If you would ask them if they had a chance to better prepare themselves financially when times where good, they would respond yes. This is why we look upon insurance.
Traditionally Insurance is needed to fill a void to take care of many liabilities such as income taxes, probate fees, unpaid debts, fixed and variable monthly expenses, education costs for dependences, long term care expenses etc.
Most of all Insurance is an asset, what other investment will give you tax free lump sums of money for only a fraction of what you put into it, when it's needed the most.
These proceeds may be used to generate an income, to enhance your current income, replenish and conserve your savings, build intergenerational wealth and so much more.
What kind of coverage?
There are many choices that are offered on the market today, for example, temporary or permanent insurance, mortgage coverage, long term care, critical illness, estate planning, long or short term disability and/or income replacement, planned giving, medical benefits, travel insurance, as well as employee benefits. Just to name a few.
Are you adequately insured? Do you have the right insurance and the right type ? Are you paying too much for it? These are the questions we can help you answer. Now is when you need to think about insurance, because you cannot put a price tag on the peace of mind from knowing you and your family are well protected.
Although personal insurance is not mandatory, to buy under law like car insurance or home insurance. It is very important to understand, once the need for insurance is desired than the law requires a proper analysis on one's needs and that it is clearly defined, that analysis must include policies in force both individual and group coverage, all other coverage's such as mortgage and debt insurance.
All foreseen expenses such as funeral expense, education and immediate cash needs such as income taxes and capital gains payable to governments if applicable. Income replacement must be included to ensure the importance of replacing one's income once that person is no longer there to protect their family and their standard of living for specific duration of time.
That is why never buy insurance without doing the proper exercise . It's like insuring your $50 000 car for $10 000. You must evaluate your need, that is the law.
Please contact me for further information and I will show you how !!!
Find your purpose for insurance . Is it for income replacement, estate planning, creditor protection, protection of dependents? That's just to name a few. When you know what that purpose is, you can find the right action plan, tailored to you and your family.
Find the right amount of insurance . Many people buy insurance without really knowing how it fits their lives at that moment in time. Is it too much or too little? Review your other policies you have personally, at work, or with your creditors. Perform the right exercise with your advisor to find what that need really is.
Find the right plan for you . So many plans and different types of insurance out there. Which one is right for you?
Find the right insurance company . Many companies many types of philosophies, knowing a little more about the company you partner up with can make a world of difference when it matters most.
Find the right price . Premiums vary from one company to another; working with a person who deals with one company will only limit your options.
Find the right Broker . Find someone who really understands you and what important to you, who also has your best interest at heart. Meet with them, and let them do all this work for you. You'll save a lot of time, money and heart ache for you and your family.