Back in the day, insurances are pretty straightforward. You buy a policy. You die. Your family gets the money. That’s it.
That benefit is called income protection.
With the ever-changing financial needs of clients, insurance companies now provide need specific policies such as retirement, estate taxes, medical coverage and college education (for your kids). Consequently, the demand for income protection have already decreased.
But I reckon that those new policies are just a by-product of income protection policies, and must be treated with equal importance.
Afterall, your family still needs to feed themselves, pay the bills, and have fun.
In this video, I give the things to consider when buying insurance for income protection. One take away that you can get from here is that this is not a permanent deal.
You’ll also see how your financial goals can (and will) change over time. That’s why this is not just an insurance video. This is also a self-evaluation episode where you can learn to have the foresight to estimate what your financial future might look like.