My name is Tony Steuer, CLU, LA, CPFFE and I am delighted to be providing a series of columns here at Life Quotes, Inc. about life insurance.
I have spent nearly 30 years in the life insurance industry. In California, the Department of Insurance offers a license that is held by less than thirty people, known as the Department of Insurance Analyst License. I hold that license as well as the Chartered Life Underwriter (CLU) designation.
My leadership roles include serving on the California Department of Insurance Curriculum Board, President of the San Francisco Chapter of the American Society of CLU and ChFC, President of the Leading Life Insurance Producers of Northern California, and board member of the San Francisco Life Underwriters Association.
I am also the author of Questions and Answers on Life Insurance: The Life Insurance Toolbook, The Questions and Answers on Life Insurance Workbook and The Questions and Answers on Disability Insurance Workbook – the first two were awarded the “Excellence in Financial Literacy” (EIFLE) from the Institute of Financial Literacy.
Life insurance is widely regarded as one of the least exciting things to think about. Since you are reading this, there is a chance that you already have a life insurance policy, and with any product you’re spending large sums of money on, you should know what you’re getting.
I have worked with a wide range of clients and advisers, and discovered there’s a startling lack of knowledge about life insurance.
Regardless of how much or little you know about life insurance, it’s fair of you to ask, why pay more than you need to? Unless, you feel the need to financially support the life insurance industry.
If you do believe this, let’s start off by looking at the size and scope of the life insurance industry. It is one of the biggest industries in the country, as these statistics from the 2012 ACLI Life Insurers Facts Book show:
– $11 trillion of individual life insurance in-force
– $106 billion of credit life
– Close to $8.1 trillion of group life insurance
That’s for a whopping total of just over $19.2 trillion of life insurance in-force. Now that’s a lot of dough, and anywhere there’s a lot of money, there are a lot of different things going on. The phrase “the rich get richer” didn’t pop up out of nowhere.
Life insurance can often be confusing, but with the help from my columns, you will get a better understanding of this valuable financial tool.
But, keep in mind that my focus is about life insurance, not investing. It’s about using life insurance as life insurance, not as an investment tool. If you want to invest, and by all means, you should, look elsewhere, because no matter what you read or hear, life insurance really is not an investment tool.
My columns are designed in a question and answer format, so you can access specific information in a timely manner. All you have to do is use the Life Quotes search engine to find topics of interest.
By Tony Steuer, CLU, LA, CPFFE
Tony Steuer is an author and advocate for financial preparedness. Tony Steuer, CLU, LA, CPFFE, helps people make sense of the financial world in a way that’s easy for them to understand. His books including, “GET READY!,” “Insurance Made Easy,” and “Questions and Answers on Life Insurance,” have won numerous awards. Tony is the founder of the GET READY! Initiative which includes the GET READY! financial organization system, the GET READY! Financial Preparedness Club, GET READY! Podcast, and the GET READY! Financial Principles, a best practices playbook for the financial services industry. Tony served as long-term member of the California Department of Insurance Curriculum Board. Tony is regularly featured in the media including the New York Times, the Washington Post, Fast Company, and other media. He has also appeared as a guest on television shows, such as ABC’s “Seven on Your Side.” Visit https://tonysteuer.com/ to join the GET READY! Financial Preparedness Club and access free resources.