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The 8 Critical Times in Life That People need Life Insurance The Most

When thinking about your clients and the people that you know and care about, there are going to be several factors/life situations you should be on the lookout for.
While everyone might not need life insurance, there are a handful of situations in life where they may need life insurance more than you might think:

Here are some of the critical occasions:

  1. Getting married – In addition to making a life commitment to your partner, you are also making a big financial commitment. Life insurance helps secure that bond to protect the family.
  2. Having a child – Having a child is a huge financial commitment and it’s nearly impossible to maintain the family lifestyle, in the event of an untimely death of one of the parents. Life insurance helps provide a financial safety net.
  3. Supporting again parents – If you are a primary caretaker or providing financial support for your parents and God forbid something were to happen to you, you need to think about who would physically help them or pay to help support them (nursing home or home care). Life insurance can help provide the capital needed to continue to provide them with care that they will need.
  4. Buying a house with a mortgage – Mortgage protection is instrumental in the event of an untimely death, to be able to keep the family in their home.
  5. Taking out a loan – Some banks will requite their clients to purchase a certain amount of life insurance as collateral when offering a loan.
  6. Starting a business – Often times when a new or existing business owner sets up buy/sell agreements, they use the life insurance as the primary vehicle to fund the agreements. It’s the most cheap and efficient way to provide capital in this type of arrangement.
  7. During a recession – Even though times are had during a recession, it is twice as hard to be able to get by if something were to happen to one of the household family members. Life insurance can help provide the capital necessary to keep the family afloat.
  8. Becoming Self-employed – Typically, once someone leaves a corporate job to start their own business, there are losing their group benefits at work which includes group life insurance. So now, they will have to purchase individual insurance on their own.

Building a Solid Financial Foundation

When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean? Starting a financial plan can be confusing and overwhelming to start. I put together a simple 5 step plan to get started.

To some, when your financial “house is in order,” it means it is built on a solid foundation. It means that you have the “pillars” in place that are designed to support your long-term financial well-being.

#1: An eye on Insurance. Like the other decisions you’ll need to make while building your financial foundation, choosing the appropriate insurance program is going to be influenced by your own individual life circumstances. For example, if you’re supporting a family, you may want to look into an insurance program that is designed to protect you in the event that something happens to you or prevents you from working for a period of time. These are the different perils that could potentially wipe you out financially, if not properly protected: i.e Car accident, House fire, disability, and premature death. It’s vital to make sure that you are bullet proof in these area’s before investing and starting a financial plan. Protection is the foundation of any successful financial plan.

#2: An emergency fund. You know that label you see on fire extinguisher boxes – “break glass in case of emergency?” Only in a financial emergency should you “break into” your emergency account. What is a financial emergency? Everyone’s definition varies, but it can range from a broken water heater to major car repairs to unemployment help. The goal is to have 6-12 months of expenses in the event of an emergency. In addition to an emergency, this can also be used as an opportunity fund to buy real estate, stocks, crypto and other investments when markets are down. This strategy requires a pay yourself first mentality.

#3: Investment/Retirement Strategy. There’s two ways to make money: People at work and money at work. At some point, you are going to want to retire and stop working but in order to do so, you need to make sure that your money did all the heavy lifting. The key to any successful strategy is to start earlier if possible because of the power of compounded interest. Albert Einstein famously coined this phrase:  “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”

At some point, you may want to consider when is the right time to start saving for retirement. Workplace retirement plans can offer you a convenient way to get started, if one is available. You can also meet with a Financial Advisor, to go over some investment strategies to help provide a balance of short-, mid-, and long-term investments in your portfolio to help fit your specific goals and dreams.

The importance of having a short and mid term strategy is because of the need for liquidity. You need to make sure you will have access to funds without facing major taxes and penalties to help achieve shorter/midterm goals such as: i.e. buying a house, paying for kids college, buying a car, remodeling, etc.. Different investments allow for more flexibility than others.

#4: Paying off debt. This may sound counter intuitive because we’ve all been taught that paying off debt is the most important. While paying off debt is important, it’s important that you create an emergency fund and have the proper amount of protection in force first. This may involve looking at refinancing a mortgage or student loan debt. Also debt consolidation services if the debt is excessive.

#5: Estate Strategy. It’s never too early to start thinking about your legacy. For some, this can mean providing some financial support to your loved ones. For others, it might mean creating a program that supports charities and organizations. Whatever your aspirations, it’s important to ensure that your assets transition smoothly in accordance with your wishes. The difference between wealthy people and ones that are not, comes down to planning. The earlier you can set these up, the smoother it will be for your loved ones.

These 5 steps can help provide a more stable and successful financial plan.

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