Florida Life Insurance
Ever wonder why auto insurance and homeowners insurance are required by law but life insurance isn’t? Well, the answer is simple… these property & casualty insurance products are mandated because they’re primarily intended to protect the insurer and not necessarily the insured!
In other words, most people’s vehicles and homes are financed by a bank or lender. These lenders who have an interest in your car or home want to protect their asset. They are therefore known as “loss payees.” Thus if you’re in a car accident or your home gets burned down, these lenders want to make sure they get their money or product back. They also want to protect themselves from liability lawsuits.
The reason life insurance isn’t required by law is because these lenders COULD CARE LESS IF YOU DIE! That is you and your family’s problem! All they want is their money. So let’s now think about this logically…
If your car is damaged beyond repair (totalled) it maybe be extremely inconvenient and a financial burden but it isn’t the end of the world. Also, if your home is destroyed you likewise may have to move in with family, back into an apartment or even worse be homeless. But again, you still have breath in your lungs to recover and recoupe. However, dead is DEAD! No one gets to come back from dead. You don’t get “do overs” or “second chances.”
Now realize, simply because you may be dead doesn’t mean all of your debts and problems die with you. No… that would be too easy. Your family is burdened with those bills. Your spouse and/or children will have to find a way to survive with the bills you may have left behind. More importantly, they have to figure out how to compensate for your loss of income! If you were a working person, regardless of how much money you actually made, your family has to figure out how to maintain their quality of life without your paycheck they’ve become dependent on!
THIS IS THE BIGGEST LOSS when someone dies. They can no longer make money! And we all know it takes money to survive in this world. Even if you only make minimum wage, if you account for that annually for 20 or more years of life, it still amounts to hundreds of thousands of dollars!
So while property and casualty insurance may be required by law and most important to your debtors, life insurance is by far the most important and beneficial to you and your family! Lenders understand that they are businesses and their profits and livelihood are most important to them. Isn’t it time you begin to see you and your family’s well-being similarly as a “business” and place your welfare at the top of your list of importance?
If we all had crystal balls and could see into the future to know exactly when we were going to die then no one would have a need for life insurance. We would either plan accordingly to minimize the damage of our death to our families. Either that or we would be life insurance the day before we die obtaining the most we could accumulate without concern for the premium (because we would know we’re not going to pay it except for the first premium).
Additionally, understand that life insurance companies aren’t stupid. Many of these companies are the same ones selling you their P&C products (remember the property and casualty insurance required by law?) to you along with life insurance. But they don’t just hand out life insurance to everyone who requests it. No… they want to know exactly the risk they’re taking on. Therefore you as the insured must go through an underwriting process to know that you are healthy, not suffering from a life-threatening condition or suicidal. Assuming you pass their requirements, they’ll typically extend you life insurance at a premium price correlated to your health, age and risk. Depending upon when you obtain your life insurance and the type of insurance, this amount can be minuscule (compared to what you pay for P&C) or it can be substantial depending upon your risk. Therefore it is always imperative to insure yourself and your family as young as possible to protect your “insurability” against diseases like cancer, diabetes or other debilitating conditions. Illnesses such as these will most likely make you uninsurable.
I personally suggest people obtain as much life insurance as you can reasonably afford for the longest length of time possible (lifetime) as soon as possible. This is something you don’t want to gamble with. No one is promised tomorrow. Life insurance can be one of the most affordable and simplest ways to create generational wealth for you and your family. Clearly no one wants a loved one to have to die to become rich but likewise since we’re not God and don’t know when our time is up, it behooves us protect our interests and possibly provide our families with a quality of life they may never be able to obtain otherwise. Get Life quotes with Florida Farm Bureau Insurance.
Best wishes to you and yours…
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