I was in a sales meeting yesterday when a rare moment of clarity hit me. Allow me to elaborate.
The presenter was a highly qualified attorney talking about different ways to use life insurance as trusts. Because, under current laws, any amount of money paid upon death by life insurance is NOT subject to income tax. Even in cases of payments as low as $50,000, that makes a REALLY big difference. Having to pay income tax on the proceeds can mean the difference between a family funeral and a pauper’s burial. And for that matter, having NO life insurance can really magnify that problem.
This presenter was very informed and well educated. I think he had 8 different sets of “letters” after his name. But he was speaking a language of law and idiomatic expressions that confused even me. And I do this kind of stuff for a living!
The part where the clouds opened up and I saw the light: There is a lot of bad information out there regarding life insurance and there is a lot of confusing terminology and insurance jargon and legalese. It’s kind of like this clip from one of my favorite tv shows ever.
The reality is that everyone needs a professional who approaches them where they are and explains insurance to them in a language they understand. That’s where Warner Phelps, Your Independent Insurance Agent comes in! I’d love to speak with you or your friends about any life insurance questions you have and answer them in a way that leaves you feeling like you actually understand the answer.
