Tuesday, August 4, 2009

Life is Short, Are you Prepared for a Tragedy?

Life is short, and so often human nature allows us to live the present, while forgetting about the future and the possibilities of sudden unexpected events.

These events can include an illness, accident, death, catastrophic weather, divorce, or even the beauty of life (children). The questions that we must ask ourselves today, what if? What if I were to pass away, how would my family go on? What if I suffered a disabling condition, where would my income come from? What if there was a flood/hurricane/storm, how would we replace what we've built? What if I were to have kids, can we support them and see through college? What if my mom/dad needed care, how would we care for them?

These questions seem so basic, yet 70% of our nation does not insure against these many realities of life. It is wise to seek information and take action sooner then later, but yet it's much easier for us to put off until another day.

Let's take a look at some of the basic solutions to preventing our loved ones from having to struggle, with very little cost.
1. Health Care Proxy, Living Will, Last Will & Testament
2. Life Insurance
3. Long Term Disability Insurance
4. Property & Casualty Insurance
5. Emergency Reserves

We left out health insurance, only due to the fact the cost has gotten so out of control, that this is a topic for another discussion.

The above mentioned, can be taken care of easily with ACTION, not Procrastination. There is no question, that you should never be Insurance Poor, or have to change your lifestyle to pay for insurance. Instead, it should be considered a cost of doing business or carved out as a necessity in life and part of your fixed expenses.

Research online to educate yourself, seek expert counsel to work with you to find the right solutions for your situation, and remember you don't have to break the bank to have these basic plans set up. It's important you work with professionals you feel comfortable and confident with, that you know are looking out in your best interest. They don't have to be part of Large Firm or have the Biggest Clients, they have to work for you, and work with your budget. Remember, it's your business and your future, not theirs, you are in control and it's the job of your advisors to make sure you are clear and understand what you are doing and why. Ask questions, and if you don't come away with the answers you wanted or understand, get a second opinion or third.

Many times we believe these topics are too overwelming to address, when in fact they can be simplified and taken care of in a short period of time. Lack of Planning is very Expensive but Peace Mind is Priceless.

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