Diversification is the process of helping reduce risk by investing in several different types of individual funds or securities and works hand in hand with asset allocation.
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.
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.
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.
Most of us will live a long time in retirement – possibly as many as 20 years, without generating income through employment.
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.
Maintaining your quality of life after the diagnosis of a critical illness and dealing with financial commitments can cause hardship for you and your families. Critical illness insurance can protect your family's future.
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.
Are you covered against the primary critical illnesses, such as cancer, heart attack and stroke that can cause emotional and financial distress?
You will need 4 to 10 times the amount you paid for your house to enjoy a comfortable retirement.
Credit, like a knife, is neither good nor bad – it depends on the use to which it is put.
Estate planning can have a lasting impact on your family – though not as much as not doing it.
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.
“We must wait until the evening to see how splendid the day had been.”
Sophocles
As time goes on, many of us will reverse roles with our parents. With our aging parents in need of health care assistance, we will find ourselves in the role of caregiver. Fortunately, there are increasing options available today to help our parents grow old gracefully, whether it is in their own home, in your home or in a facility, while helping you to cope.
Many families opt to move an aging parent into their own home. If you are able to peacefully co-exist with your parent, this may be a good idea. This arrangement frees you from worry about the upkeep of a second home, and you and your children will have valuable time to spend with your loved one.
An option that is likely to become available for healthy seniors in the near future is private long-term care insurance, which can help cover nursing-home costs or the cost of an in-home helper.
You should see it as your responsibility and a privilege to ensure the best life for the remaining time for your parents by providing physical, emotional and financial support – and companionship.
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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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