Is My House on Fire?
Part III
Welcome back to part III of Is My House on Fire? Getting insured during a pandemic. I would be remissed if I didn’t not remind you that September is “Life Insurance Awareness Month” (LIAM). This is a very special time in our industry to educate, and help mobilize our friends, families and businesses on how to take advantage of plans available to them. So please, contact your local insurance agent today.
What does insurance mean? Insurance means protection from financial loss or hedge the risk against loss by transferring the risk. What do I mean by transfer the risk? The insurer goes into an agreement with the insurance company to provide a certain amount of coverage in the event of a loss. There are a few more steps involved but that is basically the point. If everyone keeps their end of the agreement, in the event of a loss the insurance company would pay, or cover the risk.
With life insurance, when a person passes, the beneficiary would be awarded the balance or death benefit of the policy, tax free. This reminds me of the Mutual of Omaha’s Wild Kingdom episode when a heard of Gazelles waking up every morning knowing that the King of the jungle, the Lions, are on the hunt. This risk is whether or not one of them will become a victim of the hunt or survive another day.
With humans, we face similar risk as to who will provide for my family if something happened to us. Who would cover the loss of my wages and protect my love ones from ruins. Do I have enough coverage? Is my plan sufficient? I would think by now we would surely know if our house was on fire.
We should know if we have taken action or playing the wait and see game. But, before we get to deep, let’s do a quick recap.
In Part I, we shared information about our current environment in business Nat-ionally, Locally and knowing what insurance plans you have in place.
Part II we shared finding the right agent or advisor to work with. Which leads us to Part III- What is right for me or my family.
If our older self could talk to our younger self, it would probably say, “ Get started early! Take advantage of your age and health because it’s a lot cheaper to get adequate coverage!” Unfortunately, it doesn’t work that way, but how would you like to invest in a way that gives you tax advantages or allows you to create a self-pension plan, that you don’t have to die to enjoy. Now that’s possible.
So when we ask the question : what is good for me or my family? I suggest you sit down and talk to an insurance professional. Tell them everything you want them to know about you, your future plans and how you feel about what you’ve done so far. Then listen to what the agent has to offer. Answer their questions truthfully and ask any additional questions you may have. It’s important to state the facts, so that the agent can provide the best options for you. I would also suggest getting started as soon as possible. Uncertain times can create uncertain changes that may impact your insurability. Historically your insurance plan is grandfathered based on when the policy was written. Meaning if the government changes the laws, “Historically” you would be locked in. But if you don’t have a plan in-force, and the rates or laws change tomorrow, well, you get my drift. A wise person once said, “Never put off for tomorrow, what you can do today.”
For more information please contact me at: Email: rightnowresources@gmail.com Cell#: (954) 257-1783.
