Insurance Understood: Get intrigued and engaged about your insurance plan

By Steve Meldrum on August 31, 2019.

steve@swellwealth.com

When you were a kid, did you like going back to school after summer?

Did you plan out the clothes that you were going to wear on the first day and pack your backpack in advance? Or were you dragging your feet, hoping that the reality of it would never come?

My three daughters are super excited to get back into a routine and see their friends and teachers. I can’t say that I was as keen as a child. On the flip side, I have many friends who have chosen to home school their children and the same anticipation applies to their children.

I truly feel that learning never ends and that education at any time and in any format is beneficial to the individual and the community at large.

Not everyone agrees with the current school system and not everyone agrees with home schooling. My own parents were both teachers so I feel like I have seen some of the front line issues.

Additionally, my clients often share compelling reasons why home schooling fits well for their children. I really feel that there are different ways to get education and it is not the same for everyone. This got me thinking about insurance and how it is important for everyone to have but the timing and method in which you get it can vary dramatically.

In past columns I have mentioned how you may obtain your insurance through work benefits, personally with an advisor or online, or by having your corporation own and pay for a policy.

The key thing is that you have and appropriate insurance plan and that if you need to claim on it, it goes to you or the people and causes you care about. Just like getting an education, I am primarily concerned that you get it. If you are early or late in obtaining it doesn’t really matter once you have it.

The same holds true for insurance and the policy that matters the most is the one that is in place when a death, injury or illness occur.

If we can agree on the importance of education and insurance then we can develop some more interesting ways to accomplish them.

School and insurance don’t have to be boring at all and in fact can be very intriguing and engaging. When you are taught what insurance can do beyond just the basis it can be compelling. Understanding the breadth of insurance structures will help you with tax sheltering, wealth transfers, retirement planning, family harmony, charitable giving and so on.

Have you ever had a teacher that was really passionate about learning teach you?

What do you remember from them and how have you used that information in your life?

Were you happy to learn?

Were you engaged and excited to learn, even when it was difficult?

Was the learning worth it and what it has done for you?

I really feel that everyone learns at different times and formats. If you invest in your learning it will only benefit you in the long run.

When will it? I do not know but if I use education as a comparison to life insurance I can say the same thing for getting intrigued and engaged about your insurance plan.

If you don’t have one you still have time. If you have any specific topics you would like me to write in our monthly article please email steve@swellwealth.com as I am sure others are asking the same questions.

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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