Archive for category life insurance maryland
Every day at least one social media friend post about a person under the age of 50 dying unexpectedly. It seems that most of the time that person has a spouse and or children. It also seems that within days of the untimely death there are people asking for donations to help the family handle the funeral cost.
If you are reading this chances are you have a family. I am also going to assume that you love your family, and are making big plans for your children. Some of these plans may include a great primary and secondary education. Others may include making opportunities and experiences available to your kids in arts and culture. Some even plan to make sure their children get a solid financial start once they reach adulthood.
I applaud your plans for your children. Your kids will have opportunities that you never even dreamed about when you were their age. Your hard work and sacrifice is paying for all of these opportunities as well as the basics, food, clothing, shelter, video games, etc. Congrats because you have a plan and the work ethic to get it done for your family.
The sad news is that you most likely have no real plan in place to fully provide the INCOME it will take to carry out those plans if you were to pass away prematurely. Thirty Seven percent of parents with children under the age of 18 have no life insurance. Fifty percent of the parents that are insured have less than 100,000.00 in life insurance.
People are dying every day on Facebook, Instagram, and Twitter and leaving their families broke. Even people who have six figure incomes are leaving their families in horrible financial shape.
The uninsured risk of being a parent is hitting more and more families every day. Many 30 and 40-year-old parents are being stricken with breast cancer, diabetes, stokes, heart attack and sleep apnea. Not to mention simple work and non-work related accidents and car crashes. The ranks of the six figure earners are exploding with women and minorities like never before in the history of the U.S.. The numbers for Blacks owning life insurance are 3% higher than the percentage of whites who own life insurance but the amounts are inadequately low.
The ranks of the properly insured grow smaller every day. Why? Because the idea of what being properly insured is has not advanced in the last two generations and the wealthy are the only ones truly taking advantage of the opportunity to advance their family legacy through the proper use of insurance.
Being properly insured means being able to totally replace your yearly income for the full time your family will need it. How long do your children and/or your spouse NEED your income? How long does your family need your spouse’s income? Depending on the commitments you have made that could mean 25 to 50 years. 30 year plans for houses, 5 year plans for cars and 20 year plans for credit cards. Do you have a plan that will pay for that long? Do you have total income replacement insurance that you personally own? If not, you are leaving your entire family in peril every day because you refuse to totally cover the risk.
A recent survey was done of six figure earning parents and they were asked how much life insurance protection they had. The number than had over $500,000.00 was less than 5%. The number the that had none was over 20%.The number that would have none if they loss or changed their job was over 40%. This is an epidemic problem. Can your family lose over $100,000.00 of yearly income and still operate at the same level?
Life insurance is about replacing your income to protect your legacy and not leaving things to chance. Houses, cars, and other obligations are all gambling if you do not protect your downside risk. Let’s truly be honest about where we are financially because the risk is easily covered if we are determined to do so.
How to replace Income
$500,000.00 can only replace about $20,000.00 in income long term because you can’t really get more than a 4% guaranteed return in any stable financial instrument. That means to replace $100,000.00 you need about $2.5 million in life insurance. Put in the proper instrument it will pay $100,000.00 per year forever. It will pay your spouse, your children, and your childrens’ children, etc.. Learning how to do this properly and for as little cost as possible is an art.
BTW, If you have coverage on your job you need to purchase proper coverage that you own. Having insurance on a job is like having no coverage at all. If you lose or leave your job that is exactly what you will have only you will be older than you are now and the coverage will cost much more. Don’t fall into the trap that gets so many Americans. There are so many Americans looking for proper coverage that they are simply to old or too sick to qualify for. Insurance favors the young and the healthy and time is not on your side.
The structure of a proper income replacement plan is key. If you don’t have a plan that will replace your income for the next 50 years minimum then call me so I can help refer to an awesome advisor and teacher.
Having no plan is a plan to fail, and today’s parents are failing their children everyday by only considering the possibilities if everything remains perfect. Nothing ever goes perfectly. Plan for the worst and hope for the best and you will never have any regrets. You need a plan that covers you and your family if everything goes wrong. By law you cannot drive a car or own a home without proper coverage. Why can you be a parents without proper coverage. So much is riding on YOU!
If you need more information and a referral to a great professional, email me at email@example.com
Wishing you Wealth Wellness and Wisdom
Manager of Wealth
Tony Brayboy discusses the reality of retirement plans and the small amount of spendable income that comes from traditional plans. Mr. Brayboy makes a case for focusing on INCOME instead of Lump Sums.
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Tony Brayboy’s The Big Payback http://readthebigpayback.com/3-matrix/
Wishing you Wealth Wellness and Wisdom
Mark Fuller – Manager of Wealth
The pure truth is that you have a 5% chance of retiring with enough money to live well after retirement. To join this 5% of people who are as rear as white elephants you will need a lot of information, great habits, and advice from an exceptionally informed advisor. My advisor in this regard is Tony Brayboy of Matrix Wealth Management and he can help you as he has helped so many wealth seeking people in the past. Get his new book The Big Payback.
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I hope you got some food for thought from my last Blog post ” You Can Never Replace your Spouse But you Better Replace their Income,” Below is part two of my never before posted blog on how to use convertible term to affordably replace your spouse’s income. Enjoy and please comment or ask questions:
If you have questions please email me at http://firstname.lastname@example.org
Earlier today I was organizing my computer files and I found a great piece of video that I never shared publicly. If you and your spouse are working hard to provide a great life for yourselves and your children, this is a message for you. I truly hope you get a lot from this video:
Even if you are a single parent this is something to consider:
There is a second part to this video that I will post tomorrow.
If you need help finding the right professional to guide your family please email me at email@example.com