struggled with this? Would you like some more thoughts on playing God and how to avoid it? Contact me at skobrin@stevenkobrin.com or schedule a free 15-minute introductory phone call online to discuss this topic with me further!

About Steve

Steven H. Kobrin, LUTCF, owns and operates a national life insurance brokerage. He is a life insurance specialist, and expert in helping clients that are higher-risk or need special handling. He is affiliated with a premier general agent and master general agency to distribute top-of-the-line financial produces and services. Through them, he forms strategic partnerships with insurance brokers, financial advisors, and financial institutions to expand client services, increase sales, and generate referral income.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Sexual Abuse and Life Insurance

We all have a personal history. This backstory of your life not only impacts your identity, your life situation, and your relationships, but it also plays a major role when applying for life insurance. In our introductory article about sexual issues and life insurance, we discussed how backstory helps people who have had to overcome personal issues gain favorable treatment when they apply for coverage. It can be painful to dig up the past, but it is in your benefit to share your story.

Why Backstory Matters

The backstory narrative gives proper perspective to the physical, psychological, emotional, and lifestyle challenges that may become factors in your life insurance application. The truth is that many people have these challenges due to sexually-related experiences. If you feel comfortable and confident talking about them, then you can serve as your own best advocate during the prequalification and underwriting processes. Your broker, general manager, underwriter, and case manager can then approach the situation with more sensitivity and understanding and the ideal underwriting assessment available can be provided.

Long-Term Effects Of Abuse

Let’s start with a troubling issue that has been in the news for months now: the sexual abuse of children. Our nation was shocked when it was revealed that 150 members of our national gymnastics team were sexually molested by their team physician. These girls were teenagers living away from home, training arduously, and putting themselves in the care of professional managers who they thought they could trust. Tragically, their vulnerability was exploited by sick predators and the abuse by these perverts was covered up by officials who didn’t want to rock the boat. This is a terrible story, and it’s made more terrible by all of the similar accounts coming out of schools, houses of worship, camps, and even families.

How will traumas like this affect these children? What’s in store for them as they grow into adults, and take on adult responsibilities? What challenges will they face, and how will they confront those challenges? And how will these challenges affect their eligibility for life insurance?

Backstory Case Study

Here’s a story from my files to explain how one survivor resolved her own personal issues with a very successful end result:

A number of years ago, a young woman called my office and asked if we could help someone with depression buy life insurance. My initial answer was yes. Of course, it depended on a number of factors, but depression in and of itself was not a dealbreaker.

So, I started to prequalify her and look at the various factors involved. I learned about her current medications and compliance with them and then began to look at her medication history. Knowing that people suffering from depression often self-medicate, I also asked about her history of drug and alcohol use. That’s when I found out about her substance-abuse and subsequent treatment for it. Clearly, she was someone who had been experiencing personal turmoil.

I sensed we were entering “private psychological property” and proceeded with caution. I emphasized that my only objective was to quote a rate at which I was confident she would be approved, and to do so, she would need to have full disclosure. I stressed that the information she provided would be treated respectfully and confidentially.

She felt comfortable enough with the process and told me about her history of abuse as a child. It was a sad tale, and as you can imagine, it threw her life off track for a long time. In her teen years, she began to have “ugly feelings.” At first, she attempted to assuage those feelings, or self-medicate, with drugs and alcohol. That eventually got out of control and she ended up in rehab. Once in treatment, she got the professional help she needed in the form of a proper diagnosis, the right medication, and the correct attitude. She emerged from rehab a new person.

By the time she entered adulthood and was ready to purchase insurance, she had a good track record of compliance with her medication and a high level of functionality. She was concerned that her history of drug and alcohol abuse would be held against her by underwriters. However, in my presentation to potential carriers, I was able to provide proper context. I shared her backstory as an abuse survivor, as someone who suffered trauma and tried to resolve her symptoms with drugs and alcohol. I explained how she sought help and is now on track with her professional management program.

A sad situation turned into a life insurance success story. A number of carriers understood and appreciated the honest account she gave and one, in particular, offered her a very low rate for her life insurance. This true story shows the value of presenting your backstory in the life insurance process.

Don’t Write Yourself Off

If you have a history that is less than ideal from a life insurance perspective, don’t give up and determine that life insurance is not an option for you. My hope is that this series encourages you to share your personal story so you can get the best life insurance options possible. My firm will treat your case with care and respect and work as your advocate as we walk you through the processes of prequalification and underwriting. If you or someone you know would benefit from our services, schedule a free 15-minute introductory phone call online. I’d love to hear from you.

About Steve

Steven H. Kobrin, LUTCF, owns and operates a national life insurance brokerage. He is a life insurance specialist, and expert in helping clients that are higher-risk or need special handling. He is affiliated with a premier general agent and master general agency to distribute top-of-the-line financial produces and services. Through them, he forms strategic partnerships with insurance brokers, financial advisors, and financial institutions to expand client services, increase sales, and generate referral income.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

How Not To Play God With Your Employees

In our last article, we talked about not pretending that you own your clients. You do this by treating them as the freethinking individuals that they are and not taking them for granted. This ensures that they do business with you voluntarily out of their perceived self-interest and keeps your relationship in a win-win mode.

When you are a business owner or manager, it’s easy to focus on the end product or the work being produced instead of the person doing the work. It’s tempting to treat people as your pawns since they are working for you and doing what you are asking of them. But is this the right way to go? Does playing God with your employees really help anyone in the long run?

The Golden Rule

Just as with your clients, you don’t own your employees and no one will benefit from you taking them for granted. Each employee is an individual with free will who could give you their best, day in and day out if given the respect and appreciation they deserve.

Respect and appreciation are not hard to provide and simple consideration and courtesy can go a long way. When I was a teenager, I had a job at a local pharmacy stocking shelves in the general supplies section. The store manager called every one of us kids who worked there Mister and Miss, speaking to us politely by saying, “Please bring these boxes to the warehouse, Mr. Kobrin,” instead of “Take these boxes now.” That had a profound impact on me. Even though we were all just starting out in business and, for many of us, this was our first real job, he treated us like adults. He could have just as easily bossed us around, following the example of many other authority figures. But the fact that he gave us a measure of respect made a difference. I know that I felt like a somebody in both my own eyes and his and that many of my coworkers felt the same way.

The Benefits Of Respect

If you want hard workers that respect you, playing God won’t give you the results you want. In the personal example above, I can attest to the fact that we all worked extra hard for this man. He was smart and knew how to put our eagerness and enthusiasm to good use, for both our benefit and his. When he saw that one of us was ready, he would give us a challenge, whether it was stocking an entire aisle for the first time or putting special merchandise in a prominent display. Each one of these challenges was an opportunity to show how good we were at our job and how far we had come in our training. While it could be nerve-racking at times because there was more on the line and you had to meet a higher standard of performance, our boss was encouraging and you could be confident he wouldn’t have asked you to take on this task if he didn’t think you were ready.

A Better Way

This pattern of appreciation and respect is the way to deal with employees, especially when they are young. This is how you groom them and grow them in your company and create an atmosphere of loyalty. You can’t demand respect of your employees. If you give respect, you will get respect. You can’t treat them like pieces on your personal chessboard. In all my years of working, I have known many employers who didn’t care about their employees and saw each man and woman as a commodity to be used and tossed away. Or even worse, to be continually used and abused. This type of boss thinks he’s God and can do anything he wants with you, just because you work for him.

The #MeToo movement shows us how malevolent and damaging this attitude can get. These powerful Hollywood elite think they can have their way with young actors and actresses, simply because they work for them. I really can’t think of a better way to kill morale and squash careers, as many survivors have attested, and it’s all because these moguls pretend they are God.

This is the lesson to walk away with: just because you have power doesn’t mean you wield it over your employees. Don’t let it get to your head.

