We will often spend a dollar on many things of little importance, without giving it a second thought. Why not take a second thought and spend one dollar a day on something that can be of great importance for years to come. For one dollar or less each day you can provide financial protection for your family and loved ones with a life insurance policy. Take a couple seconds to think about that now, so you don’t have to take any time worrying about it later.
There is nothing more valuable to your family’s financial security than yourself and your ability to produce an income.
When your ability to produce an income is eliminated by death, disability, and/or retirement, without proper planning your family will not only have lost immediate income, but quite possibly financial security for years to come.
Financial planning for these events is most effectively accomplished using life insurance, disability insurance, long term care insurance, and retirement insurance (annuity) products. These products are the most important financial planning products available because they protect your income from being eliminated, by guaranteeing a brand new income source at the precise time your ability to produce an income is lost. While often referred to simply as “Insurance Planning”, this term could be a disservice to the general public as it may not properly emphasize the critical purpose of this aspect of financial planning. Perhaps a better term for this type of planning is “Income Protection Planning”, for that is the real purpose of it.
While not as exciting as planning for “income growth” using stocks, bonds, mutual funds, and other investment instruments, income protection planning should take precedence in any financial plan. It is preparing for events that, when they occur, can have an absolutely devastating effect on family finances – possibly resulting in financial (and family) problems for generations to come. Once again, products such as life insurance, disability insurance, long term care insurance, and annuities, are still the most effective way to guarantee that an income continues to come to your family when your ability to produce an income stops.
Do you have an income protection plan?
Let’s face it, life insurance as a product is old—literally. In fact, many life insurance companies are well over 100 years old. Additionally, life insurance is in large part sold by older-age agents to older-age clients. Furthermore, they usually use old methods such as twenty-page paper applications signed at the kitchen (or office) table with a pen. The applicant then ends up having to wait through an outdated process which includes phone calls, waiting, medical records, waiting, the post office, waiting, and most of all lots of waiting.
Knowing this, it is no wonder that the number of individuals who own life insurance (to say nothing of a sufficient amount of life insurance), as well as the number of those who sell life insurance as agents, are at record lows. This probably has very little to do with the product itself (which is needed as much now as ever before), but is more likely related to how it is marketed, how it is sold, and how it is purchased. Unfortunately, these methods seem to be as old as the insurance companies themselves.
However, innovation finally seems to be invading the life insurance industry and is pushing it (despite some kicking and screaming) into the digital age. After nearly two decades of the internet changing the way we do business in general, the life insurance industry is finally more fully incorporating technology to make the process of getting life insurance quicker, easier, and more automated. Here are just a few of these innovations:
1. Online quote engines that allow you to comparison-shop numerous insurance companies’ products in one place.
2. Calculators to help you determine how much life insurance you really need.
3. Online health analyzers to determine what insurance rate you are likely to qualify for.
4. Online applications that allow you to skip twenty-page paper applications that you have to sign in ten different places and then snail-mail through the post office just to start the process.
5. Companies that allow you to get up to $1 million of life insurance without taking a medical exam (dependent on age and health history).
6. Policies that are delivered electronically.
All these innovations have made it possible for someone to apply for life insurance in their own home and then have a policy delivered to them as quickly as one week later—without ever having to make an appointment with an insurance agent, hand-sign an application, or give a blood sample.
Additionally, not only has the process become easier, but the products are becoming better as well. Some life insurance policies now have disability benefits, long term care benefits, and/or critical illness benefits all packaged into one policy – combining all these essential financial planning tools into one product.
Yes, it may have taken us awhile to figure out what the internet can do for our business, and we still aren’t on the level of Amazon and Google in terms of efficiency or being on the cutting-edge (let alone being “fun”), but the life insurance industry has finally entered the digital age. And, of course, when it comes to financial protection for you and your family, life insurance itself never gets old.
The question of “what if” is one that we have throughout our lives. It can relate to our dreams, our fears, our work, our family, and many other aspects of our lives.
However, no matter what aspect of our life we are asking “what if” about, the best outcome will likely never happen and the worst outcome could always happen IF we don’t DO something to prepare for, or against, the “what ifs”.
Our expertise is planning for the financial “what ifs” of life. What if you die unexpectedly? What if you become disabled? What if you get sick? What if you need long term care in retirement? What if you run out of money in retirement?
While these are things that nobody WANTS to think about, they are “what ifs” that really do happen. It is far easier and more comfortable to answer these “what ifs” when they are only a possibility than when they become a reality.
Insurance protects against and provides answers for the financial “what ifs” of life. It makes it possible for you and your family to be financially secure and have peace of mind regardless of what may happen in the future.
Get insurance. Then you can stop asking “what if” and focus on “what is”.
