“There is nothing more uncertain than life, and nothing more certain than life insurance.”Solomon Huebner
It's easy to get caught up in the more exciting parts of life insurance, like the infinite banking concept. After all, it's exciting to think about leverage and cash flow and building your own “bank.” Yet it's important that we don't neglect the foundation of life insurance, which is protection and certainty. Whole life insurance is foremost, insurance. And it is the only type of insurance that is guaranteed to pay out—which is one reason it's so important to have in place.
The Hubener Foundation is one of the oldest resources for life insurance education and understanding its economic impact. The foundation itself was established in 1940 at the University of Pennsylvania, later relocated to its current home at Georgia State University.
As financial advisors and insurance agents, it’s important that we understand the products we recommend from every angle. Besides books like Becoming Your Own Banker and Live Your Life Insurance, we consider Solomon Huebner's books “essential reading” for any life insurance agent.
A Practical Use of Life Insurance as Risk Management
Solomon Huebner’s books on life insurance, which you can access in this digital library, have an older, more historic look at life insurance as risk management. The books contain many nuggets of wisdom that may aid in the education of your clients, and help them understand all benefits of insurance—from protection to leverage.
“At age 30, a sum of $9,332 computed at 4% interest would be required to produce an income of $500 per annum for 35 years, which is the life expectancy of a person age 30. The capitalization of the value of a human life for the benefit of the household depending upon it is a fundamental duty that should be given the widest publicity through the pulpit, the school and the press. By removing a load of care from the mind, life insurance promotes efficiency and makes life happier; for this reason, life insurance should be regarded by the average man as one of his most treasured possessions, and premium payments should not be looked on as merely as an expense to be grudgingly born. It may safely be stated that the possession of an adequate amount of life insurance causes the average policy holder to eat better, sleep better, feel better and, as a result of those, to work better.”
This is just one of many quotes we have pulled from Huebner’s books. This, and many others, may help impress upon clients the benefits of insurance from both a risk management standpoint and an emotional standpoint.
Improving Your Understanding of Life Insurance
“While property may never burn, death is sure to occur eventually and death, therefore as such, cannot be insured against, it can only be provided for.”
If you’re an agent selling life insurance for any purpose, whether it be infinite banking or generational wealth building, we highly encourage using the Huebner Foundation as a resource. In addition to your knowledge of wealth strategies, you’ll be able to sharpen the saw of knowledge as it relates to asset protection, risk management, and peace of mind.
Whole life insurance is a great vehicle for wealth building, though it’s important to remember that it’s also a powerful tool for families to protect against loss as well. We encourage a well-rounded view of life insurance as an asset that serves many purposes.
To learn how to demonstrate these concepts visually, with the Truth Concepts calculator suite (including our Infinite Banking Concept Calculators), visit a Truth Training. You’ll have three days of focused training, so that you can use the calculators with confidence, and help clients to better understand a variety of financial concepts, without gimmicks or half-truths.