The Truth About Insurance

By Vince Davis, Vince Davis – State Farm Insurance Agent
Guest Column

The most unselfish gift that you could give to the people you care about is life insurance.

We have a skewed understanding of life insurance. Back in the day, the insurance guys came to our homes. They were door-to-door salespeople. Specifically, they were debit insurance salespeople.

These debit insurance salespeople sold minimum face amount life insurance policies. They had books and took cash debit payments for what amounted to miniscule amounts of insurance. When we paid the bill, they would mark it in the book.

People that looked like us were not part of the insurance landscape. The better policies were not written where we lived. The best salespeople did not come knocking on our doors. We were not encouraged to get significant amounts of insurance. In some cases, we were not allowed to get decent life insurance policies.

Half the time the debit agent changed from month-to-month. Sometimes the accounting for the money was suspect. Often, we did not know what we were paying for. Often our loved ones died and the family was left holding an empty bag. An argument could be made that they were not working in our best interest.

Many of the agents who came to our neighborhoods in those days lacked formal college educations.

I was part of the first blacks contracted by State Farm Insurance in the Toledo metropolitan area. Greg Smith was the very first. He got his business in 1985ish. He did not last very long. He was set up for failure. In 1986 Johnny Horn got a State Farm Insurance Agency. I started my insurance agency in 1987.

Of course, we started scratch agencies. We were not given the keys to an established business. We were given a rate plan and a telephone book. On January 1, 1987, I officially left my six-figure income with Baxter Travenol Laboratories to start my insurance business.

I am not employed by State Farm. I write for State Farm Insurance. It is a business opportunity. I work for my clients.

John Horn retired in 2021. Johnny Horn was the first Black State Farm business owner to retire in the Toledo Metropolitan area. Fortunately, Johnny Horn’s staff person of 22 years joined the Vince Davis –State Farm Insurance Agent team. Jerrie Conner joined our team in 2021. Jerrie put her resume out there and I hired Jerrie for our agency. She is a great, loving, caring team member. Our customers love Jerrie Conner. Chris Johnson and Alicia Williams round out our team.

We often think of life insurance as a means of paying for our funeral. Maybe we might consider leaving a few bucks to certain important people in our lives. While that is better than not having any insurance at all, it falls way short in providing for your family’s needs. We need to make provisions to provide for our family well after we are gone.

Think about having at a minimum seven years of your income in non-work-related life insurance. Consider your work life insurance as a work perk. It is not very expensive but not free free. Sign up for as much as you can get at work. It will either go away completely, cost significantly more or be reduced significantly when you terminate your employment.

Do not cash in your current life insurance in anticipation of getting another policy. Normally it is not a good idea to cash in your old whole life insurance policy. Whole life stays the same price for life. Term insurance is temporary. Key words Term – temporary; Whole Life – lasts your whole life, if you keep paying

I will be addressing The Truth readers more about insurance in the future. Stay tuned. Reach out to me for an insurance quote.; 419-244-2904, 3344 Secor Rd. Suite A 102 Toledo, Ohio 4360