Protecting your family’s lifestyle and their financial future is simpler and easier than you may think. You only have to know the shortcuts and take them before it’s too late.
We created “The Ideal Financial Security Portfolio for Families” for this purpose. It includes the eight critical components for your family’s financial security.
Compare your family’s protection plan to our recommended “Ideal Portfolio”.
It’s really not that complicated, so…
If money were no object every family would be sure to stock up on all the financial security they could get. Here is what we recommend in that case.
1. A Will and Powers of Attorney
Know a dysfunctional family? Sadly, these may be the people who will be fighting over you and your stuff unless you make your choices legal today. Decide in advance and be sure your wishes are respected and your family knows the ground rules. Keep peace in the family for generations when you decide in writing with a Will.
2. Life Insurance
Your family’s financial security can change drastically in a heartbeat unless you’ve protected them. Life insurance totalling ten to twelve times your income plus your debts often does the job. (The maximum coverage is about 30 times income. Are you getting your share?) Your price depends on the length of time you need it.
3. Critical Illness Protection
When you get a tough health diagnosis, you’ll be relieved you thought about this. Protect your hard earned assets and still have the money you want to convalesce in peace. Covering three years worth of your gross expenses is a great start. Protect yourself from a loss of dignity and independence as you age and can no longer take care of yourself.
4. Income Replacement Insurance
When you are sick or injured and can’t earn an income, how will you and your family survive? Replace approximately 60% of your income (to a maximum) paid to you monthly. Guarantee paycheques. Consider topping up your group benefit or get a personal plan today.
5. Insuring the Ones You Love – Spouse & Children
What impact would grieving the loss of a spouse or child have on your long term lifestyle?
How long would it take you & your family to adjust to the loss of a spouse or a child?
You can recover even when terrible things happen. Life & critical illness insurance on all family members can literally save your family from destruction and financial ruin.
6. Savings
Disciplined saving is more important long term than investment strategies. What’s your savings strategy? One way is to live on 80% of your net, donate 10% to charity and save 10% for the future. Set up a saving plan for an Emergency Fund, Tax Free Savings Account and RRSP.
7. Canadian/Foreign Travel Insurance
All provincial medical plans are not the same.
You can as easily be stranded across the country as across the border.
8. Your Affairs in Order Booklet & Emergency Relief Vault
Organize and keep records of your personal and financial affairs in a safe place.
Our “Emergency Relief Vault” is perfect. Spend a little time now and save a lot of anguish, time and money later. This is the most unselfish element of estate planning you can do for the people you love.
We have found that this common sense approach to “Primary Practical Financial Care” will maximize your peace of mind so you can get on with the day-to-day realities of life and not wonder what would happen “if”.
Ask yourself – Are you prepared for what it is you want for your family?
Call me and I will walk you through this “8 Point Portfolio”. I guarantee you will be glad you did.
The Bottom Line… Who are we Kidding?
This “Stuff” Doesn’t Matter – Until it Matters – Then it Matters a Lot.
Because Your Family Is Everything… I’m Norm Lang and for twenty-three years I have been helping breadwinners, business owners and professionals protect their families lifestyle from the ravages of “Financial Threats”.
Why not be confident, That you will have what you need financially, when you need it most.
Let me help.
One Great Quote…
“If you are depressed, you are living in the past. If you are anxious, you are living in the future. If you are at peace, you are living in the present.”
Lao Tzu
