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When you take an industry who spent the past 160 years perfecting the “buddy” sales model, and expose its under belly, what would you expect to happen next? Not much! The history of “buddy” sales and why it will always continue and prosper. 
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Your risk exposure to dying may increase as you age. Your financial exposure to dying may decrease as you age. How do you know how much coverage you need, how long you need it for and where you should buy it?  Sadly, I know many agents who come to the first meeting prepared and determined to sell consumers exactly what they want them to buy. In the meat business, this is called having the thumb on the scale. It happens every day and consumers blindly trust. What does the word “shopping” imply? That all companies are free to bid for your business? Or that your agent stacks the deck, so their outcome is pre-determined?  The short answer is YES! The long-term health impact of testing positive for Coronavirus is still unknown. Is it possible that this virus can create future health issues and shorten the lifespan of survivors? Quite possible. A recent study performed at University Hospital in Frankfurt, Germany showed that 78% of people who had recovered from COVID-19 (including many who never had been hospitalized) still had some kind of heart abnormality that was detectable on MRI scans two months later. “COVID-19 symptoms can sometimes persist for months,” according to Mayo Clinic. “The virus can damage lungs, heart and brain, which increases the risk of long-term health problems. Much is still unknown about COVID-19 and how it will affect people over time.”  Imagine, each and every day, sitting in a room with a pile of medical records to review. Imagine that you have to make a medical underwriting decision based on your company’s criteria. Imagine having to evaluate each applicant’s medical history, factoring in their height, weight, medications, diagnoses, doctors’ visits and their previous compliance. Medical underwriters do this every day and if you want to be prepared for your life insurance application interview, you should do this too. The better the story, the better the rating, the better your rates.  After selling life insurance for the past 28 years, I’ve learned that it is a very complex product. Regulators required insurance companies to create diagrams to show consumers how that particular policy was anticipated to work. Then, non-fiduciary “advisors” supplemented these diagrams with sales speak. As a result, term insurance policies were reduced to simple, and in many cases, incomplete language, often creating misunderstanding of all the moving parts.  The process of going through a divorce is often times stressful and emotionally draining. There are questions, family, assets and financial security to address. Financial security can seem confusing and frightening to the spouse who does not work or provide income to the family. Alimony and child support are an important ingredient to a divorce agreement. These terms are negotiated by the spouses’ attorneys. But what happens when the spouse providing the monthly income passes away? Who is there to continue to provide income to the family?  Outside of the army use, a Swiss army knife is thought of today as a device capable of many uses and applicable to solve many problems. Unfortunately, life insurance is not a “Swiss army knife.”   I have been buying life insurance for 40 years.
Which asset sits in your drawer for years, maybe decades?
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