What happens if you get sick or hurt? What happens if you can’t return to work for six months, or a year or five years or forever?
How long do you think your will savings last?
You need to start thinking about risk assessment and lifestyle protection right now to make sure you’ve got your family and your business protected should things go south.
Here are 5 questions you need to ask your insurance people to make sure you get yourself protected today.
- How much do I need and what do I need it for?
What’s your purpose for getting the policy in the first place? Who are you protecting? How long will it give them protection? How much will they get? How much do you need to replace your income? How much do you need to pay off your house, your debts, etc.? How much do you need to provide a transition plan for your employees?
- Are you a captive agent or a brokerage house?
Captive agents are insurance people who can only sell the products from their insurance company. Instead, look into going with a brokerage house that doesn’t work for any single insurance company. They’ll scout for all the rates for you and find the best carrier that fits your need at the best price point for the type of product you want or need.
- What’s the rating of the company?
Price is not the only factor here. You want to make sure that that policy is there, it performs, and it will pay out. Do they have a team and who is their replacement in the event that something happens?
- Who do I call if something goes south?
You want everybody to know your name in that insurance company. Make sure that they got a replacement. You want to make sure that you’re going to get good service.
- How often do you review these contracts?
You want to set a checkup for your lifestyle protection once a year. Review what you’re insuring for your home, your life, business, long-term care, disability, critical illness, and all the other types of insurance policies you have. Know how much coverage you have, where it’s at, and what it’s covering so you can take a look at the big picture with your team.
If you want to learn more about risk management and lifestyle protection, check out https://marissanehlsen.com/llr013.
