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Insurance Analysis

Life insurance, Long Term Care insurance, Liability insurance, Disability insurance, Medicare supplement insurance, and Health insurance are important tools to mitigate major risks; however, the coverage and cost are important considerations.

The truth is that most of us utilize risk management every day of our lives. We put on seatbelts when we drive, we wash our hands, and we make sure we don’t eat spoiled food. We even keep some extra cans in our pantry “just in case.” And then there are people who have insurance, too! They make a payment (called a premium) to a company to insure against a possible (or even guaranteed) future loss. This can be for a car, boat, motorcycle, camper home or even a life, which brings me to today’s topic – Life insurance.

While we know that the days in our lives are numbered, we don’t know what our numbers are and because we don’t know, we tend to think of death as unexpected. While we can’t always prevent the unexpected, we can protect our families from a potential financial crisis due to the loss of a loved one.

Life insurance protection can come from two sources. The first comes from being very good at managing money, saving at least 20% of what you make, and having or leaving debt (this is very difficult to accomplish and a very rare occurrence). The second comes from managing the financial risk by leveraging some of your money to buy a death benefit that will be paid to your stated beneficiaries. This benefit is ultimately used to replace your income when you are no longer around to provide for your family. I believe that the purchase of life insurance can single-handedly tell your tell your family how much you love them, because you thought ahead, managed an unexpected risk and made their future a little easier.

It is important to note that insurance is a tool that must be used properly. It should be chosen based on your very unique and individual circumstances. It is a tool that you should learn about and probably get some guidance on. Make sure that you find a professional that you feel comfortable with and believe that you can build a trusting relationship with them and be confident that your personal needs are being met (remember, insurance is a financial instrument that uses leverage in order to help you meet specific goals that need to be properly used).

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