855-729-8178

855-729-8178

A $3 Million Cup of Coffee?!

A $3 Million Cup of Coffee?!

I was doing a quick presentation to a networking group this week and I wanted to be visual. I brought a regular Starbucks coffee cup and the same size McDonalds coffee cup. I asked the group if anyone knew somebody that was a caffeine addict and everyone raised their hand. I held up the Starbucks cup and ask if they knew anyone who bought Starbucks every day. Still a lot of hands stayed up. I then explained that the cost difference between the Starbucks cups of coffee versus the McDonalds cup of coffee is approximately $2 per day. Now the addict will purchase it every day. That is approximately a $60 savings per month to switch from Starbucks to McDonalds for their daily caffeine fix. Let’s explore how much life insurance one can purchase with $60 per month.

As an independent life insurance broker, I ran multiple quotes for the best pricing. Using a $60 per month premium, a 25 year old healthy male that doesn’t smoke and can qualify for a preferred rating can purchase approximately $3,000,000 of 10 year level term life insurance to protect his family or leave as an estate to charity. All for just switching where he gets his daily coffee! A 35 year old male in great health that doesn’t smoke can purchase $2,500,000 of 10 year level term life insurance to protect his family or educate his children. A 45 year old healthy male that doesn’t smoke and can qualify for a preferred rating, can purchase $1,200,000 10 year level term life insurance to protect his spouse for retirement and pay off any debts. All without giving up the “have to have” caffeine fix every morning. Just by simply changing their behavior of what they pay for their “fix”.

According to Life Insurance Marketing and Research Association or LIMRA,  7 out of 10 American households would be in financial difficulty if the primary earner were to die today. Another disturbing number is 35 million households or 30% of Americans don’t have life insurance. And another 50% of households admit they don’t have enough. Yet at the same time it was estimated in 2010 that Starbucks was selling approximately 8,200,000 cups of coffee per day. I am not picking on Starbucks; my point is how many of those approximately 100 million households that are deficient in not having enough life insurance are buying those 8 million cups of coffee per day?

Life insurance is the most affordable it has been in almost 40 years. Everyone should have enough to protect the ones they love. We as Americans have to come back to reality and what is important versus what is “trendy”.

yourfriend4life.com

Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 25 years of experience in sales and marketing in the insurance and beverage industries.

7 Responses to A $3 Million Cup of Coffee?!

Leave a Reply