There are several reasons why I decided to sell insurance. If you asked me why more than once, you might get a different answer each time, depending on which reason I happened to think of first at any given moment. But first, let me tell you a story.
Mike Wilk, the president of Five Rings Financial (the company that I’m affiliated with), tells this story. He had just started out in the insurance business, and a friend had introduced him to a couple that this friend knew. This couple had a $400,000 mortgage. The man made about $80,000 a year, give or take, while the lady stayed home to take care of the children. They had three children, all less than 10 years old. He had a small but expensive term life policy–no more than $20,000, and perhaps only $12,000. (It’s been a while since I’ve heard the story.) She had no life insurance.
Now–stop and think for a bit. If this man had died, just how quickly do you think that the lady would have had to start looking for a job? How likely do you think it would be that she could have held onto the house?
Well, Mike went through his presentation, and discovered that he could do a mixture of a little bit of whole life and a much more appropriate amount of term–I think it was $400,000–for virtually the same price that he was paying for his totally inadequate and very expensive policy.
At the end of the presentation, the man said to him something like this–I didn’t want you to come here in the first place. The only reason you’re here is because I wanted to do our mutual friend a favor. Plus, our favorite TV program is going to be starting soon. However, if you can get the paperwork all drawn up before our show starts, I’ll go ahead and buy it. But I don’t want to see you again.
To throw in a little editorializing here, you the reader may find the proceeding paragraph hard to believe. All I can say is that I’m trying to tell it the way Mike Wilk told it, and I believe it really happened that way.
Now–back to the story. Mike was able to get all the paperwork done in time, and he left that house with a check for the premium. About two months after that, he received a call from the wife. Her husband, who was fit and healthy, turned out to have an aneurysm on his aorta that nobody knew about–that is, until it ruptured and he died. A few days after that, Mike delivered a check for $400,000 to the widow.
I tell that story in order to say this–Mike made a difference in that family’s life. And one of the reasons that I became an insurance agent was so that I could make a difference in people’s lives.