Life Insurance and “That Guy”

Andy Whitten
PFG Private Wealth Management
18572 N Dale Mabry Hwy
Lutz, FL 33548
Phone: 813-286-7776

If you’ve ever seen the movie Groundhog Day, you may recall the scene where Phil Connors (Bill Murray) runs into Ned Ryerson (Stephen Tobolowsky), an insurance salesman. Ned is a fast talker trying to sell life insurance from the word go. He starts out asking Phil if he has life insurance and stating that he could always use a little more. This was the first impression I had of life insurance agents and while incorrect, it didn’t exactly draw me to the idea of purchasing any for fear of running into “that guy.”

There came two events in my life that prompted me to investigate life insurance: marriage and kids. In my college years, like most people, I spent most of what I had which was practically nothing, and if something happened to me then my siblings would have no problems dividing up the whopping $100 I had in my bank account. However, when I became responsible for someone else and eventually a couple of little people that now roam my house, I knew that I didn’t want to leave them in a near impossible situation.

There are many myths about life insurance. Like me, you may have some “impressions” that influence your decisions about it. I have heard many statements from clients that are myths. Here are a few:

“The life insurance through my employer is the best and is enough coverage.”

There are two problems with this statement. First, it may not be enough coverage. If your company offers one or two times your salary, then you’re only allowing your family one or two years before major changes need to be made. Second, you may be in better health and qualify for a better rate than what is currently being offered through your employer.

“Life insurance is expensive.”

Actually, one type of insurance called “Term” is relatively cheap and allows for a lot of coverage and a fixed premium for a certain amount of time.

“There’s no way I’d qualify for life insurance.”

There are certain companies that will be more lenient than others on specific health conditions. Even people who have had cancer in years past have been approved.

In conclusion, each situation is unique and therefore needs careful scrutiny. If this is something you’d like to inquire about, feel free to contact me. I can assure you we don’t have a Ned Ryerson in our office, but I also believe it’s something that too few people look into until it’s too late.
andy@pfgprivatewealth.com

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