Have you ever found yourself wonder what is the right type of life insurance that will meet your needs and protect your family the best way possible? There is not a simple answer, especially with the myriad of information available on the book shelves or online, or even worst, by the one thousand insurance companies, or the myriad of life insurance agents. Hey, after all, I am one of them agents, (in the majority of the good guys, at least that is what I was told since 1990).
I live and work in the great state of Texas and I got my feet wet in the life insurance business back in 1990. It was a few years after my dad passed away, in Greece, living the family with no life insurance other than a paid off home.
He was only 51, not a cigarette or a drink in his life, what I thought was the healthiest man alive. I had moved from Greece to Texas before my dad passed, so my younger brother and mom were left to take care of themselves, not an easy task since my mom was a homemaker and my brother a startup musician earning very little. Guess who ended up taking care of them? How many times I wished my dad had some kind of life insurance. So, long story short, one day a nice young man came over to my home to help me get some kind of life insurance, so my own wife and kid would be protected. I guess I did not want my family to go through the financial hardship that my mom, myself and my brother experienced. Once the young agent finished his presentation I bought a 20-year term life insurance plan. I was real happy and proud of myself and my decision. My four-year-old boy and his mom would be ok in case I did not come home one night.
I was so excited that when I realized how much that young agent made in commissions that night, I decided to join the life insurance industry. I believed in doing the right thing so why not get paid well at the same time?
My 20-year term policy I bought in 1989, was over by 2009, and as you may have guessed, there was not a death claim, as I am still here, alive and kicking. So I did what I had to do and bought another policy, only now at a much higher premium, way much since my health had changed a bit and I was also a smoker. What can I say, I like a good cigar every now and then. What did you say? Should I have bought a 30-year policy instead back then? Maybe so, but that is all I could afford. So this time, being smarter and knowing a thing or two, I got me a real nice IUL (will talk about it later) and I have no worries about the future.