At sometime in your life, you're likely to need life insurance — or to at least consider it. For me, that revelation came after taking on some adult responsibilities: marriage, buying a condo with my wife, and our plan to have a child.
What I didn't want to enter into the equation, however, was a long presentation by an insurance salesman on a topic I didn't know much about: whole life insurance. But that's what I got, and it didn't end well.
Unfortunately, the wrong insurance salesman tried selling whole life insurance to us, and the ordeal was so confusing and full of insurance salesman cliches that it could have been cast for a short video on how not to sell insurance.
We were young and had enough income to buy a condo and consider adding to our family — which sounds like the best time to buy life insurance. If one of us died, having a child, mortgage and other expenses would be too much for the other to pay without insurance.
An insurance salesman knocks on the door...
I thought it was a pretty straightforward scenario, and one that could be solved relatively quickly with an insurance expert. I called an insurance agent, and we set up a time for him to come over and explain policies to my wife and I.
I didn't know then what I know now about life insurance — that a term policy was much better for our needs than whole life.
When the salesman arrived at our door, his first and only pitch was for whole life insurance. I don't remember all of the details, but the main thing that stands out is how he kept trying to show us how whole life insurance was an investment we should take advantage of. ...continue reading