Did you know that there’s more to life insurance than just securing your family’s future in the unfortunate case that you pass away?
Acquiring a life insurance policy is a great way to save up and grow your wealth. Sadly though, many people are left in the dark about this aspect of insurance. Luckily, there are individuals out there like Ebony Ruffin who are changing the face of the industry by telling everyone “You’re looking at life insurance the wrong way.”
Dubbed as the Queen of Life Insurance, Ebony founded and manages Ruffin Consulting Services, one of the country’s leading business solution and consulting firms. Her passion for financial consulting was forged through years of observation, and later on, formal learning. She has made it her life mission to change the narrative of life insurance from a death benefit to a wealth benefit, and so far, she is doing a pretty good job.
We got to talk to her recently to learn more about her amazing journey towards success.
First and foremost, should people change their perspective about life insurance being boring?
Life insurance, boring? No way! Life insurance is literally the one wealth tool that provides liquidity immediately upon the insured’s death. There is nothing boring about having the adequate capital to bury a loved one, create and sustain generational wealth, maintain or increase your level of living and manage an estate.
Once you remove the stigma of life insurance being scary and discuss less of death and more of wealth, your listeners become more attuned to the positive aspect of life insurance. I speak about the DIME method of life insurance and how a simple life insurance policy can aid in paying off debt, serve as income replacement, mortgage payments and education for surviving children or loved ones.
Life Insurance has always been assumed as a death benefit, how is it a luxury and wealth benefit?
Let’s face it–beneficiaries of life insurance policies have a much better chance at creating and sustaining generational wealth compared to non-benefactors. As a beneficiary, you can buy a home sooner, invest earlier, access capital to fund a startup, payoff debt–all of these things impact both your net worth as well as your chance of creating your own success story.
When did you begin to realize that you were disrupting the life insurance industry?
The ah-hah moment for me is when major media outlets wanted to feature my story and share my concept of how people should look at life insurance. I also realized I was disrupting the life insurance industry when my peers did one of two things: 1. Contact me to book a strategy session or reach out to me for tools and tips or; 2. copied my work. And lastly and most importantly, the times when clients told me how easy I made it for them to understand that life insurance is priceless. I knew I had a way of simplifying the ‘why’ behind life insurance, but hearing clients express such gratitude for receiving information in an easy-to-understand way, was an indicator that I was on to something.
How’d that make you feel?
I felt like I had reached my calling on this purpose-driven journey.
What is the most asked question you get regarding life insurance?
What is the difference between term life insurance and permanent life insurance? I received the question so much that I created two solutions to answer the question. One is the free life insurance course, and the other solution is a life insurance buyer’s guide.
What are some myths about life insurance that you can debunk right now?
The two myths I hear the most are (1) life insurance is not affordable and (2) I am too young for life insurance.
I try not to complicate the dispelling of these myths. It’s quite simple. If you can allocate money to pay for insurance for your phone, home, apartment, car, boat, pet, then allocating money for your life insurance should be just as important. Surely, all of the other insured valuables are not more valuable than life.
Let’s be realistic. With anything in life, define a budget. How much can you afford or are willing to spend on life insurance monthly? Is it $25, $50, etc.? Whatever the number is, define it, stick to it and get insured. Life insurance calculators are useful tools as well.
And the second myth of being too young to have life insurance is kind of an oxymoron. Death doesn’t respect age. Death can happen to anyone at any given time. Don’t let those who you leave behind deal with both the emotional and financial weight of losing you.
The emergence of COVID-19 has resulted in more young individuals, minorities, and parents seeking to get insured. What is your advice to them in terms of selecting the right policy?
Don’t over complicate the process. If you currently have insurance products, check with the provider to identify if life insurance is offered as well. Often policy premiums are discounted for having multiple insurance products. When selecting a life insurance policy, determine your why, budget and ideal face amount. Keep it simple. Now more than ever is a great time to get life insurance.
Where can people go to learn more about you?
Other: Free Life Insurance eCourse https://ruffinconsultingservices.com/product/life-insurance-e-course/