Life Insurance by Another Name

My wife and I were unbelievably fortunate to have just sold our first home and purchase another one.  The process of selling and buying went pretty smooth overall, but as in everything else in life, there were so bumps along the way.

I mention all of this because with our new home, we, like most of the world, took out a loan to purchase our home. I know, nothing out of the ordinary, but soon after that we started getting letters in the mail from the company who had our loan.  The letter was talking about getting mortgage protection insurance and they wanted to make sure that no matter what happened to my wife and I, that whoever lived on wouldn’t have to worry about the debt of the home, but would be able to pay it off.  This story of protection almost got me until I realized something from my days when I worked in insurance, and that was that this mortgage company wasn’t really selling me mortgage protection insurance but LIFE INSURANCE.

Now, there is nothing wrong with life insurance, but when most people here those two words in unison, they get weird, nervous, and shut down.  I personally believe that almost everyone should have some life insurance, but if you are going to sell life insurance, don’t  call it by another name.  The company that I used to purchase my loan is great and I would use them again, but I still feel icky getting a letter about mortgage protection insurance because it just feels like they were trying to be sneaky.

Even though I feel icky, I can’t blame them for doing what they did because they definitely get more of a response by selling it that way.  My only suggestion would be to call it life insurance, but fashion a story with the letter making it known that they wanted me protected with life insurance because they wanted my wife to live worry free because the debt of our home was covered, or that maybe they wanted my kids to grow up and be able to go to the college of their dreams, or that my little girl may not have her dad to walk her down the isle, but with life insurance, I could still give her a wedding to remember.

Inviting me to imagine a different story with life insurance is what they needed to do, and it wouldn’t have felt as weird or wrong.  I just like it when people are upfront and honest with what they are doing, how about you?

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