Visualize a stocky, motorcycle riding, work in my shop all day, gun carrying, manly man, and you’ve got a picture of my client who gave me a big bear hug in our last meeting as we closed a life insurance deal we’ve been working on. That’s my first hug I’ve ever received from a male client. Why the unexpected embrace? Well, I don’t mean to toot my own horn, but I simply worked a life insurance miracle with him. I helped this man and his family more, I believe, than I’ve ever helped another client.
He and his wife came to me with whole life insurance policies that they were paying over $700 per month in premiums, and they could simply no longer afford the premium. I cut their payment to $330 per month, with better benefits. They had had these policies for years (like, over 20 years). When they originally purchased the whole life policies, their agent had told them that at some point, their cash value account would accumulate to the point where they could stop paying their premium, and the cost of insurance would be deducted from their cash value, which would sustain the policy.
Well, 20 plus years later, we ran illustrations on their whole life policies, and found out that if they were to stop paying premiums today, their death benefits would begin decreasing immediately in year two. But we didn’t just find out they couldn’t quit paying premiums. We also found out they couldn’t reduce their premiums without their death benefit being affected.
A special note here is that both husband and wife have had health changes since originally purchasing their policies. The man is now a smoker, and you should know that life insurance for smokers costs on average double to triple the premium for a non smoker. The wife had a melanoma just a few years ago.
When all was said and done, we made a simple change to the husband’s whole life insurance policy and added some term insurance, giving him better benefits than what he had before for about $330 per month. The wife’s deal was better. I cut her premiums out all together and got her a 120% higher death benefit guaranteed for life, never to make another premium payment.
Do you think I deserved a hug for this? Would you hug me if I saved you $370 per month and gave you better life insurance benefits? The way I look at it, I was just doing my job, but I certainly appreciated the act of thanks. Please note that if you have a whole life insurance policy, on average I can save you 50% or more off your premiums, so give me a call to discuss your case at 619-564-4873.
