What are the things that keep you awake at night? War? The economy? Your favorite team’s poor play? Your job?
Maybe it’s your family’s financial future. If you’re the parent of young children, for instance, you could be concerned when you look around. You see an uncertain world, full of random misfortune, punctuated by an era-defining pandemic.
If you’re like Trushant “Tony” Patel, 42, of San Antonio, TX, you’d probably be struck by the reality of needing to do something now to protect your family’s financial future.
Patel came to that realization and saw the need to purchase life insurance. But he was unimpressed by those who tried to sell to him.
“Every insurance agent pushes and pushes and pushes you to the brink,” he said. “Then, my (WoodmenLife Sales Representative) presented me with options, asked if I had questions, and left it at that.
“I liked that. She seemed like this was for our benefit, not hers.”
Building a Trust
That Sales Representative was Cynthia Westbrook of LaVernia, TX, who Patel has known for years.
“What I did for Tony — what I do for all my clients — is I help them find the best product for them,” Westbrook said, “what fits their budget and what fits their needs.”
Now, Westbrook said, Patel routinely refers friends and associates to her because he trusts her.
“Trust is everything,” Patel said. “A lot of people don’t have that these days.”
Patel is not alone. According to an Investopedia article, “trust is an advisor’s most important aspect.”
The article makes three crucial points related to trust:
Those are the goals of every WoodmenLife Sales Representative, said WoodmenLife Senior Vice President & National Sales Manager Charles R. Driffill.
“We’re here to help ensure the financial futures of families across the country,” he said. “We want to be known as someone who cares, and someone who’ll be there when our members need us most.
“We also want to exceed our members’ expectations by finding the best solutions to their unique needs and providing them with the service they deserve.”
Recognizing a Need
When Patel worked with Westbrook to purchase life insurance protection for his family, he took out a term product for himself.
Patel, a hotel owner, later decided to buy another hotel. That life change prompted a reevaluation of his situation.
Performing a Needs Analysis, Westbrook helped Patel determine that he needed additional coverage for himself, as well as coverage for his wife, Roshani, 37. More hotels meant more life insurance was needed to protect the family from the associated costs should either of the Patels die. The couple also purchased whole life products for their two children.
Another more recent topic of discussion between Westbrook and Patel has been converting or exchanging the Patel family’s existing products for WoodmenLife’s My Choice IUL®1. Patel is attracted to the increased potential for cash value accumulation with the indexed universal life product2.
He’s thankful Westbrook presented the pros and cons of converting or exchanging one type of life insurance certificate for another, as well as the differences between products.
Converting to Permanent Coverage
Term insurance, which Tony and Roshani have, offers life insurance protection for a certain amount of time. If you die during this time, your selected beneficiary receives a death benefit. This is an affordable type of life insurance that provides temporary coverage.
Term life insurance may be right for you if you:
If you’ve experienced a life-changing event and think it may be time to convert to permanent insurance, check the term conversion period on your certificate — the period when you are allowed to convert. The conversion period doesn’t last forever, so plan ahead and talk with your Representative3 when you’d like to convert.
In addition to providing for funeral expenses and leaving a legacy, here are some reasons people typically convert to permanent insurance:
Establishing a Connection
After taking in the information Westbrook provided him, Patel has so far exchanged both of his children’s whole life products for IUL.
Tony and Roshani feel that exchanging their children’s products for IUL will protect them going into the future, and they’re looking forward to making a similar change themselves4. They also feel confident that they have a Representative who will guide them in making decisions on their products going forward.
“We’re working toward retirement, and our kids are looking toward college,” Patel said. He added that potential cash accumulation could help his and Roshani’s post-work plans and possibly help pay for their children’s education.
Making such plans and purchases when one has a trusted Representative like Westbrook is markedly less stressful. It’s even familial.
“Whether it’s about decision-making or sending a personal note, she’s always checking in,” Patel said. “She makes us feel like part of the family.”
Westbrook said it’s all about being honest, explaining everything, how it’s going to work, and helping make decisions.
Ultimately, she said, “You have to put the client’s interests before your own.”
As you go through life, there’ll be changes and opportunities to reevaluate your situation. Take a moment to reach out to your Representative. He or she is there to help.
You can get ready for a talk with your Representative by visiting the WoodmenLife Life Insurance Calculator5 at WoodmenLife.org/LifeInsuranceCalculator
We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.Learn More About WoodmenLife