Wealth Creation Through A Life Insurance Policy
One of the ways to create wealth for the future generation is through an insurance policy. A lot of people don’t understand the benefits of insurance and so don’t take advantage of it. In most situations, especially with immigrants, they are either uninsured or under-insured. This is because they think insurance is a waste of money, particularly life insurance. I will give you an example on getting a warranty on an electronic to drive home my point. If you buy a warranty on your phone charger at the Source store, each time the charger breaks down, you only need to take it back and get another one for free. And those chargers do break down easily. Their life span may not be more than a year or a year and a half before it needs to be replaced. So you get the charger for free for life!
Now coming back to life insurance. You can determine how much you want to leave behind for your family, church or a charity organisation by buying a life insurance and making any of them the beneficiary. The best insurance that can get this done is the Universal Life insurance. It is a permanent insurance rather than a temporary insurance. So it does not expire. The face amount is guaranteed as long as you declare all information about yourself during the underwriting process and the insurance company accepts to insure you.
Let us assume that I have 3 children and I will like to live a million dollar for each of them. All I need to do is to buy a life insurance worth $3 million. I am assuming that I have the net worth to do this. Whenever I pass on, there is the guarantee that $3 million will be paid out. As long as I make the 3 children the beneficiaries of the policy, each will receive $1 million dollars after I am gone. How much will it cost me to buy $3 million dollar insurance coverage? Well, definitely not $3 million dollars since insurance is based on age and the probability of death. The younger you are the cheaper your insurance coverage is. That is why it is better to purchase insurance when you are young. The other thing about buying insurance is to buy more as your cash flow increases. That means, you don’t have to buy everything at once. As a student you could buy $100k worth of insurance, which may not cost you more than $60 a month depending on how long you want to pay up the policy. Then you can buy more after completing school and having a job. The beauty of some Universal Life insurance policies is that they have a premium holiday such that after paying into the policy for a while you can take a break for up to a year and still be insured.
Information brings transformation. A lot of people, and Christians inclusive have not taken advantage of a life insurance policy to take care of their retirement and also to bequeath wealth to their children. I hope you will explore a life insurance policy. The Bible says that the children of this world are wiser than the children of the kingdom in their generation. Blessings.
by Adeyemi Esuola , MBA, PHD
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