I’m sure many of you also have stories where you have seen this principle play out. What were the effects on you? How has it changed how you treat your employees? Contact me at skobrin@stevenkobrin.com or schedule a free 15-minute introductory phone call online to discuss this topic with me further!

About Steve

Steven H. Kobrin, LUTCF, owns and operates a national life insurance brokerage. He is a life insurance specialist, and expert in helping clients that are higher-risk or need special handling. He is affiliated with a premier general agent and master general agency to distribute top-of-the-line financial produces and services. Through them, he forms strategic partnerships with insurance brokers, financial advisors, and financial institutions to expand client services, increase sales, and generate referral income.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

How Not to Play God With Your Clients

We live in a culture marked by striving and entitlement. Sometimes those qualities are positive as they help us reach our goals and achieve great things. But getting what you want in business – and life in general – should be as much about the process as it is the goal. In a prior post, we talked about the idea of ownership from the “cosmic” point of view, that everything we use to get what we want in life, from other people to natural resources, are not ours to keep or claim. Because they are on loan to us from their Creator, they must get the respect they deserve. Our process of “acquiring” something is really a process of continually showing appreciation for being able to “have” something for the time allotted.

This deep and multifaceted idea has a multitude of practical applications in business. Many successful people live their lives mindful of the concept of ownership. This next series of articles will give you a glimpse into how people achieve success by not pretending they own their clients, their employees, or their profession. In short, they don’t play God.

A Shift In Perspective

When I first entered the life insurance business almost three decades ago, it was commonly believed that life insurance was sold, not bought. The feeling was that because consumers are naturally resistant to buying the product, they must be convinced to do so. A wide variety of tactics were taught, all of them aimed at pushing your prospect to make a purchase.

This approach to selling is very presumptuous, to say the least. It’s almost as if the salesman feels entitled to the sale, and that the consumer simply needs to be forced to make the purchase. The salesman “wins” when the client “gives it up.” Because of this approach to client acquisition, it should be no surprise that the buying public has developed such a low opinion of life insurance salespeople.

Don’t Act Like A Salesperson

I had the good fortune of being set straight by a prospective client early in my career. I had spent weeks courting an investment banker for an initial appointment. This gentleman was an ideal client and would be on the A-list of any financial services representative. He had a need for a large policy, ample means to pay for it, and a desire to make the purchase immediately. In my mind, I had already spent my commission!

I arrived early to his office in the financial district of Manhattan. As I sat in the waiting room, I admired all the signs of his wealth that were woven into the decor: the exotic furnishings, the paintings, the expensive carpeting. Here was a man who earned big money and spent big money.

He came into the waiting room and saw me admiring his “stuff.” He looked me up-and-down and simply said, “If you want to do business with me, then don’t act like a life insurance salesman.”

Right. Got it. People who can spend $2 million on a boat don’t get coerced into making a purchase. They spend their money as they see fit, on people for whom they have respect and can trust. They simply have no time for amateurs who are out to game them.

Be Character Conscious

One way you earn such respect is by building a character that is consistent and steadfast.

Steven Siebold makes this exact point when he talks about how those who are world class are also character conscious:

“Champions take the high road and are known to do what they say they will do…They make deals with other champions on a handshake, and view it as a binding contract…Champions will push only to the limits their character will allow. When their ambitions and drives begin to adversely affect other people, Champions pull back. Character is what separates ambitious champions from ambitious criminals.” (Siebold, 213)

Needless to say, champions show the same character to clients small, medium, and large. You can’t get away with playing God with some clients and not playing God with others. Character requires consistency, and character will be rewarded.

What examples come to mind of the benefits of being character conscious? Have you seen these ideas play out in your personal and business life? I’d love to know what you think! Contact me at skobrin@stevenkobrin.com.

About Steve

Steven H. Kobrin, LUTCF, owns and operates a national life insurance brokerage. He is a life insurance specialist, and expert in helping clients that are higher-risk or need special handling. He is affiliated with a premier general agent and master general agency to distribute top-of-the-line financial produces and services. Through them, he forms strategic partnerships with insurance brokers, financial advisors, and financial institutions to expand client services, increase sales, and generate referral income.

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Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Does Your Life Insurance Need Special Handling? Commonly Asked Questions About the Purchase of Life Insurance, Completed

Congratulations for making it to the sixth and final post in the Special Handling series, where we’ve taken a deep dive into the world of underwriting and prequalification, unique challenges that can arise, and many, many questions that come up in the process. In our final installment, we are answering frequently asked questions about quotes and what to expect in the underwriting process.

16. I Received A Quote From An Online Service And Their Rate Is Lower Than Yours. Why Is That?

The difference comes down to the level of service. My business model is based on the exemplary standard of an approval at the rate quoted. We invest heavily in each client and make sure we provide underwriters with thorough and accurate quote information so we can report back to you with both competitive and reliable quotes. We will pay for copies of your records and do everything else needed so you can apply for coverage confident of the outcome. This above and beyond level of service is extremely hard to match with an online agency.

17. If I Like The Quote You Give Me And Agree To Apply For A Policy, What Happens Next?

Once you choose the company and product you want to apply for, formal underwriting will begin. My underwriting team will contact you to complete the application. They will ask you for your driver’s license number, employment data, and all the other information that was not needed for prequalification but is necessary for the underwriting process. They will order additional medical records if needed, schedule your medical exam, and obtain all the other requirements necessary for an approval.

18. How Long Does Underwriting Take?

The underwriting of your formal application typically takes 4 to 6 weeks. Since you have already been through prequalification, the process will be as efficient as possible. If medical records were used in your prequalification, then the process will be expedited because you already completed a primary underwriting requirement. Your cooperation with regards to scheduling your medical exam in a timely manner, complying quickly with additional paperwork requests, etc., can help move the process along as well. One thing that may hold up the process is the tendency for physician offices to be slow in their turnaround for record requests. If that occurs in your situation, I may need you to call them and accelerate the request.

19. Can Anything Happen During Underwriting To Prevent An Approval At The Rate Quoted?

Prequalification sets the stage for an approval at the rate quoted. As long as the information

that is obtained during underwriting is consistent with the information that you provided initially, you will be approved at the rate quoted.

However, there are times when people have medical conditions they are not even aware of. There have been many cases where people found out they had a blood disorder, or even cancer when they went through life insurance underwriting. In those cases, we prequalify you from the start, since you now represent a different risk profile. Our goal will be to get as close to the original price as possible, but if we can’t do that, then we will attempt to get the lowest rate the market has to offer. In the worst-case scenario, you may not be eligible for coverage, but we will offer guidelines to help you qualify down the road. We will attempt to identify what circumstances have to be in place for a carrier to make you an offer in the future.

20. What Is Your Role As My Broker Throughout The Entire Application Process?

As you can see from the answers above, I am your advocate and representative throughout the whole process. All the professionals and specialists involved in both prequalification and underwriting are accountable to me. I make sure your interests remain front and center.

Here’s an example of how I advocate for my clients. Let’s suppose I prequalified you with a certain company and underwriter A gave me a specific price. Then, when you submitted a formal application, underwriter B got assigned the case and says the rate should be higher, simply because of his assessment of the risk. My response to them will be, “not my problem”. The carrier needs to have integrity. Just because they have a difference of opinion in their underwriting department doesn’t mean that you should have to pay a higher price. If the information you disclosed at the forefront was thorough and accurate, the rate should stay the same. My job is to go to bat for you whenever and wherever I can.

I thoroughly enjoyed walking you through the ins and outs of purchasing life insurance. I understand that it is a serious and daunting endeavor to pursue, but it will be worth it in the end. The peace of mind and freedom that will come from knowing you, your loved ones, and your assets are protected are priceless! I am here to walk you through the difficult parts of purchasing life insurance so you can reap the benefits. If any other questions came to mind as you followed this series, or if you are ready to take the leap and start the prequalification process, I am happy to guide you through. Contact me at skobrin@stevenkobrin.com.

