Life insurance consumer tips

By Steve Kobrin

The Firm of Steven H. Kobrin, LUTCF

People who shop for life insurance are often fixated on the numbers. What does it cost? What is the benefit? Certainly, the purchase of life insurance is a financial transaction. Dollars and cents must be kept in mind. At the same time, however, life insurance provides an intangible benefit that gives it value far beyond any possible returns provided by an investment or other financial instrument.

To appreciate this, we must remember why a claim is filed — namely, the passing of the insured. No event has a higher impact on our loved ones and our business.

Moreover, we have absolutely no control over when that event will occur. The way we lead our lives can sometimes tilt the odds in favor of a long, healthy life. We like to think that time is on our side, but ultimately, the timing is out of our hands.

Do we have the time to save and invest enough money to take care of all our obligations? Maybe, but that is a big assumption because one can never tell what is to come.

If our time comes prematurely, then our investments will not have matured; our dependents will not receive the money they need.

The wonder of life insurance is that the full amount of money required by our family, business and estate will be made available exactly when it is needed.

The product is designed to help us meet the responsibilities of our lives in full recognition of the fact that we do not have full control over those lives.