What is one thing that you've learned since being in the life insurance space that you once believed, but now you don't believe anymore? For me, everything I once thought I knew about saving money turned out to be a lie. We're told by conventional wisdom to save money and put it in the bank—but banks themselves don't do this. Instead, they invest where they know is the best place to store capital: bank-owned life insurance. This strategy lies at the heart of why billion-dollar banks choose life insurance for their capital reserves.
Learning about these strategies genuinely surprised me. I once believed that a savings account would dwarf life insurance benefits over 30 years. I was young, healthy, and thought, "Why get insurance now when I can just wait until I’m older?" It turned out that waiting was a huge mistake because insurance only gets more expensive with age.
Today, almost every dollar I make flows through a life insurance policy. It's a completely different mindset compared to the traditional path of 401k investments. I've realized that losing control over your money until you're 60 isn't an ideal financial strategy. Life insurance is simply a storehouse for capital with numerous benefits:
Some people value their cars and homes enough to insure them, where there’s no certainty they’ll ever claim, but overlook life insurance—even though it's certain we'll eventually need it. If you don't value the options, tax benefits, and death benefits that life insurance provides, you might find it underwhelming. But for those who see its value, life insurance becomes a staple of financial security.
I never imagined I'd end up in the life insurance space, especially growing up in a humble setting with a scarcity mindset. With parents who made modest incomes, I wasn't handed luxurious things, but realized my aptitude for selling early on. This allowed me to earn more than my teachers back in high school by doing telemarketing. Yet, I also had my fair share of misadventures.
As a teenager, my ambition and knack for earning money drew envy and unwanted attention. I was living a life where material possessions brought more trouble than they were worth, and one incident escalated to my car being shot up. You learn a lot about reality when faced with life-threatening experiences like that.
Moving away from that toxic environment, I discovered the value of the life I nearly lost, prompting me to shift my focus. This shift ultimately led me to better financial strategies, including life insurance, which now forms the backbone of my financial planning.
The journey through life insurance has taught me the critical nature of protection and capital growth. For anyone considering life insurance, understand your policy not merely as a death benefit but as a vehicle that safeguards your present and future financial foundation.