Insurance Understood: Backcountry camping anyone?

By Steve Meldrum on July 17, 2021.

I love camping. Specifically, ultralight backcountry camping. It requires attention to detail, takes me to wonderful places and provides balance in an otherwise hectic world. This summer I am taking my daughters out and want them to have great experiences too. Camping can differ a lot based what you want to experience. The same holds true for insurance.

If you just want a basic insurance plan, then it can be very transactional and easy to obtain. You really don’t need much preparation and don’t have to worry about a lot of details. Similar to camping, where amenities like showers, bathrooms or garbage are provided, it can be as simple as paying into a plan and having a death benefit paid out. A lot of people can have the same experience and a lot of people will be content with this. Although it is mainstream, it is sometimes the best option. I remember when my kids were toddlers this was what worked for us.

Backcountry camping requires more planning so naturally, less people are looking for that type of experience. That is ok. Not everyone has the ability or desire to go into the backcountry. The same holds true for advanced insurance policies. However, if you do decide to go this route, you should prepare for it properly. Plan out what you want to see your insurance policy do and when. Do you like to have a gradual climb, a steep one or the option for either? This can relate to both the death benefit and to the cash value of the policy. Be aware of potential challenges and dangerous routes along the way. Do you have contingencies when the weather of life rolls in. You don’t want to get caught part way into your insurance plan, then realize you won’t make it to destination. You need to be aware of your capacity and your abilities. Just because someone else has done the hike does not mean you are fit for it. However, you can ask those people questions to help you determine it. Additionally, there are professional guides for hire that can ensure you take the right path. There is a big difference between reading something in a book and being in the backcountry. I love that difference!

Steve Meldrum B.Mgt. CFP CLU is the founder of Swell Private Wealth Ltd. For over a decade he has specialized in helping individuals and businesses expand protect and perpetuate their wealth. For further information or tailored advice, contact him at 403-487-0490, steve@swellwealth.com or connect on social media.

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