About Steve

Steven H. Kobrin, LUTCF, owns and operates a national life insurance brokerage. He is a life insurance specialist, and expert in helping clients that are higher-risk or need special handling. He is affiliated with a premier general agent and master general agency to distribute top-of-the-line financial produces and services. Through them, he forms strategic partnerships with insurance brokers, financial advisors, and financial institutions to expand client services, increase sales, and generate referral income.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

We Need Holy Days As Well As Holidays

Believe it or not, the holiday season is upon us! For many of us, that means a break from work, time spent with family, and hopefully, some rest and relaxation. Taking the time to unwind during the holidays is much-needed and should be a priority, but is there more to it than just putting your feet up?

A Shift In Mindset

We often spend our holidays the same way we spend our weekends. We separate ourselves from work (at least for part of the time), and relax and enjoy a hearty meal at home or at the home of a relative or close friend. We might get together with others at a restaurant or hit the links at a golf course if the weather allows. If it’s too cold for golf, maybe we’ll head off to a resort. Other times a simple movie is all we need to unwind.

But for many, turning the holiday season into an extended weekend is not enough. Some of us want to dive into the deeper meaning of the season, attending special religious services or participating in community activities like volunteering at a soup kitchen or buying gifts for families in need. We want to observe the holidays in a spiritual way.

Holiness During The Holidays

I see all this searching for a deeper experience of life as an attempt to become part of something larger, to become dedicated to a higher purpose. Deep down, people truly need this. No matter how fulfilling or rewarding they find their job and their everyday activities, there is still a desire for something more. Holidays may be a break from the same old same old just like weekends, but just going through the holiday or weekend motions doesn’t make things special or memorable. It doesn’t create an atmosphere of holiness or cause us to focus on something higher than ourselves.

Unfortunately, many people are not comfortable taking traditional paths that lead to a holier life or they don’t know where to start. They can’t relate to formal religion and even the “spiritual” alternatives that have been developed don’t fit the bill. While we wish for one sole source to lead us to a life of holiness, we find countless available resources that only fill small pieces of the whole. It’s our job, then, to gather all these pieces into a cohesive, meaningful picture that will transform our lives.

Even if we are convinced we need to incorporate this philosophy of holiness into our lives, it’s often easier said than done. In his book, 177 Mental Toughness Secrets of the World Class, Steve Siebold alludes to the idea that leading a holy life is part of the journey to becoming world class and gives us some ideas of how to observe holidays in a holy way.

Formulate Your Life Dream And Vision

Siebold’s research has led him to the conclusion that in order to reach the world class level, you need to be intrinsically motivated. The world class lets their dreams, desires, and passions lead them and they stick to their beliefs when the going gets tough. Since the great ones move from logic-based motivators to emotion-based motivators, it’s essential to take some time to hash out your life goals, priorities and vision and learn how to motivate yourself to achieve them.

Remember Your Roots

The past has a lot to teach us. Going back and remembering where you came from and how far you’ve come will reinforce your belief in yourself and give you even more confidence to move ahead (1) (Siebold, 53-54). As we immerse ourselves in the holidays, reflect on your roots and remember that success is a self-fulfilling prophecy.

Engage In True Rest

In our society, we have lost the meaning of rest. We burn the candle at both ends and only let ourselves relax out of desperation, when we’ve hit rock bottom and can’t go further. Balance in this area is difficult to achieve. Even when we’re “off,” we’re usually “on” mentally. Find ways to recharge and strive to attain equilibrium between achievement and relaxation. Your soul will thank you.

Seek Solitude And Meditation

Many of the world’s highest-paid individuals are able to tap into the vast resources of their creative minds to produce products and services that solve the problems of the masses. This level of creative thought requires significant intellectual energy, which must be followed by intellectual rest and recovery. The great ones know the power of a quiet mind, and many invest time in solitude on a regular basis. They recognize that their performance depends on rest in mind, body, and spirit (Siebold, 219-220).

Apply And Practice

If any of this resounds with you, I encourage you to carve out some time to reflect, remember, and respond. Don’t let busyness and distractions turn these holidays into an extended weekend. Let your heart, mind, and soul observe the season fully and you will enter the new year with resolve and excitement for all 2018 will bring! I’d love to hear your thoughts on this concept of holy days instead of holidays. You can reach me at skobrin@stevenkobrin.com.

About Steve

Steven Kobrin is a life insurance expert with over 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

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(1) Siebold, Steve. 177 Mental Toughness Secrets of the World Class. 3rd ed. London House Press, 2010.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Does Your Life Insurance Need Special Handling? More of Your Questions Answered

If you’ve been following our Special Handling series, you know that we’ve covered prequalification and underwriting and the challenges the life insurance process can pose for different situations. We’ve also spent some time answering questions about those who are high-risk and how the life insurance marketplace works. Now, in our fifth installment, we will continue that dialogue and address concerns surrounding life insurance for businesses purposes.

11. How Much Life Insurance Should I Apply For?

Many people want life insurance, but they worry about how much it will cost them. As such, they want to see some rates and “back into” a purchase by balancing the amount of life insurance they would like to have with the amount of money they are willing to spend.

To help you make your decision, I will either give you a reliable quote as quickly as I can or get you into a “price ballpark” as soon as possible. This number would represent our educated opinion as to what the lowest possible premium would be. If it works for you, then we can continue with prequalification and solidify the price. If you don’t like the number, then you can reassess your purchase, possibly identifying an additional source of premium, or reducing the guarantee period for the coverage you want.

12. I Need This life Insurance Policy To Obtain A Loan From My Bank For My Business. Can You Ensure The Policy Covers The Loan?

The typical way to make sure this happens is to collaterally assign the benefits. Once your policy has been delivered and all delivery requirements have been submitted to the carrier, such as premium payment and signed receipt, coverage will go into effect. At that point, the carrier will assign the benefit to your bank.

Should you pass away before the loan is paid off, the claims department will notify the bank and require proof of the balance due. The bank will be paid the balance to clear your debt, and your beneficiary will receive the rest of the death benefit, if any exists. In these circumstances, both the client and their banker are usually anxious to close the deal. We work to fast-track the underwriting of your application and keep your banker updated on the status of the policy. My reassurance that the process is moving along is usually sufficient for them.

13. I Need This Policy To Be Owned By A Trust. How Does That Work?

The number one concern in this situation is to make sure the trust has been completed by the time your life insurance application has been approved. This way, the policy can be issued to the appropriate owner and beneficiary designations. We can submit the application without the trust, but then you and your attorney would have to expedite the legal work.

It’s important to avoid a scenario in which you get a good offer from the insurance carrier, but can’t accept the policy due to delays in finalizing the trust. You would then run the risk of something happening to your health, or otherwise affecting your eligibility for coverage, and losing the good offer.

14. My Business Will Be The Owner Of This Policy To Cover A Partnership Agreement. Will That Make Things Complicated?

The underwriting will be more complex in this case, but we handle these situations all the time and can manage them efficiently. You will need to provide basic financial data about your business, then, if you like, our underwriting team will coordinate with your controller or accountant. The underwriters will also need information regarding coverages on your partners to make sure there is parity. We also offer the option to bring in attorneys and financial planners to guide you in the structuring of the agreement, at no charge to you.

15. Once You Complete Prequalification, Am I Under Any Obligation To Do Business With You?

The simple answer is no, you are not. You do not sign a contract, nor do you pay for the prequalification service. However, as you will witness, I make a significant investment in giving you a competitive and reliable quote. I only provide this service for “ready buyers;” those who know they have a need for life insurance, have the means to pay for it, and desire to obtain a policy now. If you appreciate the value of becoming prequalified for coverage because it gives you confidence in the final outcome, my services are the right fit for you.

If you go through our prequalification process, you will not be submitting an application only hoping to be approved, let alone at the price you were quoted. We specialize in providing you with an application approved at the rate quoted. Our goal is to make life insurance quick, easy, and painless to purchase, regardless of your situation.

