Insurance Understood: Switching campgrounds
By Medicine Hat News on August 25, 2018.
Have you been camping this summer? I have fond memories of camping as a child. Last week, I went camping with my family in Montana. We had booked a spot two sites away from our friends that also have a young family. There would be a total of seven kids so the proximity to each other would allow us parents to relax. However, when we went to check in, the campground host told us that they had given our spot to someone else. There was no reason for doing this other than human error. Their options to fix this was to take a spot 10 sites away for one night and then move to our booked site or to stay at the site that was further away for the entire stay. On one hand, I did not want to unload all of our camping gear and set up our tent for one night and then move but on the other hand, I did not want our families to be so far apart that we would have to constantly go back-and-forth between the sites. This was a conundrum. After considering our options, we decided to stay at the campsite for one night and then move closer to our friends. It ended up being the right choice and we were happy the rest of the trip. This made me reflect on insurance and how people sometimes increase their insurance coverage. They have coverage in place already but are confronted with the choice to either replace their coverage with a totally new policy or add another policy to top up coverage. There are many variables to consider in making a change. This task can be daunting without an insurance advisor. Your advisor should be providing you the pros and cons of each route. If replacing your coverage you should receive what is called a life insurance replacement declaration form which will outline all the considerations. This document combined with the discussion will help you come to a best decision for your situation. I continually have these discussions with clients and know that a proper review helps take the burden off their shoulders. They gain clarity and confidence with their situation. Just like my camping reservation, choosing the right amount of insurance coverage requires understanding all of your options. When you work with an insurance advisor and your professional team you can properly weigh out all the variables and make a better decision. You may end up in a better spot than you thought you could. 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. 6-5
