Insurance Strategies
A Plan Tailor Made for You
Life insurance has been often referred to as a “necessary evil” when in fact it is nothing more than a tool that can be used to add security to your financial arena. The marketing propaganda that the insurance industry has produced has created much confusion regarding insurance. This can be seen when one insurance company competes with another insurance company where both will tell you that their policy is the “cure all” for all of your financial needs and situations. Have you heard these lines? “Buy term and invest the rest,” “Buy whole life for your whole life,” or “College and retirement planning with life insurance.” None of these are wrong or right 100% of the time and companies should not market as if it were either.
There are three things that you must first establish before deciding what kind of insurance to purchase:
1) “What is the need, or why are you considering buying insurance?”
2) “What amount is needed?” and
3) “How will this affect the rest of my financial life?”
These and other questions can be answered by performing a Capital Needs Analysis. Your FinBal® Qualified FSP will ask you a series of questions to determine your goals and needs. From this information, your FSP will be able to help you decide what type and amount of insurance will best meet your needs.
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