Planning for the undesired, accidents and possible unknowns in life. Recently, a remote friend of mine died during an accident. I don't feel particularly sad, but I was shocked to know because the scenario was quite dramatic.
Whose responsibility is this when accidents happen? A more appropriate question should be: What to do and how to do BEFORE life-threatening accident happens.
To be more practical, have you prepared yourself a will?
I am not an estate planning lawyer/ specialist and thus in no position to advise anyone how to prepare a will. Seek a trustable lawyer (estate lawyer) and get yourself a valid will.
********
Sidebar:
If you are in the States, read this article on estate planning/ will preparation.
http://www.pueblo.gsa.gov/cic_text/money/estate/estate.htm
********
You should inform your closest relative(s), where your important info is, e.g. insurance documents, valid will, asset-related passwords, banking info and etc. It can save a lot of unnecessary work, pressure and worries, for your family members.
Getting yourself an insurance policy.
Or is insurance - a need or a want? It can be both.
For needs:
Maybe you have unpaid mortgage, unsecured debts and etc. Then you may need a life insurance policy to satisfy those needs. Depending where you are, medical costs can be sky-high and a medical insurance can be a god-sent.
********
Sidebar:
You should first identify your needs (life, medical, and disability). Every aspect involves specialization. Check out my other articles for general background info.
Bear in mind that you should always discuss with your spouse or closest relatives, in order to map out the whole picture. It's their "business" when accidents occur.
********
For wants:
You may have un-fulfilled dream, if you were to die before your wish being realized. You have to specify that in your will/ insurance policy. Seek your lawyer/ insurance specialist for more advice on this.
Seeking for an independent advice:
I have served in insurance industry for 5 years. I have not met an insurance agent who knows your need better than yourself. Almost everyone is vested with his/ her own interest, one way or the other. Seeking for an independent insurance advice is the best way to go. No matter how much you are willing to pay for excellent independent advice, it's hard to find one. One way to go is by hiring a fee-based advisor, instead of a commission based advisor.
Insurance broker or insurance agent:
Buying from a broker can be advantageous. If you are buying from a broker, make sure the broker is an established one. As for buying from an agent, you will be bound by his/ her advice limited to one insurance company. Factors to consider when choosing an insurance company:
You should check the insurance company financial strength before considering an insurance plan. This is a job you need to do it yourself. Checking the financial status of each prospective insurance company is vital. To your dismay, a company with too good rating may not be desirable as it may imply that the company is over cautious with claims. It could also mean the premium is over priced. In my opinion, an insurance company with AA rating in Standard and Poor/ AM best is a reliable indicator. Insurance plan: An agent may move from one company to another, but not your insurance company nor your insurance plan. Check the 3 factors before rushing to buy an insurance plan. They are flexibility, functionality and affordability.
Any insurance policy is a business policy for the insurance company. If an insurance plan does not sound for the insurance company, it will not be in existence in the first place. By that I don't mean insurance schemes are ripped-offs. It just means that we have to know the game plan before investing. Understanding different features of insurance plans is beyond the scope of this article.
Resource Box:
------------------------------------------------------------
Want to stay healthy and live wealthy? Grab THOUSANDS worth of health products & start a health related business today, both online and off! http://www.pushbuttonhealthguide.com
------------------------------------------------------------
Have you wondered why financial experts only tell you certain... Read More
Financial planning often gets a bad rap. Part of the... Read More
U.S. Supreme Justice Louis D. Brandeis"I live in Alexandria Virginia.... Read More
No matter how tight things are financially for you; no... Read More
Very few people whom I know are familiar with the... Read More
For most of us, the idea of retiring simply on... Read More
What if I told you that reading a book would... Read More
I have given many prosperity lectures over the years and,... Read More
This retirement account is so new and unique that you... Read More
One of the things most of us have old ideas... Read More
"The quickest way to wealthThat I've found to be true;Is... Read More
Every day you work is one day closer to your... Read More
AS THE MARKET FLIES HIGHER, GOOD BUYS ARE BECOMING HARDER... Read More
What if I were to tell you that almost everything... Read More
My First Million took me exactly 27 months to achieve.... Read More
Let's begin this lesson with a definition of the term... Read More
I counsel a LOT of people about money. I see... Read More
When I was a student in London, I had a... Read More
A residual income is one that comes in no matter... Read More
Want to be one of the lucky ones on the... Read More
According to Wallace Wattles, in his popular wealth treatise called... Read More
In theory the idea of generating additional (and passive) business... Read More
Financial independence is having the freedom to support yourself through... Read More
1. Pay off high-cost debt. The best investment most borrowers... Read More
You have $100 in your bank account, your rent is... Read More
Time and time again entrepreneurs are losing out on getting... Read More
To budget, to have a budget and to be on... Read More
Imagine being able to steal untold millions of dollars in... Read More
Now is a great time to make it a habit... Read More
What is "The Commodity of Kings""Power is simply "the ability... Read More
There are many wealth creation strategies and investment techniques available... Read More
Endowments and endowment mortgages have received a lot of bad... Read More
You've been thinking that your financial life could probably be... Read More
At any time in history, no matter what the current... Read More
To budget, to have a budget and to be on... Read More
A residual income is one that comes in no matter... Read More
Self-Made Millionaires are not smarter or better than you. They... Read More
Do you have financial problems? Then a budget is the... Read More
Why is it that the older and richer people become,... Read More
Parents must give serious thought to protecting their family through... Read More
You know about compounding right? You understand what pyramiding your... Read More
There are only 2 ways to grow your wealth -... Read More
What if I were to tell you that almost everything... Read More
Early in my legal career I represented two young women... Read More
The inability to come up with the necessary cash when... Read More
Feng shui coins can allow you, among other things, to... Read More
Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More
Everyone wants to be wealthy. Only a few actually achieve... Read More
When young men ask me how to succeed, I tell... Read More
The idle are a peculiar kind of dead that cannot... Read More
Is accumulating wealth as easy as following a 3-step plan?... Read More
SCENE 1: Pharaoh has just woken up from a very... Read More
No matter how tight things are financially for you; no... Read More
An ellipsis to your success is hidden in the word... Read More
Do you ever get this in your email box: Find... Read More
Most people work hard all their lives only to "retire"... Read More
Everyone wants to be wealthy, but most of us do... Read More
Steve Martin once delivered an opening monologue for Saturday Night... Read More
Anyone knows that material wealth is measured in goods: apples,... Read More
Now is a great time to make it a habit... Read More
This is a true story from my own experience that... Read More
Financial freedom is the power to do what you will... Read More
In his best selling book, "Rich Dad, Poor Dad, Robert... Read More
The fact is that most people continue to work for... Read More
Feel like a lemming lately? Ready to follow the crowd... Read More
"If you know how to spend less than you get,... Read More
Wealth Building |