In feudal times, the wealthy built castles to show their wealth and motes to protect that wealth. Your home and your retirement assets are your castle. Insurance is not only your moat, it’s your foundation. It does no good to build wealth if you don’t protect it. Make sure you have proper insurance to cover the following:
- Your auto – including adequate medical
- Your home – including an umbrella policy to cover in case of a lawsuit
- Your business – If you are in a partnership, do you have insurance on each partner? What about key employees? Do you have survivorship agreements in place?
- Disability – Don’t make the mistake of relying on your employer. It’s almost never enough should you need it.
- Health – Are you paying too much for your coverage? It’s worth a free quote to find out. Every year, review your policies – even if you are covered at work. The number one reason for bankruptcy for the past 10 years was due to medical expenses and being underinsured.
- Life – Your family depends on you – whether you work inside the home or out. Where would they be if something happened to you. One of the most selfish things I can think of is not having a life insurance policy to ensure that if something happens to you, those you love won’t suffer hardship.
- You can purchase an inexpensive Term policy that can convert to something permanent, or you can use a Permanent policy as a vehicle to help you save with tax advantages.
- If you haven’t had your policy reviewed in the past few years, you are probably paying too much. Insurance companies responded to the fact that we are living longer and dropped rates. (It’s True!)
- The largest financial impact you can give your children or grandchildren is the gift of a permanent life insurance policy where their money can grow and be accessible later on with interest and tax advantages. In addition, they will spend thousands of dollars less on premiums as they get older.
- Long-Term Care – There is no saving or investing that can match the return on investment of what you will receive in exchange for your Long-Term Care Premiums. Knowing when it is appropriate is key. Not everyone is suited for LTC. Ask us for more details and check out this story…
I was at the Boys and Girls Club Annual Fundraiser Breakfast and was talking with a gentleman about what I do. He shared that just this past week he and his siblings were moving his mother into an Assisted Living Facility. She hadn’t discussed her plans with them and he and his siblings were scrambling to figure out how much each of them could contribute to her care each month to keep her in the home she wanted to live in. He said they were all trying to figure how what they could do without, what they could sell, what they could liquidate to take care of their mom. The only question in their minds was how, not whether. They were going to take care of their Mom to the best of their abilities.When they met with the case manager to arrange her care and find out how much they would owe, she informed them that their mother had purchased a long-term care policy. Because of their love for her, they were going to sacrifice whatever was necessary. Because of her love for them, they didn’t have to.That’s why Long-Term Care is so important.
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