If this appeals to you, then contact me at skobrin@stevenkobrin.com. I would love to help you on your life insurance journey.

Keep an eye out for part 6 of this series, where we will answer even more questions about life insurance and the need for special handling.

About Steve

Steven Kobrin is a life insurance expert with over 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Spiritual Business Practices: It’s the Process That Makes Us Rich

Success and money. These are two powerful driving forces in our society. Everyone wants to be successful, and I don’t think anyone would turn down an opportunity to be wealthy. But attaining those things is where the trouble lies. What are your motivations? What perspective do you have as you go about your daily work?

What We Have Is Not Really Ours

Here is a contemporary rendition of an ancient fable:

The world’s most prominent scientists gather together and call God to a meeting. The group includes an astrophysicist, a molecular biologist, a geneticist, and the most accomplished professional of every other scientific discipline.

With as much respect as they could muster, they basically tell God that the jig’s up. “Anything you can do with life, we can do. All the power, knowledge, and technology needed to control life are now in human hands. We can modify it. We can prolong it. We can eliminate it. We can even create it!”

God listens to them patiently and raises an eyebrow at their last statement. “You can create life? Really? Show me.”

So the head of the group reaches down to scoop up a handful of soil to put into his test tube. “Not so fast,” declares God. “Get your own soil!”

The moral of the story is that no matter how much control people think they have over their lives, everything they do is still using material on loan from the Creator. This is an important perspective to have in everyday life, and even more so in business.

Perspective Of Ownership

Here’s why the lesson of this fable is significant: it puts the whole idea of ownership in proper perspective. Ownership is a way of distinguishing between my property and yours. For example, I own my home and you own yours. I own my business and you own your business. I have my own my life insurance policy and you have yours. What’s mine is mine, and what’s yours is yours. No one is going to argue with that. We can certainly share our respective properties, but that’s through an intentional agreement that we make with each other.

Ultimate Ownership

But even those basic examples only explain ownership in a relative sense. The idea of ultimate ownership is that the true owner is Whoever initially created it in the first place. Whether that’s our home, our business, our assets or all the other stuff we build, collect, and value. In the end, everything passes through our hands because when we die, we can’t take anything with us. Even the biggest building or the most precious stone ultimately returns to the dust it came from.

Does that thought sober you as much as it does me? This perspective reveals the true purpose behind what we actually do when we conduct business and engage in the marketplace. At best, we strive to obtain something that will be in our hands for a comparatively short amount of time. It makes us appreciate the process of getting there, of making the acquisition or selling the policy rather than focus solely on the final result.

Process And Priorities

In this series, we’ve looked at how success guru Steve Siebold believes that faith in a higher power brings true success. When it comes to the process and perspective of business practices, he states that the best decisions in life are made when people prioritize how they get what they want:

“The masses repeatedly attempt to create happiness from the outside in, whereas the great ones know sustained happiness stems from being and becoming, not acquiring and possessing. Average people have mastered short-term happiness, easily gained through instant gratification mechanisms…[but] the world class vests a substantial amount of time ensuring their future happiness by creating congruency between who they are, what they’re doing, and where they’re going. Champions are masters at doing such things as marrying the right person, selecting jobs they love and building friendships with people they admire and respect.” (67)

I know this is a lot to dwell on. But as you dive into your motivations and your everyday business practices, take some time to think about your perspective. Do you take control of everything you have or do you recognize that it was given to you for your time here on earth? Do you put all your energy into obtaining some end product or do you glean as much wisdom from the process as possible? I’d love to hear your thoughts and find out how your business perspectives affect your day-to-day life. Contact me at skobrin@stevenkobrin.com.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Spiritual Business Practices: The Power of Saying “Thank You”

If you do a quick search online for “secrets to success,” you’ll end up with a massive list of tips with everything from having vision to taking risks. But in my previous article on spiritual business practices, we learned from success guru Steve Siebold that “Faith in God, a higher power, or an infinite intelligence is…a trait of many champions.” (89) (1)

That’s all well and good, but how exactly does one tap into that higher power or infinite intelligence? How does that spiritual connection play out practically in everyday business practice?

Live With Gratitude

Fortunately, Siebold’s answer is simple: it’s all about having an attitude of gratitude. Here’s what he says about this:

“Champions know the ultimate creative force is located somewhere beyond our everyday consciousness, and they must tap the source to generate their best ideas. The secular sometimes refer to this source as the unconscious mind. The spiritual often call it God. Whatever label their belief warrants, few deny the power of the source, whatever its point of origin. Champions know the fastest way to connect to the source is through gratitude. Thoughts and feelings of gratitude seem to elevate the performer’s consciousness to a higher plane than is accessible through any other means. Professional writers call it being connected. Athletes call it being in the zone. Psychologists refer to it as a state of flow. No matter what name you assign it, the experience is the same…Gratitude is their mindset of choice when they need to awaken the giant and tap their genius.” (37-38) (2)

In my religion, Judaism, we start our day by saying thank you to God for restoring our soul and entrusting us with it for another day. If said earnestly, this expression can be extremely enlightening. It makes you realize a number of important truths:

  • We need our soul/spiritual resources to do our day’s work
  • These resources are given to us by the Creator
  • They are “on loan” and should not be taken for granted

In light of this insight, I think any one of us would be led to feel appreciative and say thank you, either to God Himself or at least in general. Most certainly, we would say thank you to anybody and everybody who helps us accomplish what we do throughout our day. Just as we can’t take what God gives us for granted, we can’t take what anybody else gives us for granted either.

The Power Of Thankfulness

Robert Emmons, considered to be the world’s leading scientific expert on gratitude, found that living a life of gratitude improves mental, physical, and relational health to the point of having higher energy levels, less stress and depression, and heightened spirituality. (3) Finding ways to integrate gratitude throughout your business day can make a world of difference in your life and the lives of others.

I like to thank my employees for putting in a hard day’s work. I take the time to thank my prospects for giving me the opportunity to give them a life insurance quote. I say thank you to my vendors for excellent work in prequalification and underwriting. I like to thank my clients for giving me their business and for going out of their way to spread the word about my services.

And once you start saying thank you, your eyes are opened to everything around you that deserves your gratitude. It starts a chain reaction, and my day often involves one positive and productive interaction after another. Sure, there are ups and downs, but these expressions of gratitude keep me on track and connected. It’s a good way of “getting into the flow” in a business sense.

Thankfulness and Business

As you can imagine, there are also business benefits to saying thank you. Not only do I get a stronger work ethic out of my employees, but I also receive great service from my vendors and more opportunities to quote life insurance. Saying a simple thank you has led to more sales and referrals from my clients. It all boils down to this: if you take things for granted, they diminish pretty quickly, but if you’re grateful for them, then they multiply.

Do you live a life of gratitude? Have you reaped the rewards of this spiritual practice? Do you need some practical guidance on how to start living with thankfulness?  I’d love to hear your stories and answer your questions. Contact me at skobrin@stevenkobrin.com.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

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(1) Siebold, Steve. 177 Mental Toughness Secrets of the World Class. 3rd ed. London House Press, 2010.

(2) Siebold, Steve. 177 Mental Toughness Secrets of the World Class. 3rd ed. London House Press, 2010.

(3) https://www.huffingtonpost.com/randy-kamen-gredinger/the-transformative-power-_2_b_6982152.html

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Spiritual Business Practices: The Connection to Faith

When you hear the word, “spiritual,” what comes to mind? The concept of spirituality has taken on a wide variety of meanings, ranging from new age and esoteric to traditional religion to Eastern philosophy. The common theme running through all these examples is that of the human soul, something beyond the material and physical world we live in, and certainly something above the realm of money and finance, right?

Can Business and Spirituality Work Together?

But money and finance do not need to run counter to spirituality. At the very least, they don’t in my life. I have always tried to take a higher approach to business, focusing not just on the big sales, commissions, or the huge roster of clients. I want to balance the practical with doing good. When you die, no one will remember all your awards and certifications. Their eulogies will attest to the kind of person you were, the deeds you performed, and how your life impacted others.

