In his classic work Becoming Your Own Banker, Nelson Nash claims that the standard approach to life insurance has things backwards. Consumers have been taught to get their desired death benefit for as little outlay as possible. Yet Nash argues that people’s need for finance while alive is more urgent than their need for a benefit check when dead.
There is a select list of catastrophic life events that are known to have the power to completely bankrupt us spiritually. The field of psychology and other related sciences are quite familiar with the listing. It could be the death of a close family member, or it might be that we are struck with an incurable illness.