How I convinced a hesitant, working couple to buy life insurance

In their mid-thirties with two children, John and Jane approached me for financial planning and investment advice. 

Together, we developed a comprehensive GAiM plan that includes;

  • Their short, medium, and long-term financial goals
  • Cash flow projections - Pre and Post Retirement 
  • Risk Reward Trade-Off Analysis & Asset Allocation 

I also advised them to invest in life and critical illness insurance to protect against loss of income.

However, they were unsure if they should buy life insurance because they both worked, earning a decent income. 

I explained to them why they needed life insurance with seven good reasons. They appreciated my input and bought $875,000 life insurance, each with Critical illness benefits. 

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Here is a summary of our conversation;

As a working couple living in the UAE, you make major financial decisions assuming your incomes will continue for several years. This assumption could go wrong temporarily if one of you loses your job and could put stress on your finances until they get another job.

The impact could be much worse if the loss of income is permanent due to death, disability, or critical illness to you or your partner. It could impede the goals, dreams, and aspirations you built together for your family. It could also stress your family's cash flow, lifestyle, and the surviving spouse's health and well-being.

In light of the above, here are seven reasons why working couples should buy life insurance.

  1. As protection against loss of income
  2. To continue providing the best schooling and higher education for your children
  3. For supporting your dependent parents or siblings
  4. To be able to pay off the mortgage and other liabilities
  5. Enabling your partner to spend more time with your children and not worry about money
  6. to help your family continue living in the UAE and maintain their lifestyle
  7. Life insurance is cheap. A Million dollar term assurance costs less than $120/month. 

Are these reasons good enough?

Can you think of more reasons? 

Let's continue this conversation on Zoom to understand your protection needs and set up the right policy.

Click here to schedule a complimentary session.

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