This new series of articles will examine how spiritual growth can take place while you conduct business. We will discuss the spiritual practices I employ and am still in the process of researching to make my business activity a way of adding value to others and the world.

The Goal Of Spiritual Living

Everyone has their own objectives when pursuing spiritual practices. Some want to achieve a certain state of mind, of experiencing enlightenment or euphoria. Others want to harness specific “powers” or “energies.” These may be well and good, but I see these pursuits as means to an end, not an end in and of themselves. What good is it to become more evolved if the world doesn’t become a better place as a result?

Spirituality has been closely linked to success in life and world-class performance. In his book, 177 Mental Toughness Secrets of the World Class, success guru Steve Siebold points out that champions have tremendous faith:

“Faith in God, a higher power, or an infinite intelligence is … a trait of many champions. There are atheists who are tremendous performers, yet as a rule, there seems to be a connection between professional performers and the spiritual side of life. Many pros draw a tremendous energy and power from a deep faith in a greater force. In recent years, many who were turned off by fear-based organized religions in their childhood have turned to new-thought churches and centers…Whatever the source of their spiritual faith, world-class performers do tend to hold strong spiritual convictions.” (1) (89)

I firmly believe that my spiritual convictions raise my work to a higher level of excellence. As we enter this series, I am very excited to explore the connection between the spiritual and the material, in the world of business and particularly in the selling of life insurance. Have you seen this philosophy in action in your life or in those around you? Share your thoughts with me at skobrin@stevenkobrin.com. I hope you join me on this journey.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

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(1) Siebold, Steve. 177 Mental Toughness Secrets of the World Class. 3rd ed. London House Press, 2010.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

The Role of a Life Insurance Super Specialist

Life insurance super specialists are experts in finding policies regardless of mortality risk. Read More

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

What Qualifications Should Your Life Insurance Broker Have? Part Two: The Role of the Super-Specialist

Life insurance is not something to mess around with. It is an integral piece of your financial puzzle, without which the rest of your finances could be in danger. We recently discussed the reasons why your life insurance broker should be a specialist, both in the product itself as well as the planning and purchasing process. Now that you know how important it is for the person selling your life insurance to be qualified, we’ll turn our attention to the necessity of a “super-specialist,” or “impaired-risk specialist.”

An Expert In Risk

The life insurance super-specialist is an expert in underwriting all varieties of risk. It doesn’t matter if you are perfectly healthy, being treated for a serious illness, love mountain climbing, or are fresh out of bankruptcy. Your super-specialist should be able to give you both competitive and reliable quotes and get your application approved at the rate quoted with no surprises.

What Is Risk?

The life insurance industry gives a rating to all types of risks and determines where you land on the risk scale. If providers don’t use risk factors to determine premiums, they could lose money down the road.

What the industry considers higher-risk or impaired risk includes a wide variety of medical conditions affecting every organ and system in the body, from the neurological to the orthopedic. It also includes multiple lifestyle issues, from smoking to drug use to alcohol use to foreign travel. They also consider your past. People who have a criminal conviction or multiple motor vehicle violations typically represent a higher risk than those who don’t.

Risk And The Super-Specialist

How does the super-specialist handle risk? The key to their mastery is the capability of getting people underwritten who represent higher risks. The logic is simple: if they can obtain policies for people who have heart disease or diabetes, they can easily get policies for those who are lucky enough to be disease-free.

A broker who gets the job done with these harder cases has an easy time getting it done for the simple cases. Remember our homebuilding analogy in part one of this series? The master builder who constructs your dream home will have a straightforward job of building an addition. But what sets the life insurance business apart from the construction industry is that it won’t cost you any extra to do business with a master broker because the premium for the product remains the same regardless of who sold it to you.

An Understanding Of The Personal Side

There is another reason why the impaired-risk specialist is ideally suited to help you purchase life insurance. It has to do with the very personal nature of life insurance underwriting. As we have discussed, virtually your entire life and history are assessed for mortality risk when you apply for a policy. Full disclosure is required to qualify for the best rate and to get your application approved without a hitch.

Everything must be put on the table: your discomfort with your Crohn’s disease, your bouts with depression, your prior and even current marijuana use. You can’t hide your treatment for anxiety and stress during your divorce, your recent job change, or the time you fell off the wagon and went into rehab. All these experiences are extremely personal and highly sensitive and must be handled appropriately. When you work with a life insurance broker, you need to feel that you are being treated with consideration and respect. And it’s not just about getting the details down. Your story must be presented to underwriters in a way that sheds the best possible light on your insurability.

The Highest Level Of Service

Consumers who pose a higher risk realize they need to deal with an impaired-risk specialist. They know that people who pose special risks need special care. Imagine you have a particular medical condition, such as a kidney ailment. To get the best care, you would go to a nephrologist. This is true for the legal field as well. You would go to an estate planning attorney for your will and trust and to a criminal attorney for legal representation.

The difference is that the impaired risk super-specialist isn’t pigeonholed into just the high-risk cases. They’ve mastered the complex so the simple becomes even easier. This is why the impaired-risk specialist is positioned to provide excellent service regardless of the mortality risk posed by any given client.

My Role As A Super-Specialist

In my many years of experience in this industry, I have obtained the expertise needed to specialize in helping people who represent a higher risk in multiple risk areas. Regardless of if you feel you have a unique, challenging situation or if your circumstances are straightforward, I can help you get competitive quotes for your life insurance. I’d love to hear your story. Ask anything at skobrin@stevenkobrin.com.

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

What Qualifications Should Your Life Insurance Broker Have? Part One: The Importance of the Life Insurance Specialist

Life insurance is the foundation of your financial portfolio. While you may think that’s an exaggeration, life insurance protects against the most catastrophic loss imaginable, the death of a provider. With so many life insurance companies and products available, how do you know what to choose? You don’t want to gamble with your financial foundation, so how do you know the person selling your life insurance is the most qualified?

Why Do You Need A Life Insurance Specialist?

If you were building your dream house, would you hire your contractors at random? Would you choose an electrician who dabbles in carpentry or a plumber who does construction on the side? Of course not. You want the best of the best, a master builder. Because of the investment involved, you want someone with top qualifications who would get the job done right and deliver the highest value for your dollar.

Your financial portfolio requires the same degree of proficiency and should be handled by someone who is a master of the craft. The legal and financial advice you are given should be rendered by experts in the field. If you take the risk and settle for less than the best, you could end up with inappropriate product choices, or worse, costly mistakes that could impact your financial future.

When it comes to life insurance, a specialist is someone who sells the product exclusively or makes the product their primary focus. A life insurance specialist has the knowledge, experience, and contacts needed to provide the high-end, personal service you require for this significant purchase.

How do you know your life insurance professional is indeed a specialist? Here are the qualifications you should look for:

Underwriting Expertise

Life insurance is probably the most thoroughly underwritten financial product you will buy. Your current health, medical history, family medical history, vocation, hobbies, lifestyle, and financial, legal, and motor vehicle record are all considered. You will need expert guidance to negotiate the prequalification and underwriting processes to experience a successful result. A broker who specializes in life insurance will have this expertise.

Client Advocacy

A very large and diverse team of people will collaborate on your purchase. This team includes the broker’s own office staff, the general agent, and that person’s support staff, as well as the carrier’s underwriters, case managers, and management. Attorneys, financial planners, accountants, and other professionals may also get involved. The activities of all these people need to be coordinated and directed in such a way that your interests as the client are always front and center. A broker who specializes in life insurance will have the skills required for this amount of leadership and coordination.

