How would you like to have a money machine in your home? This
machine would be placed prominently in your living room, next to your television
set, maybe sharing the same electrical outlet. It might look like a casino slot
machine, with wheels and clatter and bells. And it would produce real money for
you, day after day, week after week, month after month, year after year, just as
steady as you please. When you need money, you simply go to your money machine
and scoop up the number of new bank notes you need for all your household and
personal requirements. In a year’s time, how much money would such a machine
produce for you?
But there is a catch to it: You cannot build a safe box around
it, nor can you hire guards to protect it from theft. And suppose it breaks
down? Repair might be possible, but suppose spare parts are not available. No,
your machine must just stand there producing money for you, and you would surely
hope it would stay in good working order for a very long time. Certainly
you would come to depend on it.
So, the key question is this: if you had such a wondrous money
producing machine in your home, and, knowing you could not safeguard it from
theft or mechanical breakdown, for how much money would you insure it?
You certainly would insure it, wouldn’t you? Consider that this
machine might well produce money for you for many years, maybe 50 or more. If it
was producing, say $50,000 per year for you, in 20 years, it could be the source
of as much as a million, probably much more.
Fact of the matter is, you DO in fact have such a money machine in
your home. Maybe it’s you that others depend on. Maybe it’s someone else that
you and your family depend on to provide all or a good portion of the income you
live on. Unlike the money machine in this story, this real person cannot stay
in relative security at home. No, he or she must go out into the world everyday
to brave the elements and workplace. Anything can happen. Those ambulances you
see running around out there have real bodies in them.
I first heard the story of the money machine in 1972, when I was
learning the basics of life insurance. I’ve always thought that “life insurance”
is an unfortunate name for it. A much more accurate, (and better sounding), title
for it is “income assurance.” No one can insure that life will go on, but it
makes great sense that probably the greatest asset a person has-being able to use
talents and intelligence and be paid for doing so-needs assurance, more so than
insuring buildings against fire, autos against accident, and jewelry against
theft.
It is
human nature to presume that the inevitable final event in every life won’t
happen for 100 years. So, we put it off, because it makes us uneasy to think that
maybe, just maybe, our story will end sooner rather than later…that somehow,
maybe, by golly, I’ll think about it another time; call me next year. Maybe
then I’ll tempt fate and actually book an appointment with an experienced, knowledgeable
income assurance agent, maybe one with the letters C.L.U. after his/her
name, which mean Chartered Life Underwriter, and signify areal pro at what
he/she does.
Contact me to look at Life Insurance options for you and your family:
Marianne Hobbs Insurance Agency 602.672.9000
Article by Thomas Bottaro ChFC, http://www.eco-wizzard.com/the-money-machine-in-your-home/
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