Now is a good time to review your entire financial plan. You have one right? If not, here are some thoughts to help you get started, or for you to review the plan you have. Give us a call as we can help you make sure all your insurance needs are covered.
A proper life insurance policy can give you reassurance knowing that your finances and beneficiaries are secure – from temporary to permanent coverage. At North Bay Insurance Brokers, we understand that as things in your life change, so will your financial and insurance needs. That’s why it’s important to review your life insurance options with a specialist you can trust.
- What does financial security mean to you? Start by asking yourself, “What would happen if our family’s primary breadwinner died prematurely or became disabled?” Most people answer that they would want their loved ones to continue in the lifestyle to which they are accustomed, to have enough money to stay in their home, and to provide for their children’s education through college.
- Determine needs versus wants. You may want 100% financial security to provide for your spouse for their lifetime, and your kids through college. However, can you afford it? Most of us don’t have enough savings to achieve this, which is where life insurance comes in. You will want enough money, or death benefit, to replace your missing income.
- Look at the entire picture. This is not just about life insurance–that is just one piece of the formula. You also need to consider the possibility of loss of income due to a disability, chronic, or critical illness. Consider transferring this risk by purchasing Disability Insurance and Coverage for Long Term Care. Look at all your assets such as money in retirement plans, benefits packages, investments, equity in property, and potential social security benefits. Once you have the numbers you can figure out what the shortfall is–which can be funded with life insurance, or more life insurance than you currently have.
- Prepare a last will and testament! If you die without leaving a will, the legal consequences can be disastrous, particularly if you have many assets. In addition, there are negative tax consequences that may arise. Your will guides the court, the person you choose to administer your estate, and your heirs on how to distribute your property and pay off debts. A will can be completed online for very little cost through a multitude of online sources such as LegalZoom.com, LawDepot.com, and TotalLegal.com.
- Do not put it off. Far too often, I have had to inform an applicant for life insurance that they are being declined because of their poor condition of health. Many of us simply are unwilling to accept our own mortality until we are given a grim medical diagnosis by a physician. DO NOT WAIT. Life and Disability insurance cost much less the younger you are and the healthier you are. Consider that the cost for a $1,000,000 life insurance policy for a healthy 45-year-old male is approximately $48 per month……about 2 weeks’ worth of coffee from Starbucks!
North Bay Insurance Brokers, Inc. is your trusted solution for homeowner’s insurance. We offer coverage options that are both flexible and affordable, and will work with you on an individual basis to find a policy that best suits your needs. Our team is dedicated to providing the assurance that your family and your possessions are secure.