Net Net TOUGH-Life Insurance, do I need or want it?
Course #5 of 9 – Protect Your Hard-work and Your Financial Plan
Who do you love?
- Your wife?
- Your husband?
- Your kids?
- Your dog?
If you love someone or something, life insurance is the ultimate gift. In all seriousness, life insurance is one of the most efficient ways to take care of your family. It comes in all shapes and sizes but don’t panic about that – first figure out if you need/want to leave money if you got hit by a bus, had a heart attack or a car accident tomorrow.
Life insurance can provide peace of mind to newly married couples, new parents, or parents with disabled children or someone carrying debt or an adult child who owes their parent money to buy a condo. Maybe you have a business partner, how do you plan on buying them out / buying out their spouse if they died, life insurance can do this. The point I’m making is, life insurance can be used in very strategic ways to deliver peace of mind to all the people in the situation.
What about this, you may not even need it… maybe you are a single guy or gal and have no kids or debt… in this case your “risk management” dollars would be more valuable to allocate towards Disability or Critical Illness insurance. We call this the selfish person’s bundle. See Bullet Proof Your Income article for more information.
Long story short do you want there to be cash when you die for something/someone?
Now, let’s get down to it so you can continue moving on.
Does your financial plan need, or would your financial plan be enhanced by having insurance? Check below using the quick assessment tool. It is not a deep dive insurance review but it will give you an idea if this area needs to be at the top of your list of priorities.
Life Insurance Quick Assessment:
- Do you have debt?
- Do you have children and /or a spouse?
- Does your family rely on your income?
- Would your family’s lifestyle be affected if you were gone?
- Would you like to leave someone money but don’t have any money currently?
- Do you have a business partner? See specific article
If you answered YES to any of the above, you may have a compelling reason to consider obtaining coverage.
See if you need insurance
We have provided a tool to review your personal situation – Quick Life Insurance Calculator
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