Don’t Put Your Future in “Jeopardy”

Why is insurance and financial planning relevant to your business?  Let me count the ways that they can prevent you from falling into “Jeopardy”.

While I can’t go through the entire presentation, let me highlight a few points that I think affect many of you.  Here is one from each of the four categories from the Jeopardy game at the CAWEE breakfast on April 13, 2017.

Group Benefits – Dental benefits are the most highly used  in a group plan. Adding group benefits to your company compensation package is great for employee retention and morale.  These benefits can be “traditional” group benefits, but other options include Health Spending Accounts and Group RRSPs.

Life Insurance – There have been huge changes in the past year or two.  Standard issue products are available by answering as few as 7 medical questions with no blood work, and you can do it over the phone.  There are more products on the market than ever before.  Most people can now get appropriate insurance coverage even if they’ve been declined insurance in the past.

True / False – There are so many misconceptions, I don’t know where to start.  Instead here’s a piece of trivia - The largest life insurance policy sold to a single person was a face amount of $201 million on an unnamed Silicon Valley billionaire - completed in March 2014.  I don’t know anyone who would qualify for such a large sum, most of my clients purchase life insurance policies from $500,000 to $2 million. .  For disability policies, I have sold policies with potential payouts of $10,000 per month (based on a pre-disability income of about $180,000). I have also sold life, critical illness and disability policies to fund Buy / Sell arrangements.

Planning – There is an adage – “Anything worth doing is worth doing well”.  Planning takes some thought, but if you have clear goals and some guidance, a flexible plan can be set up.  For life’s unexpected needs, some additional resources that you should be aware of include: the Trillium Plan (for Ontario Residents who have drug costs over 4% of their family income); (to pay for brand versus generic drugs); and ODSP (for Ontario residents with disabilities).

I hope that everyone had a great time at my “Jeopardy” game presentation, but more importantly, I hope that you learned something.  Feel free to contact me with your specific questions.

Heather Freed, CFP®, CLU, CHS, Certified Financial Planner, Insure Your Freedom

Picture Credit: Claudine Pereira, The Pink Coach