For instance, we ask our client, “If you knew you were going to die tomor-row, how much life insurance would you buy today? The only answer that would make any sense is, “All I could get.” Pre-mium would not matter since the rate of return would be enormous in one day. If a person loves their family, they should want them to have the best and to receive the true value that their life is worth to that family.” What reason would there be not to get the most insurance that was available if you knew you were going to die to-morrow? Most people say, “I can’t think of any reason why I wouldn’t want my family to have the maximum amount available.” Then we ask, “What if the maximum amount had no additional out-of-pocket outlay to you?” They typically answer, “That would be a no-brainer. I would definitely want to get the maximum amount of life insurance.” THE MOST IMPORTANT QUESTION The last and perhaps most important ques-tion is then asked: “Could you die tomor-row, and how does not knowing when you are going to die change anything?” They finally get it. There is no logical reason why anyone would not want to have the full amount of their economic value insured. Why settle for less on your life – your most valued asset – if you would not settle for less on your home, car, jewelry, boat, office building, or any other asset you insure? Needs analysis is inaccurate because it puts the emphasis of life insurance on the needs of the beneficiary instead of on the value of the insured. RULE OF THUMB A good rule of thumb to use is that if you are under age 40, your economic life val-ue is approximately 20 times your gross income. If you are between age 40 and 55 your replacement value is about 15 times your gross income. If you are over age 55 and still working, your replacement value is about 10 times your gross income. If you are retired your replacement value is the value of your net worth. In our last article, we detailed wealth strategies whereby the life insurance policy is used as a living benefit, for the benefit of both the insured while alive, and ultimately, their beneficiary. Our ex-perience has shown us that once a per-son truly understands the value and cre-ative uses of life insurance, it becomes a “want” decision with the client often ask-ing, “How much can I qualify for?” Working with the right advisor, it is possible to acquire full-value insurance for your life at little or no additional out-of-pocket outlay over and above what you are currently spending. • FOOT LEVELERS ANNOUNCES FICS SCHOLARSHIP Foot Levelers is pleased to announce a $1,000 scholarship through the Fed-eration Internationale de Chiropratique du Sport (FICS). The scholarship is open to chiropractic students worldwide and applications are currently being accepted. The deadline for application is October 30, 2010. “We thank Foot Levelers for their dedication to chiropractic education demonstrated by this scholarship and for their outstanding support as Pre-senting Sponsor for 2010,” said FICS General Counsel David Chapman-Smith. “We are honored to partner with the Federation Internationale de Chi-ropratique du Sport and offer a scholarship to a deserving student,” said Foot Levelers President and CEO Kent Greenawalt. “We are committed to chiropractic education because we know it is the key to the future of our profession.” To apply for the scholarship, students can download the application form at General Information/Student Scholarships at www.fics-sport.org. All sub-missions must be online. In its tradition of continuing support to the chiropractic profession, Foot Levelers has donated millions of dollars to chiropractic colleges and causes over the years. For more information about Foot Levelers or any of its prod-ucts, call toll free: 800.553.4860 or visit www.FootLevelers.com. 66 • CANADIAN CHIROPRACTOR | SEPTEMBER 2010 www.canadianchiropractor.ca news
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