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Did You Do The Planning?????

The past couple of years have reminded us what is really important in our lives, how we cherish the people that are most important to us,  especially our families.

I’ve learned a lot about accumulating, investing, wealth, business, and mostly, about using insurance wisely…. something many people discount and sometimes even begrudge, but planning that successful people embrace.

I want to take a minute and ask you to consider something you rarely pause to contemplate:

If you, your spouse, or your partner died tomorrow – what would your family do? Have you done the planning? Have you properly insured yourself? ….especially now….. with the recent decline in investment portfolios and with real property assets no longer “flying off the shelf”…? Have you replaced your income?

When was the last time you actually reviewed and contemplated the economic needs of your family, your business, if you died tomorrow?

What plans would you want to have in place if your ability to buy life insurance changed tomorrow?

You and I may have done that years’ ago, or maybe you bought coverage elsewhere. Most people buy a term policy, “set and forget it”.

Maybe a million dollars isn’t what it was years ago. Surely it doesn’t last as it did. In fact, I’ll argue most of you are under insured. By a LOT. 

There’s assets, and then there is liquidity. Life insurance brings liquidity to situations at the exact right time. People have lots of assets, but don’t have liquidity. Think lifestyle, mortgages, educations, weddings, retirement accumulations, all purchased with discounted dollars. All for the people you care most about.

Problem with these TERM insurance policies is that they are most likely to expire… way before you do.  

If you’re someone who hasn’t revisited your life insurance policies in the last several years. NOW is the right time. Term life insurance rates are in all-time low.

Then, there are those NEW life insurance policies that “spring to life” and can pay for things… like long-term care,  while you’re alive!

People are living much longer today too, so you might explore the conversion privileges in your existing term policy to understand how easy it may be to adapt your current policy to one that carries for your life. 

Devote a small amount of time and investment to the most important planning you can do for people and things in your life you care most about.

What’s your plan?  

Not having long-term care insurance can be ‘the single biggest devastator ‘of your financial plan!

No one likes to think about needing help doing things, like with dressing, bathing, eating…. the kind of help its very likely someone you know is needing and getting right now.  Maybe its one of your parents, uncles and or relatives, who are probably spending tens of thousands of dollars right now.

It’s because about 60% of Americans who turn 65 can expect to use some form of long-term care during their lifetime. That’s 2 out of every 3 of us. Call it one of the biggest problems facing our Nation, and our individual financial security.

Yet few people have a plan to make sure that they don’t have to sell assets at the wrong time, liquidate stock and pay taxes, or worse, to make sure they can pay for this kind of healthcare -something Medicare doesn’t cover!

Not being insured can be the single biggest devastator of every financial plan.

Looking forward, not many people will ever want to willingly move to a nursing home or health care facility – they will want to be at home – wouldn’t you??

Ironically there aren’t a lot of insurance products available to address this need, but here’s a clever twist:

Turn your term life insurance policy into a “cash cow” if you ever needed money for healthcare. Here’s how:

There are a few ‘niche’ insurance companies who sell term life insurance “with a twist”: The policies have living benefits attached to the policies, provisions that will pay for chronic and critical illness – the same triggers as a long-term care policy!

How it works: you get to draw against the death benefit -while you’re alive- to pay for care. Think of it like springing value from a empty oil well. Except you must have the right policy. (It’s not your Fathers’ term life policy”). It’s a new concept only a handful of insurance companies offer, one that isn’t largely marketed.

Would you pay 10% more to get a term life policy that you could draw on during your lifetime? What other asset or instrument can produce this result? (Think “ REFINANCING YOUR TERM POLICY JUST LIKE YOU REFINANCED YOUR HOME”.)

Obviously, you have to qualify, and this approach won’t work for everyone. But, don’t wait till your health changes to address this issue.

Creating a plan for tomorrow, using the newest strategies and products, and advancing your planning could save your family hundreds if not thousands of dollars, and create the life and comfort you spent a lifetime accumulating and protecting.

Turn your term life insurance policy into a
“cash cow” if you ever needed money for healthcare.