Business
Maybe you have been wondering “WHY LIFE INSURANCE?” There is so much confusion about what life insurance is, what it is for, how much do I need, do single people need life insurance -- on top of that stir in the even more complex questions: Should I buy term insurance or permanent insurance like whole life or universal life?Why would ANYBODY ever buy whole life insurance in the first place?Is the life insurance I have through my work enough or should I also have a policy that I own for myself?With all of these questions people face the major obstacle of COMPLEXITY. It appears that life insurance is too complex, and we all know that COMPLEXITY IS THE ENEMY OF EXECUTION. So a lot of folks just shrug their shoulders, cross their fingers that they have enough life insurance, and move on. This is probably why the number of Americans that own independent life insurance policies is only 44%! In this episode I speak with Don Blanton, president of MoneyTrax who has been on a campaign for over 30 years to help people understand how life insurance works and how much you need. He has been noted as being critical of life insurance companies for doing a poor job in understanding and explaining their own products. What I found best in this interview was the following: The difference between life insurance as a WANT product versus a NEED productWhy 5x your salary is a terrible formula for determining how much you needThe foundational question you need to answer isn’t ‘how much’ but ‘what do you really want to happen?’Why life insurance companies love to sell term insurance (because they only have to pay out less than 2% of them)How wealthy people use some types of life insurance to grow their wealth.One helpful video that I offer to my clients to help them better understand life insurance and how it works is this 10 Minute Lesson On Life Insurance.To get in touch with Don, you can visit his social media and his company websites below. Facebook: https://www.facebook.com/moneytraxincLinkedIn: https://www.linkedin.com/in/don-blanton-92b53b10MoneyTrax: https://www.moneytrax.com/