Editor’s Note: Dallas Gutierrez has more than three decades of in the financial field and was one of only a handful of people capable of helping turn the United States banking system operational during the days of buyouts. A resident of Galveston, she is a broker of PHP Agency, a financial marketing organization located in Mainland City Centre in Texas City. For more information, contact her at dallasceo54@gmail.com.
It’s interesting that we will buy warranties for appliances, make our scheduled oil changes and take our cars in for warranty check-ups but when is the last time you checked on your life insurance policy?
Yes, we sometimes place great importance on the things that run. We run too, but we just don’t know for how long.
I have a firm belief that we place more importance on things than we do our own lives. I think about all the things that we insure: our homes, because if you have a loan, the banks require a homeowners’ policy to protect their interest. We pay for auto insurance in Texas because it’s the law (well most of us do…). Let’s not forget if you own a $1000 phone, you probably got the insurance to avoid paying the replacement cost.
Let’s review: all of these things are replaceable but YOU! I talk to people all the time about their life insurance and I find that many choose a policy that is the least expensive for the most amount of coverage they can afford. Well, insurance has changed quite a bit in the last 20-plus years. Most people who had a life insurance policy purchased before that time only provided a death benefit. Living benefits were added in the late 1980s, and more companies began adding them years later. Those benefits provided payouts due to Critical, Chronic and Terminal illnesses. In fact, this may be the best-kept secret of life insurance.
Think about those times when life surprises you and having an extra income would have come in handy. Most people today are familiar with term life insurance, which lasts for a specific period of time (10, 15, 20 to 30 years). When that time is up — much like the insurance you have through your employer when you leave your job — your insurance coverage is gone and all the money you paid is gone, too!. Think of this term policy as a rental agreement, so long as you pay you’re covered, but when you end your term or stop paying, your policy is gone.
I’m not sure most of you won’t believe what I will share with you next. Permanent Life insurance exists. Many of you probably equate that to whole life, good in its time but if you wanted something better it exists. Imagine if you could get a permanent policy that would provide a permanent death benefit, living benefits in case of critical, chronic and terminal illness that could pay out while you’re living to help with all kinds of expenses while also being able to build cash value with interest rates that pay better than any bank currently and allow you to access the funds in the future, tax free.
Big changes in life insurance have impacted the industry, but sadly, very few today know all the options they have, but it’s time you knew. It’s time for a review of said policies if you have them and if you have none, it’s time to start insuring what really matters, your family and YOU!
Please reach out to us and let’s make sure you take care of the most important people, not things that really matter.
