The Covid-19 pandemic was an unfortunate reminder, as many were unprepared for the health and economic crisis that followed. While it’s fairly common for people to have life insurance coverage while they still have debt, or a spouse and children dependent on their salary, many other potential situations go unplanned.
In a crisis, the stress of these situations becomes magnified and leads to unnecessary pain. It’s important to make sure that these often unaccounted for scenarios are part of the planning process, so when a crisis does strike, you have some peace of mind.
7 SCENARIOS YOU SHOULDN'T TAKE FOR GRANTED IN A CRISIS:
1. Consequences of a job change? Many people only have life insurance through their employer. However, as this pandemic has illustrated, events outside of our control can easily lead to job change, thus the terms of that insurance could change overnight. It would be wise to speak with one of our team members to ensure your family will have a consistent level of protection no matter how your job status changes.
2. As a business owner, could your company survive the changes or disruption if something were to happen to you or a-key employee? Whether something happens to you or an employee, it’s important to note the impact it could have on your business. Speak with one of our experts to make sure you have a business continuity plan in place.
3. When was the last time you reviewed your Estate Plan? Do you have an updated will? With life threatening viruses like Covid-19, it’s important to think about how the instructions in your will, like a Do-Not-Resuscitate order, could affect your treatment. Furthermore, if you were to become incapacitated, you want to make sure the right person is making decisions on your behalf. People tend to create an Estate Plan and then forget about it. But often, circumstances change. Our team can walk you through the resources we have for making sure that your living will is updated and your Estate Plan accomplishes your intended goals.
4. Is the legacy you plan on leaving tied up in the stock market? When crisis strikes, it can play a big factor in your investment performance. If your assets are invested in the stock market, it could have a significant impact on your ability to give back. Our team can help you put extra protection in place, while minimizing your exposure to risk.
5. Are you caring for an aging parent or other loved ones? People tend to think more about the people they’re taking care of than their own health. However, if something happened to you, would your aging parent or loved one still get the same level of care? It’s important to speak with one of our experts to put the proper measures in place to alleviate this concern.
6. Are your children saddled with debt? Do your grandchildren have enough money saved for college? In today’s environment, many young adults, perhaps even your children, are saddled with student debt. Depending on the timing of a crisis, their ability to pay down that debt, or fund a child’s education, could become near impossible. You may plan on helping, but what if something happens to you? One of our team members can help you put protection in place that could lessen their burden of debt and the high cost of education for your grandchildren.
7. Do you need long-term care insurance or protection against a chroinc illness? While a crisis makes us more aware of our own mortality, the options to protect ourselves can seem unreasonably difficult and expensive. We have invested significant time and due diligence coming up with creative solutions to make this need more attainable. It would be beneficial to allow one of our experts to walk you through potential solutions.