By Jerry Yu

Several years ago, a successful career woman named Julia purchased a million-dollar life insurance policy from me. Many of Julia’s family and friends questioned her decision. After all, they pointed out, she was only forty-six years old, in excellent health, and had very little debt. She and her husband earned a good living, so wasn’t life insurance a waste of her money?


Julia, to her credit, saw things differently. She recognized that she and her husband belonged to the “sandwich generation,” a group of people who often find themselves caring for their own families and elderly parents or grandparents simultaneously. Julia knew that her money would need to operate across multiple timelines, her own and those of her children and parents. Julia grasped the gravity of the situation, realizing that without careful strategic planning, she could lose sight of her financial goals and possibly run out of money in retirement.

Julia saw life insurance as a valuable tool to help her achieve some of her financial objectives and create more peace of mind. For instance, Julia knew life insurance could help her cover the risks for her children if something were to happen to her. But, as I explained that life insurance has many more benefits than most people realize, Julia also began to see her policy as a way to create predictable, reliable income for herself and her husband in retirement. She discovered that her life insurance policy was a powerful tool that could help her cover unexpected medical expenses or family emergencies. For Julia, these benefits made her policy worth every penny.


Unfortunately, less than two years later, Julia needed her policy’s benefits far earlier than she had hoped. In 2020, she was diagnosed with a severe heart condition. While not fatal, Julia’s heart ailment required her to leave her job and remain almost entirely bedridden for two years. Julia and her family suddenly had a genuine crisis on their hands. The family would not only be forced to live on one income for an extended time, but they would incur thousands of dollars in medical expenses. Julia would also require in-home care for the duration of her treatments.


Julia considered her options. If she tapped into the money in her retirement accounts, a sizeable chunk of that money would be eaten away by taxes and penalties. If she didn’t access those accounts, her husband might have to cut down on his working hours to care for her.

Since her kids were teenagers, this unexpected financial hardship might prevent them from going to college. And, the money she gave to her elderly parents would have to end entirely, leaving them with far less to enjoy their retirement.


But then, Julia remembered her life insurance policy and that it was more than just life insurance. She had wisely chosen a policy with a critical, chronic, and terminal illness rider. Julia didn’t have to wait until age eighty to access that policy rider. She could use the coverage right now when she so desperately needed it. So, the insurance policy covered those costs instead of her having to liquidate her savings to cover them.


Julia’s specially-designed life insurance policy allowed her to avoid destroying her finances beyond the loss of her income. The insurance preserved her medium-term savings and protected her long-term plan heading into retirement. After receiving all that care, Julia was amazed to find she still had a substantial legacy attached to the policy. Her two children will still inherit $750,000 when she passes.


Although many think of life insurance as a vehicle for leaving something behind for loved ones, life insurance policies can do much more. Your policy is the perfect cornerstone for a well-balanced, prosperous financial future when properly designed and administered. Modern life insurance provides you with tax-advantaged options, increased flexibility, liquidity, and control. Nothing boring about that, is there?


If you want to know more about how you can leverage the incredible benefits of permanent life insurance, visit my website at You’ll have access to several short videos, articles, and calculators designed to help you make more informed decisions about your finances. While you’re on the site, don’t forget to request your copies of my books about how you can better defend your financial kingdom.