Anna Connors, owner of Connors Coverage Group says, “Part of why I got into providing insurance was a loss in our family. I don’t wish the experience on any parent, but if I can help people financially through difficult times in their lives, that gives me purpose.” Buying life insurance for yourself also can mean the world to grieving family members: “It’s like a love letter to your family at their toughest possible time. What better proof of your love than you leaving them with wealth or with all your debts paid off? It’s how you can show them that you still love them even if you're not there to tell them.”
Most people appreciate the importance of life insurance to protect their assets, but they may think of life insurance as an expense rather than an investment, Anna said. “I’d like people to know how life insurance can protect their futures as well as that of their loved ones. It should be looked at as an investment, not an expense.’
Life insurance can be considered an investment because you are ensuring that your family will be able to maintain their lifestyle once you are gone, she explains. It also carries living benefits that are included on certain policies that give you access to some of the policy funds if you have a chronic, critical or terminal illness. “Living benefits can take care of you and ensure your quality of life while you’re alive.” Some life insurance products also allow you to earn interest and cash value – an added benefit you can access in your lifetime.
Moreover, if you own a business, having the company invest in life insurance for the owners can mean the difference between that entity surviving or failing in their absence. “Key man insurance can pay your business after the key person dies’ while you search for a replacement or perhaps look for someone else to buy the company,” she said.
Insuring things associated with your business or property that can fail or wear out, is another reasonable investment. Recently, Anna’s water main to her house broke, and it would have cost $15,000 to replace it. “Luckily, I had service line coverage as part of my home policy, so I was fully reimbursed!” That may be a familiar example to most people, but Anna drives home the point by adding, “Your life, conversely, is not something you can replace. But at least you can make life for those you leave behind easier.”
There are many forms of life insurance as there are life situations, she adds. Industry jargon like “term life,” “whole life”, “Indexed Universal Life Insurance” “guaranteed life insurance,” or even annuities can seem complex, but that’s why you call a professional like Anna with a portfolio of options that can fit any situation. Citing just one example, she said, “An illness like cancer can empty your bank account, even if you have health insurance. One benefit of having life insurance in place is that you can access some of those funds to help pay for your treatment.”
In short, the most important investment you make may be in your own peace of mind, but you can also accumulate wealth while you’re protecting what matters most. For a truly enlightening conversation, see ConnorsCoverageGroup.com or email her at Anna.Connors@connorscoveragegroup.com and schedule a consultation.
