John Daly Insurance

This is a posting about this new website and why I’m in the insurance business. It’s in my geographic genes and our President told me to do it.

LAS VEGAS, NV (March 30, 2009) – Nevada Insurance Producer License Number 638508 is me.

That’s right. I’m now licensed by the state of Nevada to sell life and health insurance.

Why? There are a couple of reasons.

First, President Obama said so. In one of his recent speeches, he said Americans need to get back to learning: getting another degree; taking night courses; preparing for the new Information Age.

What I totally embrace with this President is his emphasis on education. The dividends for our country and for families and individuals are enormous. For too long, we Americans have sat on our brains. As a result, much of the new technology in this new world has left us behind.

Second, since I’m preaching that gaining knowledge should be a part of the American DNA, I figured it was time to dive in. My book is all about gathering information to be more informed so you can make better decisions about your life, your work, and who you vote for. In essence, reading my book helps you become a journalist for yourself.

Third, I am launching a new website – MyLifeAfterNews – which is designed to help those folks in the news business who lost their jobs or who want to change careers.

I went to the Kaplan Schools here in Las Vegas and took the week-long course on insurance. On Friday, I passed the required Kaplan course-test and then Saturday I passed the state exam. Not bad for six days of work and concentration.

Granted, I’m no hero here. I only passed a license test for insurance. I didn’t get a teaching degree or an MBA. But I’ll be honest, there was a true sense of accomplishment when the worker at the testing site handed me the paper that said I had passed. I vow this will only be the first step of continuing my education.

I’m not pushing anyone toward insurance, though. There were a couple of things that made this course and my choice to go after this license so easy for me. First, my professor was John Huggins who was a wealth of information. He also was an entertaining teacher with plenty of good stories to reinforce the material. If you take the course in Las Vegas, get Huggins.

Second, I had a pretty good understanding of insurance. I was born and raised in Hartford, Connecticut – the insurance capitol of the world. Aetna Life & Casualty literally funded my early years since my Dad worked there for most of his career. If you’re from Hartford, insurance is in your blood one way or another.

One of my good friends, Steve Twitchell of Northwestern Mutual, is my agent. Steve, like Huggins, is a great teacher. Since I was in my early 20s, Steve has had me as a client.

Then there was a sad event in my life. A good friend, Mike Green, died at the age of 46. It made me reassess my investment and insurance portfolio. I was in my mid-30s and didn’t want to leave my wife with too little in case something happened to me. With Steve and my good friend Lilli Green, Mike’s widow, I began an exhaustive education on insurance.

I found an article in Worth Magazine (had to be in 1992) that was entitled “How to Die Broke.” It showed you how to live your life well and not worry about getting old, becoming sick, and dying. Thanks to Twitchell and my studying, I had done all but one step.

The final missing step was nursing home insurance. So, Steve went hunting for a nursing home policy for my wife and me. He said the companies came back laughing. They had never had anyone at the age of 38 request such a policy. In fact, some companies wouldn’t even take the policy. But there was one company – Travelers – that did. And we still have the policy at an incredibly low deductible for what it would cost today.

The third reason for getting my insurance license is to expand the knowledge I gained while working for one of the biggest wealth management companies. I no longer work for the company because of the economic situation. How many folks really want to move more than $1 million to a major banking company that is taking TARP money?

Furthermore, I saw the need for insurance in these times. Insurance offers protection for your family should you die or become disabled. But insurance has also rescued a number of families in this downturn. I’m sure plenty of folks have cashed in whole life insurance policies to stave off losing their homes or to keep kids in college.

But insurance is becoming an even bigger investment now. Since some projections say the stocks won’t have those double digit yearly increases like the 1990s anytime soon, insurance can offer just as good and a safer return. I’m not saying you should dump stocks or ignore the stock market; I just think we’re all looking for a safer bet that has a lot more government regulation.

So, what am I going to do with this license? That’s the next post.