Estate planning can have a lasting impact on your family – though not as much as not doing it.
Cash management is the understanding and analysis of what you earn, what is deducted (e.g. taxes), what you spend and what you save.
Motor vehicle insurance has various elements including property damage coverage, liability coverage including coverage for the death or injury of a third party, collision coverage and comprehensive coverage.
Building net worth over a lifetime requires prudent planning and the implementation of sound strategies. Insurance is an important element of any sound financial plan.
The objective of investing is to receive a future flow of funds larger than the funds originally invested.
Are you covered against the primary critical illnesses, such as cancer, heart attack and stroke that can cause emotional and financial distress?
Death is inevitable – and sooner or hopefully later, we are going to die. Before we do, we should take some actions to put our affairs in order.
Everyone needs a financial plan for their life, from those with ten dollars to those with ten million. Life takes money – whether you plan or not.
The most valuable asset that the vast majority of the adult population has is the ability to work to earn the income required to provide for a reasonable lifestyle and to build net worth.
A popular myth is that estate planning is only for the rich among us. However, any one who has property and wishes for a future generation will need estate planning.
You will need 4 to 10 times the amount you paid for your house to enjoy a comfortable retirement.
Using a broker doesn't cost you more. Often it can cost you less because brokers have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf.
There are three ways to manage money: Market timing, security selection, and asset allocation. The first two, in our view, involve too much luck and risk.
Investing requires the trade-off of present income (consumption) for future income (consumption).
Your broker works for you – not for the insurance company.
Choosing the right insurance company for you is one of the most critical steps in managing your insurable risks. It means asking all of the right questions and thoroughly investigating your options. There are several factors that you need to take into consideration, the most important ones of which are discussed below:
Reputation
Get insurance from a quality company — a company with a strong reputation, high standards and financial stability. You want a company that will pay your claims, should you have any, and one that will be around if you ever need them.
Service
Choose a company that will give you excellent customer service and support. Select a company with knowledgeable representatives trained to answer to your coverage questions, respond to your claims quickly and who can provide relevant safety and security information.
Availability
Choose a company that's available when you need it most. Is your insurance company accessible to you - when you want them?
Product Selection
Choose a company with a wide variety of coverage options. Your insurance needs are unique. The menu of products should accommodate a circle of protection for your needs today and tomorrow.
Insurance policy
Is the insurance known for providing customer-friendly insurance polices – or are there complex legal documents that require your lawyer to interpret and make it easy for the insurance company to avoid your claim?
Price
Many companies may tell you that insurance only comes down to price (and you may agree!!!). But you get what you pay for. Understand the complete policy and the service promises behind the price. Understand what discounts may be available. Find the balance between financial security, peace of mind and price when choosing your coverage options…Don't pay for insurance you don't need or get the wrong protection just to get a lower price. It can be much more costly in the long term.
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More than you want and less than you need
Often, in the seminars and workshops we do, we are asked about the purchase of whole life insurance vs buying term life.
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