Almost any situation good or bad can be handled by the triangle. First you start off with life insurance. Did you know that you can purchase life insurance on a 6 month old. Now you’re probably asking why would I do that? Well for one thing you’re protecting the child’s insurability. What if in a few years you discover your child had some type of birth defect or developed an illness. As the child gets older he or she may never be able to qualify for life insurance or long term care or disability insurance either.
Did you know if you purchased a life insurance policy and if it’s a certain amount that you could sell it and use the money to supplement your retirement or just have one? There’s more to having life insurance than just leaving it to someone after you are gone.
LIFE INSURANCE
Here are a few factors you should keep in mind when purchasing life insurance. The reason for the purchase Age, weight, health, height, face amount, how much you’re willing to spend and type of insurance. Don’t just throw out a number and say how much without having a conversation about how this policy will help your goals. It could be for family protection, replacing income, sending kids to college, retirement planning etc. the way you would figure out how much you’ll need is to add up the cost of what it would take to achieve that goal for example; 4 year college for 1 child May cost $250,000 plus lost income for 5 years of someone making $90,000 a year times 5 equals $450,000. Combined that should be $700,000 to $1,000.000 worth of life insurance. Now depending on what you could afford you could buy permanent(whole life) or temporary (Term) insurance.
When it comes to buying life insurance there’s only 2 types of people in this world and that’s the ones who cares and the ones who don’t. How many times have you heard of a trade by of a family or a person of means and they have to use GoFund Me in order to accumulate money to either pay bills of funeral cost. During their lifetime they may have had an opportunity to do some of the basic things that if done at a relatively young age you wouldn’t have to need help. For example, these young rapper who rap in Drill music seems to never make it past 25 years of age on average cause their lives a dangerous lifestyle carrying guns, looking to kill their “Ops” ( opposition) or committing crimes that can land them in jail from a few years to life.
Life insurance, pension plan, health insurance and disability insurance buying a home or sound investments like. before you do anything, if you are young and making money, start slow but make sure this triangle is filled in your life then you can live it. But remember, the older you get the more expensive it becomes.
DISABILITY INSURANCE
There’s a saying in the insurance world that you’re more likely to become disabled than dying. You also can have the preverbal front row seat to watch your life crumble around you if you should become disabled. But you can avoid that with the proper disability insurance that you own, not your job. Because if you ever leave for place of employment most if not all benefits stays with them.
John Que Public 