Insurances are there to provide an income when you can’t. 

We all want what is best for our families and we would like to be able to provide for them. When things go as planned, we can do that. When bad things happen, insurances are there to pick up the slack. 

If we were guaranteed our life and our health in the years to come, it would make financial planning so much easier. Because we have no guarantees on our tomorrows, insurances can play a vital role in how we plan to take care of our families.

Sometimes I will ask people how much insurance they would get if it was free. They always say, “as much as possible.” It’s not that we don’t like or believe in insurances, we just don’t like parting with money to get it. Instead of seeing it as an expense, we need to look at it as an investment in our family for today and the future.

If something bad were to happen to you, what do you want it to look like for your family? Do you want them to struggle financially and “just get by” or would you prefer they be able to live a life very comparable to what you are providing for them today?

Insurances are there for your family when you can’t be there in the same way as you are now.

There is a saying that in a time of need or crisis, family and friends will bring you flowers and casseroles.  An insurance company will bring you a cheque. We need family and friends, but we also need the money for cash flow.

When you look at “go fund me” pages, a high percentage of them are trying to raise money for a family that has just gone through a crisis–a death, disability or critical illness. Most of these attempts do not reach their financial goals. 

The reality is this–family and friends will be there in the early stages of this time of crisis but, their lives go on and return to normal. Your life does not return to normal and money will be an ongoing need–not just in the early days.