It has been an interesting year. Low oil prices, huge volatility in the markets, massive layoffs etc. It's not all bad news though. The sun still comes out and we have another opportunity to forge ahead.
With all the doom and gloom we hear about the economy, our responsibilities still haven't changed much. Protect our families and provide for them. There are so many tools out there and so many different opinions on how we should do this. A few times each month i'm asked, RRSP or TFSA? My answer is it depends. It depends on your individual circumstances whether it is RRSP, TFSA or some combination of both. What is the goal? "Begin with the end in mind"......that is a quote I have heard constantly over the last decade. It is just as true now as it was then. There is no cookie cutter solution as we have different situations...even between spouses of the same household at times. When looking at building a financial future, a solid foundation is needed. Most of us don't have all the assets we need right now, so we need to protect our ability to get there. It seems to be easier to think of accumulation before protection. Without proper protection, the wrong occurrence will wipe out your accumulation. It is during times of volatility like this that we need to make those correct decisions.
Protect What You Can't Afford To Lose
One of my favourite speakers to listen is Joe Jordan. He is a giant in the insurance industry and I enjoy learning from him and others. One quote that stands out is "I speak for the wife, the children, the business partner who has no say in the matter......the innocents, who are afflicted by the decisions or non-decisions that are made"......pretty powerful stuff.
That is part of what drives me.
Over the years, I have approached hundreds of people about life insurance. Some of those have been friends and family. Some of these folks in particular pulled back and avoided the subject or flat out said no. In a few of these instances, they passed away. I get a sinking feeling in my stomach each time this happens. I wonder, did they know what they were saying no to?
One was a married father of 2 preteen children with no coverage. I know the hardships that were about to come for his family....not just for the loss of Dad, but the huge financial impact and the domino effect. Would the family be able to afford to stay in their home and their neighborhood? Would the children not only lose him, but also their friends who live close by? Would they have to move and discontinue activities they are involved in because of a lack of resources? Would Mom have to work longer hours to provide the necessities? Dad is gone, and Mom could be around less. Can Mom afford to take time off to take care of the children? Work is willing but Mom can't afford to take the time of to grieve properly and take care of the children as well as she would like to. Would they have to change schools if they had to move? Would they be able to take the trips and vacations they were used to.
Sometimes you lose a lot more that the person....you lose the things that have become your comfort and lifestyle. Did Dad sign up for that? Not on purpose, but by his choice he did. Did he know the impact of that choice? Unlikely. He would never willingly put them through that. It is already going to be difficult without Dad going forward. How much more difficult when there are no funds to replace Dad's financial impact? There have been a couple of others as well.
I have been to see families who have suffered loss with and without insurance. Life insurance definitely helps the survivors worry less. It by no means replaces the loved one, but it makes going forward less stressful when it's there than when it's not. The survivors aren't worrying about how to pay day to day bills or affording the childrens' activities. They get to focus on each other. I've had survivors go on a trip the whole family had wanted to but couldn't afford to. They felt tremendous gratitude as survivors that their loved one was able to provide such a powerful gift. I have delivered a few benefits and have felt tremendous pride in doing so. Knowing that in their moment of loss, I was there to help them and let them know that financially, they would be okay.
We need to make the choices that will take care of our families whether we're around to see it happen or not. They aren't the fun choices. It is the choice to see your family continue financially. It is a chance for your family's lifestyle continue, improve or suffer. The choice is made either way.
I proudly look forward to continuing help folks making the right choices to protect their families and ensure their financial futures. I am happy to be an advocate and facilitator for the protection of this and future generations. I hope we can help you as well.