As you begin your career or business journey, it’s crucial to consider the potential risks that could disrupt your financial stability. You might ask, ‘Why should I consider insurance?’ Insurance appears to be an additional expense, especially when you’re diligently saving every penny. We often associate car and fire insurance as necessary evils for driving or securing a mortgage, but what about the risks specific to your career or business? These are the risks that insurance can help you navigate.
Picture yourself striving towards your financial goals, whether investing, saving for a home, or expanding your business. These ambitions are not just about your dedication; they also demand time. Time to achieve the goal. But what if life throws an unexpected curveball, like an injury, illness, or severe health condition, well before you’ve reached your goal? How would these events impact your plans? Could you manage a sudden $ 5,000 bill when you are not earning? Or do you have to halt investing and take money out to pay bills? Or have you been saving to put the kids through school, and will your untimely demise prevent this from ever happening? These are some of the unforeseen events that insurance can shield you from, protecting your financial goals.
Yes, I hear you say so, but what about the premium? Insurance companies operate on a principle known as ‘risk pooling.’ They gather premiums from many individuals, most of whom will not need to make a claim. This strategy enables them to cover the expenses of the few who make claims while still generating a profit. In simpler terms, it’s about distributing the risk among many policyholders, significantly reducing the premium you pay compared to the potential benefit you could receive. This is how insurance companies manage to provide coverage at affordable rates.
The premium cost is also managed by choosing products and riders that meet your needs. Different riders, waiting periods, and benefit periods are determined based on your needs. Some policies allow for some or all of your premium to be returned if you never make a claim. This flexibility empowers you to tailor your insurance to your unique situation and needs, giving you the confidence that you’re in control of your financial security.
If you want to know more, message me or book a meeting on my website. There is no fee and no obligation to learn more.
Too Busy To Book Time
Occasionally, people tell me they're too busy to work with an insurance advisor. I understand this concern. Our lives are a whirlwind of commitments, with work, family, personal interests, and more. The idea of adding one more meeting, even if it's for something as...
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