Product Knowledge

Sure, the benefits and features of the product must be understood, but there is more to it than that. Life insurance is an incredibly unique financial tool in that it is the only form of insurance that guarantees that a claim will be paid. You may have medical insurance, but if you never get sick or hurt, you won’t use it. If you never get into a car accident, you won’t have the opportunity to benefit from your car insurance. But you know for sure you are going to die. If you keep your life insurance in place, your beneficiary will collect the benefit. It’s as simple as that.

As much as we try to avoid thinking about our death, the reality is that that a claim could be filed at any time. We all like to think our death will be some far-off event, but a good diet, regular exercise, positive thinking, and playing it safe are no guarantees against drunk drivers, freak accidents, and many other hazards beyond our control. We are not invincible and must not take our life for granted.

A broker who specializes in life insurance will encourage you to value your mortality. He will help you realize the importance of buying life insurance now and understand the risk in waiting. He will help you form a strategy for improving your insurability and qualifying for lower pricing in the future.

Does your life insurance broker bring all these qualifications to the table? If not, it’s time to reevaluate your relationship and find someone who can help you construct a life insurance foundation that will give you peace of mind. If you are ready to consult with a specialist, contact me at skobrin@stevenkobrin.com. Stay tuned for my next article to learn why your broker should be a super-specialist.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to Investopedia, view his profile here.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

What I Don’t Want With My Medical Insurance

purchase-health-insurance-policyHere’s my two cents on the Obamacare/Trumpcare debate.
I’ll tell you what I don’t want when it comes to medical insurance:

I don’t want the federal government taking over the entire marketplace just to make sure a small percentage of the population has coverage. The vast majority of people financially and medically qualify for a private plan, either individually or through their employer. Those who don’t can get covered through some kind of public/private partnership. You don’t have to regulate 95% of consumers just to provide for 5%.

I don’t want bureaucrats managing even more of the economy than they do now. The size of the national debt is roughly the same amount as entitlements that have been passed out over the last few decades. These people are incompetent, and responsibility should be taken away from them, not more given to them.

I don’t want corrupt politicians having access to people’s personal health information. There is too much collusion between government and industry. I don’t want pharmaceutical companies and other manufacturers to know which of us have depression, which have diabetes, etc.

I don’t want ideologues controlling the allocation of medical treatment. Some amoral technocrat who believes that elder people are “disposable,” should not have the power to take benefits away from them in favor of younger, more “productive” people.

And I don’t like the political elite taking our money and giving themselves rich benefits while they force us to settle for less – and penalize us if we don’t. This is probably the most un-American aspect of this crusade to nationalize health care.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Honoring Your Parents: Learning From How They Started Over

honoring-parents-starting-over

As we enter a new year, we often take the time to reevaluate and look ahead with excitement and motivation. Aren’t you thankful that life is full of these second chances? That you always have an opportunity to try again, to grow, to learn, and to improve? This is a valuable life lesson that I learned from my parents, and I am thankful I had their example to follow.

What I Learned From Their Story

My mom and dad both came from immigrant families who moved to America searching for the land of hope and promise. Their families were originally from the Old Country, and they eventually settled in New York City, where I was raised. As my sister and I grew up, my parents moved us to the peace and quiet of the suburbs, and this change marked two significant moves in two generations, both of them to better situations.

But their story does not only include moves to different physical locations; it also involves major career shifts.

My mom started her working life as a secretary in a college psychology department. She then moved on to teacher training and ended up as the editor of an academic journal. She was always involved with education, but in a different role with each job.

My father began in show business. After that, he stepped into life insurance sales and then branched into motivational speaking. He ended his career in the travel business. He was ever the promoter and entertainer, but on a different stage each time.

What do their experiences with location moves and career changes teach me? What are some lessons I can apply to my life?

1. There’s Always Room to Grow

Yes, transitioning between cities and careers is no easy feat, but the changes that most impressed me were the personal transformations that occurred as they walked through the obvious outwards changes.

Dad started out in the wild world of show business, settled down to become a family man, and went on to build multiple successful businesses. Mom was the bookworm living at home, became the busy mother of two little ones, got involved in the school, and went on to establish herself as a key person in several businesses. Different ages, different stages, different ladders to climb. They saw the value in continual personal growth and accepted new opportunities as life afforded them.

2. How to Prepare for Change

As I think about all the changes my parents went through, I see how well they prepared me to deal with the inevitable changes in my own life. I saw that they did not fear the new things life threw at them, and so I never experienced fear at the prospect of a new job, a new school, or a new set of friends.

Career-wise, I had five different jobs before I ended up in the life insurance business. I spent ten years post-college in various sales-related positions before I landed in a career. In hindsight, I can see how each position brought me a step closer to reaching the end-goal. If I had let fear of change hold me back, I would not be where I am today, and I have my parents to thank for that.

3. How to Appreciate Every Stage of Life

On a personal level, life also moves in steps and stages. I started out single, got married, and became a father. As life moved on, I then got the incredible privilege of becoming a grandfather. I was fortunate to be able to witness both of my parents in the role of grandparents as well. I learned how to move through life’s many phases by watching my parents accept each new season with grace.

The only guarantee in life is change. My parents walked through momentous changes in their lives, and I can honor them by taking the time to examine what made them successful and content through life’s transitions and following their example.

What can you learn by looking back at how your parents lived? Are there any key lessons that stand out to you? I’d love to hear your thoughts! Contact me at skobrin@stevenkobrin.com to share your stories.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to investopedia, view his profile here.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

My Birthday Wish: Let’s Follow the 60s Wisdom to a Prosperous Future

Today I am 60 years old. The Biblical standard for a lifetime is 120 years, so I am at the midpoint. I truly hope the second half will be as exciting as the first.

I grew up in the 1960s, and went to high school and college in the 70s. The list of big-impact events that took place during that time boggles the mind:

The Vietnam war. The assassination of JFK. (And RFK. And MLK.) The Cold War. The Cuban Missile Crisis. Civil rights. School integration and Bussing. Kent State. Watergate. Moonwalk. The Bicentennial. The Beatles. Earth Day. Woodstock. Hippies, communes, cults, and Eastern religion. The Iran hostage crisis. (Do you remember all these? How many have your kids even heard of?)

One of the best takeaways from that era is the notion of “questioning authority.” It is reported that Timothy Leary said this, but legend attributes it to Benjamin Franklin. Either way, it’s more relevant today than it ever was.

If you had tried to sell somebody back then on the idea of government care cradle-to-grave, he would have thought you had taken too many drugs 🙂 He would have set you straight and reminded you that What the Man giveth, the Man can taketh away.

And, the prospect of the government forcing you to buy something like medical insurance would be rejected out of hand. The “Man” can’t tell you what to buy and what not to buy. Everybody knows that.

Today, too many people don’t know that. They are too quick to let the government do everything for them. People in their 20s, 30s, 40s – and even my age, sad to say – expect the government to provide everything from childcare to healthcare to eldercare. Of course, they forget that the bill for all these services will be sent to their children and grandchildren.

To me, making the next generation pay for our amenities is a very un-American thing to do. “Land of the free” means, among many things, freedom from the irresponsibility of your ancestors. There is no such thing as a free lunch.

Ask your uncle Benny, the former hippie, if he agrees. He’s a wise man.

Let’s toast to a future of booming American enterprise and self-sufficiency.
Happy New Year!

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

Why I Love Selling Life Insurance

Whylifeinsurance

I have been in the life insurance business for 25 years. In a time when people are constantly changing careers or trying to find their niche, a quarter of a century is a long time to stick with something, grow, and succeed. I believe that the reason I have found success and fulfillment in my life’s work is because I know my “why”.

In other words, I know why I am doing what I am doing. I have a goal and a purpose behind what I do. I don’t just go to work, day in and day out, slogging through my tasks like so many others do. The driving purpose behind my work gives me vision and helps me help others. Here are some reasons for my dedication and commitment to my calling in the life insurance business:

1. It’s a Family Tradition

My father, Leon Kobrin, of blessed memory, was a life insurance agent in the 1950s, 60s, and 70s. I grew up working in his firm and saw firsthand what the job entailed. I worked there from grade school through college and because of this experience, the life insurance business became part of my DNA.

