How To Eliminate Loss Of Income Woes
Life Insurance? Why? All my monies are accounted for and put into their appropriate jars already.
It Comes Down To Responsibility, That’s Why.
The idea of protecting things like your car or house are pretty common. Although car insurance is mandatory in North America, if it weren’t, it would probably still be a good idea to get it. You’d want to make sure you could cover any damages from an accident. Likewise, protecting the investment of your home from the unexpected events like, fire, flooding, theft, etc. is also very wise.
What is one of the most important things to protect? Your ability to earn an income. In today’s economy, everything is driven by money. It may be sad, and it’s the truth. The more money you have, the more options you make available for yourself and your family. The car, the house and the insurance to protect both these items all have one thing in common. They require money or your income. If you were to lose your income, then those things could also be lost if you can no longer afford to pay them.
Not only does getting fired or laid off from your company have the potential to be a low season in your life, it may also be a cause of lost income. You still have the ability to work, which means finding a new job is possible. However, in the event of a physical disability, critical illness, or premature death from an income earner in the household, bouncing back from these situations are a bit tougher.
When en route to your financial independence, your financial housing may be less secure in the early stages. Let’s continue with the car and house. In the early stages, if you do not have enough liquid assets to purchase the car or house outright, you may be required to finance it via a loan or mortgage. You signed a contractual agreement to pay back your loan or mortgage in full with a payment structure over a timed duration. This creates a financial responsibility and you are responsible. A loss to your income during this time period may be devastating since it could affect your payments; and when payments are missed you may lose your car or home.
Insurance can be complicated and could be the reason why it’s often not talked about. With a plethora of products and companies out there getting the right type and the right amount of insurance can seem overwhelming, and pose the question, “Where do I even begin?” The foundation to building a solid financial house, means protecting your ability to earn income. Would it make sense to take 2% - 3% of your income to protect 97% - 98% of your income? Seeing you win for you and your family is my duty. If you’re looking to protect the most important aspect of your financial situation (you and your ability to earn income) and you would like to see what options are available to you, just give me a YASSSS and reach out to me. It would be my pleasure to help you get a better understanding of your options.