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Life Insurance Can Prevent Poverty

erase-poverty-326x235I live in a small town in northern New Jersey (population 30,000+). When good things happen, you know (especially since the mayor posts on Facebook nearly every day :). When bad things happen, you hear about them too. Let me tell you one sad tale from a few years ago.

A young couple with a young family. They were in their early 30s. They already had five young children, with another on the way. He worked various jobs to make ends meet. She stayed home with the kids. He was overweight, a diabetic, and a smoker.

You can guess what happened: severe heart attack. Fortunately, the end came quickly.

The family had very little money. She had no job. And he had no life insurance. The community rallied behind the surviving family as best we could. Of course, no one could expect neighborly assistance to support the family forever. You can bet they are still struggling.

You can also imagine the difference a life insurance policy would have made for that family. Bills would get paid. Rent. Food. Clothes. Medicine. Books. No need to worry about any of it. The heartache of poverty could have been spared.

Maybe the young widow will get lucky and marry a rich guy who will take them all in. Maybe she’ll find the intestinal fortitude to make something of herself and take care of seven kids at the same time.

I truly hope it works out for this family. But I do know that had there been life insurance, the suffering of poverty could have been avoided.

Economist John Goodman talks about preventing proverty. In a recent Forbes article, he writes:

We now know a lot about how behavior affects poverty. In fact, if you do these four things, it’s almost impossible to remain poor: Finish high school Get a job, Get married, and Don’t have children until you get married.

I would humbly add to this list a #5: buy life insurance.

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.

 

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.

A Second Look at Life Insurance Myths

http://www.dreamstime.com/royalty-free-stock-images-fact-myth-red-red-sit-opposite-ends-gray-board-balanced-gray-question-mark-white-image47624429Forbes recently published a very good article about life insurance myths and facts.

Listed below are each of the myths mentioned in the article.

After each myth I made a few comments about the real facts of the situation.

Do any of them surprise you?

Myth #1: Your employer-provided life insurance is all you need.

Good points regarding employer coverage:

  1. It may not be enough;
  2. It may not be portable; and
  3. It may not be the best price.

Myth #2:  Only the breadwinner needs life insurance.

Good points regarding the stay-at-home spouse.

Money is needed to replace his or her services, as well as to allow the surviving parent to spend more time with the children.

Myth #3: Life insurance is really expensive.

People very frequently fear life insurance is too costly.

Unfortunately, a lot of this stems from brokers misleading them on prior shopping occasions.

Myth #4: My health disqualifies me from life insurance.

These are good points regarding eligibility for coverage.

I would add that since companies tend to specialize in underwriting specific risks, extraordinary offers can be made for policies that do not have coverage limits.

Myth #5: Everyone should buy term and invest the difference.

The strategy of buying term and investing the rest only works for people who really need term insurance and who can really invest the rest.

People often make changes in their financial plan as life goes along. These changes can include having an unexpected child, refinancing a mortgage, taking out an unexpected loan, or having a retirement fund underperform. All these events could call for life insurance for a longer period of time than anticipated.

In addition, people need discipline, focus, and effective management to “invest the rest”. If even one of these factors is not in place, then that strategy may very well not work.

Myth #6: You get a better deal purchasing life insurance online.

I think the Internet is not just a poor place to buy life insurance, but a poor place to even shop for life insurance.

People really have no idea how their insurability will be assessed until they deal with an expert broker.

Looking at rates on a website in the hope and prayer you qualify for them is not productive.

Myth #7: You’re too young to worry about life insurance.

Since life insurance pricing is based on age, it makes much more sense to buy it when you’re young.

In addition, buying a cash value policy early can give it enough time to accumulate significant funds.

 

 

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.

Principles for Growth

Our principles for growth

A. Principle #1: “Helping each employee to meet his or her potential within the company.”
We will help all employees to put their talents to use for the maximum benefit of themselves and the company. This empowers them to increase their value to the business and be paid accordingly.

B. Principle #2: “Growth from the core”.
We need all employees to be proud of our company and believe in what we do, They can then serve as “good will ambassadors” for us when interacting with clients, prospects, vendors, and the general public. The training and orientation of everyone – regardless of the department in which they specialize – will include a strong foundation in prequalification/brokerage operations, as that is the core of our business.

C. Principle #3: “Mutual support among departments.”
Employees will maintain a specialization in one department yet also receive a general background in the company. They can thereby serve as viable back-ups in cases of manpower shortages.

D. Principle #4: “Mentoring as the means of passing on the core values of the company and facilitating employee career growth.”
Managers will provide personal coaching and direction throughout the business day, as well as educational meetings in the office. On occasion reading and research material will be assigned as homework. This collaboration will facilitate employee career with the core values of integrity, professionalism, service, and profit.

E. Principle #5: “Maintaining a Spirit of Adventure in the enterprise!”
Many factors influence business success. We will stay focused and committed to the goal, but keep in mind the big picture. We will all be in a learning and growth curve, so we will have to band together, learn from our mistakes, remain optimistic, and- have fun! We can celebrate the small victories that we make along the way!

 

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.