My father acted as a role model and mentor to me. He taught me how to conduct business, and he shared his wisdom and the lessons he learned from his experience. He also mentored me in sales and marketing. Most importantly, he drove home the purpose of this product: to allow people to take care of the people they love.

Selling life insurance has become much more than a job to me. It has become a way to continue the family legacy of helping people take care of their loved ones.

2. It’s a Path for Choosing My Own Destiny

After I graduated college, I held a number of sales and marketing positions, and eventually ended up as the operations manager of a computer supply distributor. This job gave me a solid grounding in business operations.

During my time with the company, I also developed a keen sense of how mergers and acquisitions can impact your career. Sure enough, the business was sold and I was let go. My Plan B at the time had been to get back into sales, where I could rise and fall by my own merit.

Of course, the life insurance industry was a natural place to go, given my upbringing and prior experiences. At the time, I would rather have the pressures of self-employment than the stress of working for people who didn’t give a hoot about my career. I still think this way, and I count my blessings that America is the land of opportunity for people who want to steer their own ship through life’s waters.

3. It’s a Way to Do Good

It is important to me that the work I do makes a difference. I want my job to have a positive impact on people’s lives. I can’t think of a better way to do this than to make sure our widows and orphans have the money they need to not only survive, but retain their independence.

Life insurance is also sold for other reasons, such as funding business partnership agreements, covering key executives, paying estate taxes and other debts, and making important gifts to charities. All of these needs for life insurance share one thing in common: a desire to preserve and protect that which we hold most dear. I feel privileged to be able to help thousands accomplish this efficiently and economically.

4. It’s a Challenge

Selling life insurance is enormously competitive. There is someone licensed to sell life insurance on almost every block. This includes other independent brokers, captive agents, property and casualty brokers, accountants, bankers, stockbrokers, investment advisors, and wealth managers. Ads for instant quotes permeate the Internet, TV, and radio. You can’t join any senior organization, professional association, and alumni or fraternal establishment without getting solicited for guaranteed coverage.

Those of us who are determined to succeed in such a competitive environment must be at the top of our game. Every part of our practice, from our business model to our marketing plan to our product knowledge, has to be world-class. This takes time, money, and the perseverance to offer the highest level of service.

5. It’s Allowed Me to Specialize

I believe that part of my success has come because I specialize in one product and master it: life insurance. By being an expert in a narrow field, I have established myself as a specialist that other professionals turn to when they need help getting their clients life insurance.

When other brokers turn people away because of the high medical or lifestyle risk they represent, I get the policies these people need. And while other brokers submit applications and hope for an approval, I prequalify my candidates and give them the confidence of an approval at the rate quoted.

Because I love what I do, it’s both an honor and a privilege to be in a position to serve so many people. Do you know your purpose behind what you invest your time, money and energy in? What would you change if you could? Do you have a question about life or life insurance? Ask anything by emailing me at skobrin@stevenkobrin.com.

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

If I Could Teach One Financial Lesson, What Would It Be?

If I Could Teach One Financial Lesson, What Would It Be-

I was recently asked this question, and it got me thinking. You would think it’d be difficult to choose just one lesson, but an immediate answer came to mind:

“Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.”

This quote has been attributed to many ancient sources. Regardless of its origin, it represents wisdom that applies in all times. I find it particularly relevant when I think about the legacy I want to leave my children and grandchildren because it stresses the importance of adopting wise principles for living.

Let’s look at this in terms of a legacy plan. Suppose I planned on leaving a legacy of $1 billion. Most people would think that number to be quite generous and more than sufficient for several generations to live a comfortable life. This might be true if they knew what they were doing with this money, if they had guidelines to follow, and if they had wisdom to guide them.

Someone with $1 billion of investable assets can access the top advisors in the country. They lack nothing in terms of proper planning and strategies, products, and portfolios. What they need are principles. Principles help people define who we are and what we are all about. They help us remain true to ourselves, and they empower us to make everything we do — including the utilization of $1 billion — an expression of the best in ourselves.

Without a principled approach to life, that $1 billion could potentially be no better than a “quick meal,” in terms of what it provides and the good it does. But with proper principles in place, it could “feed generations” by enabling them each to do good works and make the most of that wealth.

The question now is, what principles would I pass on to my family to help them make the most of this $1 billion legacy? Here is what I would tell them:

Think big, reach high, and remain vigilant.

Our family fortune has been amassed by little people thinking big. Go back just a few generations, and you will find that none of us were here in America. We were all just ordinary men and women among the masses overseas, in Europe, Russia, and the Middle East. We faced terrible persecution in those places and we fled to the shores of America in desperate need of a new start.

No one came to America with a huge bankroll. None of us came from royalty, and no one was embraced by the upper-crust of society. We took advantage of everything America had to offer — most of all, the opportunity to dream big. America has long been a beacon of opportunity. We each believed that and, after giving it 110% effort, the dream became a reality.

Even after reaching this point of success, it’s essential to keep pursuing new heights and to live each day as if it were the last and to never forget our humble beginnings. We know all too well that if not but for the grace of God, our family could quickly face the unfortunate. We are no less human than anyone else, and so no less exposed to troubles coming our way.

While we may have the means to stay as self-sufficient as possible and weather storms longer than most, those who have much also have much to lose. If and when tragedy strikes, it will be of much comfort to know that those to whom we showed good will may now in turn show good will to us.

Treat every dollar as if it is a loan from God – because it is.

This brings me to the most basic principle of all. This money is not yours and it was never mine to give you. Sure, it has been transferred from an account with my name to one with your name. But this is all in name only.

Our wealth actually belongs to God. Everything we humans produce belongs to God. Everything we create to make our life better is made from something He provided, and so it exists according to His laws.

So what do we know about His laws? Really, they are pretty simple. Things are born, they live, and they die. The currency we print today won’t be here in 100 years. Same with the car, the jet plane, and the office building. Everything is temporary. But we can give it an eternal meaning and a transcendent purpose. The item may not last forever, but what it is used for could.

The real reason why I have $1 billion to give is that I never considered this fortune to be mine to keep. I have simply been the steward of every dollar, from the first to the last. God has been nice enough to let me use His planet to do great things – to grow personally, to help people, to bring people together.

Estate planning, investment strategies, market savvy, and smart business decisions have all been useful tools, but it is essential to realize that they are not ends in and of themselves; they have all been employed in service of a higher purpose: to enable me to do my Good Work – and to enable you to do it, too.

God has loaned me this fortune, you might say, so that I can pass it on to you and so you can then pass it on to your children and grandchildren. Let’s not let Him down.

What about you? What is one financial lesson you hold dear? I’d love to hear your story. Do you have a question, about life or life insurance? Ask anything by emailing me at skobrin@stevenkobrin.com.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

The Seven Don’ts of Buying Life Insurance

LifeInsurance2Believe it or not, buying life insurance can be a most satisfying experience. Like anything else, you just need to know what you’re doing. A lot of it comes down to avoiding the pitfalls that give many people frustration and aggravation.

Here are the Seven Don’ts of Buying Life Insurance that I have identified in my 25 years of working with consumers. Steer clear of them, and I guarantee you will be quite happy with your purchase.

1. Don’t kid yourself about the risks involved.

Sure, you are healthy. Sure, you take care yourself. Sure, you are a very safe climber or diver. Sure, the problems with alcohol/drugs/finances/the law are all behind you.

But here’s the thing: in the final analysis, nobody really knows when his final day on this earth will come. It could come at any time, and in any way. There are a multitude of threats beyond our control: undetected medical conditions, such as aneurysms. Drunk drivers. Freak accidents. Household fires. Car crashes. Street violence. Terrorism.

