Buying Your First Life Insurance Policy

Graduating

Can you remember the first time you bought a life insurance policy? My story may bring back memories to some of our seasoned Pivot followers and may seem unimaginable to our younger Pivot followers. As a youth, I would see a man wearing a suit with a matching soft hat carrying a briefcase visit our home every month. The man was pleasant and always made a point of saying hello to me. I asked my mom who the man was and she told me his name and said he was the “insurance man”. As a youth, I had no idea why the “insurance man” came to our home every month. I would occasionally see my mom or dad giving the insurance man money and he would enter something in a black book. Whatever, I didn’t pay close attention to it until one day my dad told me to plan on being home on a specific night and time to talk to the insurance man about buying my first life insurance policy. My parents had purchased a 20 year endowment policy on me when I was born and the 20 year date had arrived! I would no longer have life insurance as my parents received some money from the insurance company because I lived through the 20 years.

As a 20 year old college student working part-time, I didn’t know anything about life insurance and wasn’t very motivated to meet with the insurance man. He sat at the kitchen table with me while my mom and dad looked on. They repeatedly said, this is good for you, pay close attention. The insurance man opened his briefcase and pulled out a presentation piece that had hand written numbers plugged into various spots on it. He referred to the plan as a Single Man’s Option Endowment to Age 65 life insurance policy with a premium of $164 annually that I would be responsible to pay. The premium is the only thing I remembered from the presentation. He asked me a number of medical questions and had me sign an application and give him a check made payable to MetLife. That was my first purchase of life insurance. I continued to see the insurance man every month at my home but he wasn’t coming to see me as I paid my premium annually.

How ironic, four years later, as a new agent with MetLife, I was selling Single Man’s Option Endowment to Age 65 life insurance policies to others. The plan has gone the way of the black and white television and the 8 track cassette; however, I continue to offer new life insurance products to many individuals who are buying life insurance for the first time.

About the author:  Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.