What's in a label? Pt. 1

By ullerpie

You and I may know that today's high-performing life insurance products might just be the most powerful wealth-building vehicles on the planet, but our clients don't. What's more, most of them would never put the words "life insurance" and "wealth building" in the same sentence.

Don't believe me? Try this test: Take this list of eight wealth-building vehicles, and ask the next 10 people you run into to rank them in order of their importance and relevance to their own wealth-building plan:
  1. Stocks
  2. Bonds
  3. Mutual funds
  4. Life insurance
  5. CDs
  6. Real estate
  7. Gold
  8. Collectables
One conclusion will become painfully clear: Life Insurance will be at the absolute bottom of the list almost every time. What can we learn from that? Our products are mislabeled — and by insisting that we sell life insurance, we mislead people about what we really do. What we do is help folks build wealth. It just so happens that life insurance is the most efficient and effective vehicle for doing so.

Next time at the business mixer when someone asks you what you do, try telling them you help people build wealth without risk and taxes. See if that doesn't get a different response. Oh, and let me know how it works out.