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?