Wednesday, 17 September 2014

Insurance is just another part of responsible financial planning

We get it… Insurance is not the best subject to bring up on your next dinner party.. although it is a crucial part of any financial plan. Proper insurance planning can help you, your family and your business in places where traditional assets cannot.

Most people start thinking about Insurance when they have their first child, get married, start a business partnership etc. Some people start thinking about insurance when they experience a life altering event or witness a loved one or a friend go through a tragedy. The problem for a lot of people is with the fact that Insurance is an intangible. Unlike a new car, a new watch or a new pool, Insurance is not something you’ll benefit from in the immediate term. Sometimes you might not benefit from it at all, but your beneficiaries will.

Public perception about Insurance needs to be looked at as an integral part of your family or business financial plan. When sitting down with your advisor its important to discuss and plan for life’s unseen circumstances. Life is full of surprises and sometimes not so positive surprises. A responsible individual needs to take these life events into consideration as a part of their financial discussion. You do not want to be short of money or resources if god forbid you were to deal with a life altering event.

Business owners need to factor in the possibility of losing their business partner and making sure that the business continues to function without interruption. Insurance policies that protect the partners can save the business in the event of losing one of the owners. If you’re in a business partnership you should make sure you and your partner have taken the proper measures to take care of the continuity of your business by looking at a Buy-Sell Insurance and Key-Man Insurance.

Wealthy individuals have been using Insurance for decades to make sure their estate is properly protected and transitioned to their beneficiaries in an efficient manner. Insurance can be a great tool in the process of Estate Planning and Wealth preservation.

Granted there are many types of Insurance policies out there that are aimed to solve different scenarios. Have a conversation with your Insurance Advisor today and learn how you, your partners and your loved ones can protect yourselves and actually benefit from having proper Insurance setup.

For more information please contact Independent Financial Concepts Group today at 1-416-849-1653 or visit www.wecoveryou.ca. 

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