What do we mean when we mention Protection Planning? Where does Protection Planning fit into Wholistic ‘Financial Planning’? When we are talking about Protection Planning, we are referring to ‘Insurance’, specifically:
Let’s be adults about this. Just because you go out and buy a ‘Life Insurance’ Policy, does not mean you have a death wish. Owning a ‘Disability Insurance’ Policy or ‘Critical Illness Insurance’ Policy, does not mean you think you’re going to be Disabled or planning on getting a Critical Illness. In my mind, it’s being Real and Honest about the responsibility you have to yourself and your Loved Ones.
I want to pose a few scenarios to you; What if you were diagnosed with a Critical illness today, such as Cancer, what would you want to happen tomorrow? I understand there will likely be a tremendous amount of physical and emotional stress, would you want to add Financial Stress as well?
Secondly, imagine if you were out enjoying Life, Water Skiing and having a blast. Suddenly, the board rips off your feet and you break your leg. Unable to work for several months, what would you want to happen? Do you want to have some sort of Income coming in to minimize Financial Stress? As your Wholistic ‘Independent Financial Advisor’ I would have initially suggested a ‘Disability Insurance’ Policy, and now, at your time of need, the ‘Disability Insurance’ Policy would kick in. This continues the Contributions to your Money Bags, supplying you with an Income, thus ensuring you and your Family are safe for today and the future.
Thirdly, if you were to pass away today, would you say the Welfare of your Loved Ones are:
Now if you say Not-Important we definitely do not need to talk. If you said it is moderately or very important, let’s sit down and have a conversation. As your Wholistic ‘Independent Financial Advisor’ let me educate you on the possible solutions and put in place the right Wholistic ‘Financial Plan’. The reality of these scenarios can seem quite depressing, I know, but there is another Part of Insurance that is much more exciting.
Probably the most important, the Most Fun part of Insurance is something called an ROI (Return of Investment). When you purchase this ‘Rider’ on your Critical Illness or Disability Insurance policy it will give you the ability to get all your Money Back in the event you don’t submit a claim! What a really Neat Concept!
The very last thing I will mention is an ‘Insurance Tax-Shelter’. This is an ‘Investment’ Vehicle that is Absolutely Amazing. It allows you to open up an ‘Investment’ account, under the umbrella or your Permanent ‘Life Insurance’ policy, you can literally Tax Shelter, 1000s or even millions of dollars inside of a Permanent ‘Life Insurance’ policy. What an amazing ‘Investment’ Vehicle! I get so excited thinking about all the possibilities of Insurance, I can’t wait to continue sharing them with you.