Unbeknownst to most people (understandably), May is “Disability Insurance Awareness Month”.
Amazingly enough, 3 in 10 workers will become disabled for 3 months or more during their career. Also, most disabilities (90%) are the result of illness not accidents. A disability can literally wipe out months, years, or even a lifetime of potential income – disability insurance can protect that from happening. Yet, even though disability insurance is one of the most needed of insurances, it is one of the least purchased.
Think you don’t need disability insurance? You may learn that your alternative plan really doesn’t provide you any financial security – find out now by reviewing 4 common myths related to disability insurance.
If you are interested in a few quotes for disability insurance click here where you can run instant price quotes online. There is even a policy available that allows you to receive all of your payments back at age 67 if you never end up needing your disability insurance.
Don’t leave your paycheck unprotected any longer. Get disability insurance to keep your family income safe from the unexpected.
1. Maintain a budget
2. Start using a savings account
3. Get insurance
4. Set up a will
5. Invest for the future
How many of these steps have you taken? Chances are there are one or more of these steps that you have not even started on. If that is the case then you are taking chances with yours and your family’s financial security. Now is a good time to at least focus on one of these steps and plan to start it within the next month. Whatever time, effort, or money it takes, it will save you (and/or your family) an exponential amount of time, effort, and money in the future if you choose not to take these steps. Procrastination can steal more than just your time…
Contact us if you have any questions on how to start taking any of these steps, and we would be happy to be of assistance.
Recently, on a popular radio program, someone mentioned during a conversation with the host how her husband “didn’t believe in life insurance” and, hence, he didn’t own any at the time of his death (and subsequently left his family in somewhat of a financial mess).
Having heard this statement before, but not always sure what someone means by it, we would like to offer 3 possibilities of what people might really be saying with this statement:
1. “I don’t believe life insurance exists”
2. “I don’t believe life insurance will actually pay when I die”
3. “I don’t believe I will ever need life insurance”
Unfortunately, if either one of the first two statements accurately defines your beliefs in regards to life insurance we don’t feel we are going to be able to convince you otherwise (if lifetimes of evidence can’t already do that for you). However, we believe the third statement most often describes what someone means when they say they “don’t believe in the life insurance.” And, quite honestly, if life insurance was about benefiting yourself, it is correct that you will not need life insurance – after all, in most cases you will not personally get any money from your life insurance as you will be dead when it pays out.
However, we don’t sell life insurance, and people don’t usually buy life insurance, because they personally need it. Life insurance isn’t about you; it is about your family, your loved ones, and/or your business associates. It is to provide financial protection and security to them, not to you. It is to help them when they need that help the most.
When you stop thinking about whether you will need life insurance, and instead think about what would happen to your family, loved ones, or business if something happened to you, then you will realize that life insurance is for real and those you care about may in fact desperately need it to help them through a time and situation they never thought would come.
We invite you to make 2014 the year that you begin to believe in life insurance.
Have you ever seen the movie, “The Santa Clause” with Tim Allen? If so, you’ll remember what happened to the original Santa Claus before Tim Allen stepped into the Santa suit. With that experience in mind, Santa Claus is not going to forget to get himself a Christmas present this year: Life Insurance. After all, with Mrs. Claus and a lot of elves to take care of back at the North Pole, Santa Claus can’t afford not to have life insurance (especially with all of those slippery roofs). Likewise, as you prepare for Christmas by purchasing presents for your loved ones, consider how you could provide the gift of financial security for many Christmases to come, even if you are not around. Follow Santa’s lead and get life insurance today.
What does it mean to ladder life insurance, and how can it help you in your financial planning? Learn more by watching the following video…
When people decide to purchase life insurance they often look for the most cost-friendly option, which is almost always term life insurance. These policies offer a set death benefit, at a set price, for a set amount of years. After obtaining term life insurance they then add this to their financial planning file with the idea that it will only be of value and pay out money if they die.
However, what will you do to financially provide for your family if you get critically ill, but do not die? Also, how will you financially provide for your family if you become disabled? These concerns used to only be covered by separate policies or possibly through expensive cash value policies. Now there is a new and much less expensive option. Term life insurance with living benefits!
There are now term life insurance policies, priced at the low cost you would expect of term life insurance, which offer access to your death benefit in the case of a critical illness—such as a heart attack, stroke, or paralysis. This is not all though. You even have the option of obtaining a set amount of monthly income from your policy in the event you become totally disabled. Finally, these policies are still life insurance policies, so they will pay out a death benefit when you die.
No longer are all term policies created equal. Get much more for your money, while still taking advantage of low term life prices, with term life insurance with living benefits! Even if you recently purchased term life insurance you may want to consider replacing what you have with these revolutionary new term life insurance products. Contact us today for more information.