Does everyone really need insurance?
We have all heard the phase “being insurance poor”, but is that really a true statement? Is insurance just something that you pay into month after month, year after year, or is it something more?
For most of us money is a finite resource, we only have one or two sources of income. When money is deposited into our bank account is never seems to last very long after we have put a little aside for retirement and pay the bills, we try and have a little fun with what is left over.
As the years go by and our assets and net worth start to increase we want to know that no matter what happens we won’t lose what has taken us years to accumulate.
That is the real purpose of insurance, paying a premium in return for a large sum of cash or benefits that will allow us to pay unexpected medical bills, mortgages or provide the necessary financial resources to take care of out families in the event of a premature death.
If you have children, you are well aware that the bills never seem to stop. Food, gifts, sports, recreation and family holidays weigh heavy on our pocketbooks and make us realize how truly important our salaries are.
If you could not longer work due to ill health or accident, what resources do you have at your disposal that would allow you to remain in your world? How long would they last? The same is true with a pre-mature death, what resources are currently in place that will protect your income and your family so they can maintain the house and still have the opportunity to go to a post-secondary college or university.
Over the last number of years the statistics in North America are showing the average family has an increasing debt load and savings is at its lowest point in decades.
Insurance does matter; it takes over providing for your family when you can no longer do so. I encourage you to review the insurance sections on our website and consider your own situation.
If you have questions about your existing personal or group benefits insurance and want to know where you stand with your existing coverage, give us a call or send an email we would be happy to help.