You and I can certainly take care of ourselves and live a good life, to tilt the odds in our favor. These efforts can help keep the cost of our life insurance down. But don’t think that a lower premium guarantees longer life longevity. If you are indeed committed to securing the financial future of those who have become financially dependent on you – your family, your business, and your favorite charities – then you have to admit that their future without you could very well start tomorrow.

So buy the life insurance now.

2. Don’t treat insurance like an investment – or a form of gambling.

People tend to lump all financial products together. Insurance, annuities, investments, etc., seem all too similar. This is especially true when life insurance products build cash value and provide a benefit while the insured is still alive.

But life insurance is not an investment. Investments are for you while you are alive. The longer you live, the more value that investment can attain. Life insurance is for your financial dependents when you die. The sooner you die, the more bang for your premium buck these beneficiaries receive.

It makes no sense to say, “Well, I can take the same premium amount and invest it. With good returns I should be able to self-insure at some point in the near future.” That may be very nice for you, but it will do your beneficiaries absolutely no good if you die sooner than you hope. Besides which, what if you get hurt, or sick, or lose your job, or the market crashes? Your plan to self-insure may fall short, and so your dependents may end up with absolutely no security at all. That is called gambling with their financial future, not insuring it.

3. Don’t compare your quotes to somebody else’s.

Life insurance is probably the most comprehensively underwritten product in the financial marketplace. Many diverse factors are assessed for their impact on your mortality: age. Gender. Current health. Medical history. Family medical history. Lifestyle. Hobbies. Job. Smoking. Alcohol and drug use. Financial record. Criminal record. Driving record. Foreign travel.

Insurance actuaries have compiled a gigantic amount of mortality statistics to help them set reasonable rates. Trends emerge that prove to be consistently true: women typically live longer than men, so they pay less. Smokers typically die sooner than non-smokers, so they pay more. You can have two people of the same gender, same exact date of birth, and same everything else, but if one has high blood pressure, and the other one doesn’t, then their rates for life insurance could be different. It goes without saying that if the face amounts and guarantee periods of their policies are different, the rates will be different as well.

Also remember that you may not know every factor that contributed to somebody else’s premium. People disclose personal information when they apply for a policy. Many times, their spouse, children, and business partner don’t know the whole story. This information is kept confidential by the professionals involved, of course. But friends and family are often not in a position to really know how somebody else qualified for the rates they were given.

One other point: let’s suppose that you have been assessed an extra premium because of a higher risk. Maybe it’s a medical condition, or an adventurous hobby. Is it worthwhile knowing what the rate would be for somebody who didn’t have that extra risk? Could be – but only if that gives you something to shoot for by improving your health, or dropping the hobby. For now, you have to bite the bullet and pay extra until you qualify for something lower.

4. Don’t let your doctor play insurance man.

Doctors are supposed to be in the business of healing, of diagnosing and treating medical conditions. A good doctor upholds the ethic of “do no harm,” and tries his or her best to abide by that. If a mistake is unfortunately made, or things just turn for the worse, they should do their darndest to help the patient recover.

Either way, they get paid. That is the stark truth. Hopefully, you as the patient live a long, healthy life; but if tragically you do not, the doctor bills your family anyway – and expects prompt payment.

The life insurance underwriter, on the other hand, often makes a much more critical assessment of your mortality and possible life longevity. The reason is very simple: he has to put his money where his mouth is. He has one shot – the time of your application – to determine what risk you represent to his company. Based on his assessment, his company will be liable for hundreds of thousands or millions of dollars to your beneficiary. And that amount would have to be paid even after only one monthly premium was submitted, if tragically that is when a claim is filed. Quite a deal.

Frankly, I have found many times when the mortality assessment of an underwriter has more credibility than the doctor’s prognosis. It is simply the business of the underwriter to be an expert in this matter. They don’t pretend to be doctors and don’t give medical advice. Physicians should show the same professional courtesy. They shouldn’t pretend to be underwriters, and so shouldn’t venture their opinion on whether or not their patients could qualify for coverage.

5. Don’t second-guess your advisor.

You hire professionals to do things you don’t know how to do. They are experts in their field. You are not an expert in their field. That is why you hire accountants to do your taxes; lawyers to defend you in court; and doctors to treat your illnesses.

Life insurance brokers are hired to get you the best value for your premium dollar. Our job is to get to the lowest cost, the most benefit, or the longest guarantee. You don’t pay us out of your pocket, but your premium includes our compensation.

Let us do our job. We make an upfront investment in you as our client. We don’t get paid until you are satisfied. We have a huge incentive to make sure you are happy now, and stay happy throughout the duration of your coverage. We don’t want to give you restless nights, worrying that you have the wrong policy. If you have selected the right professional – an independent, life insurance specialist, who prequalifies you before you submit a formal application – then you are in good hands.

6. Don’t expect the perfect product.

A life insurance policy is comprised of three main factors: face amount, premium, and guarantee period. In an ideal world, we would all buy all the coverage we would ever need, for as long as we would ever need it, and at a guaranteed rate. It would make sense to keep it in force for our entire life, so we can be sure a claim will be filed and the benefit paid.

Many times, though, we cannot do that. There are often budgetary constraints. And, we don’t always know how much insurance we will need in the long term. So what do we do? As with any case like this – facing multiple considerations – we set priorities.

There is no doubt that the number one priority is face amount. Make sure you have enough coverage in force today. This is simply because, as we said above, you simply do not know when a claim will have to be paid. Too often, people try to get a “good deal,” and skimp on the face amount in favor of a long-term guarantee. But if their family or business tragically loses them sooner rather than later, the beneficiary will have been short-changed. They would rather have the extra benefit than the longer guarantee. That’s why I tell clients that if your budget is forcing you to choose between $2 million of 10-year term insurance, and $1 million of 20-year term, for example, you take the product with a higher face amount and the shorter guarantee period.

It is smart business sense to have a budget for any purchase. With such a constraint, it is often hard to get maximum coverage with the longest guarantee period. If you find yourself with this dilemma, then first look to alternative premium funding sources. You might be able to leverage, liquidate, reallocate, refinance, or use any of a number of other techniques to free up funds. If this is not possible, then shorten the guarantee period. Revise your financial planning to secure funds in the near future for additional coverage. There is nothing wrong with buying life insurance in stages – as long as you make sure you remain eligible for coverage.

7. Don’t put the investment cart before the insurance horse.

How do people get rich? We work hard. Earn. Borrow. Invest. Leverage. Provide greater value to bigger payers.

How do we stay rich? Insurance. Insurance prevents catastrophes from wiping out your riches. You could have a huge amount of savings and investments, but any number of man-made or natural disasters could clean them out. Even if you could afford to sustain the loss, why pay dollar for dollar to do so? Every dollar of life insurance benefit costs pennies. It’s much smarter to let an insurance company take on the risk.

So, it makes sense to have a strong insurance portfolio in place to serve as the foundation of your financial portfolio. Now the question is this: there are many types of insurance policies. Which is the most important?

That’s an easy question. Do you know why? Because the type of insurance that is the top priority should be the one that protects you against the most likely risk. And that is life insurance. You can buy medical insurance, but you may never get hurt or sick. You can buy disability insurance, but you may never lose your ability to work. You can buy professional liability insurance, but you may never get sued. You can buy business liability insurance, but you may never sustain workplace damage. You can buy auto insurance, but you may never have an accident. And on and on. But you know with 100% certainty that you will die, and that therefore a claim will be filed on your life insurance policy. As long as you keep it in force. This is why you need to buy insurance before you invest your money, and why buying life insurance is a top priority.

Please feel free to comment, or to contact me directly with a specific question. If you need a quote now, or a second opinion on a quote you have received, the best thing to do is to call me toll-free at (866) 633-1818. Or email me at skobrin@stevenkobrin.com. I also encourage you to download my free Life Insurance Guide – see the above tab. Many people have found it to be extremely educational.

“Compare term life insurance rates at no cost from top rated companies in seconds.”
https://www.insurenowdirect.com/stevenkobrin/Default.aspx

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.