Insurance Understood: Squeegee
By Steve Meldrum on September 16, 2023.
I had some meetings out of town this past week. Therefore, I went to fill up my gas the night before leaving and noticed that my windshield could use a clean. So, I went for the classic red handled squeegee, but this one was slightly different than usual. It simply had a longer handle, which allowed me to easily reach across the whole windshield, without having to walk around the car. I loved it. Simple, easy and effective to accomplish my goal. It got me thinking about life insurance. Do you have the reach you need? Most people have life insurance in some form. You may have some through a job, your business or have applied for some yourself. I’m glad that you have at least something. Of course, having some level of insurance is better than not having any at all. My question is if the amount you have now is enough to reach your needs and wants simply and effectively. In other words, does your squeegee handle have the right reach? Take an inventory of what you have. Reach out to your HR department at work or look up your benefits online, look up your bank statements to see if there are charges there for anything, open that filing cabinet and so on. Is what you have going to be enough? You don’t want to be so short that it’s a difficult and awkward reach to get the job done. Think squeegee again, you don’t want to clean the windshield but get your clothes dirty in the process. When someone passes away the executors only ever ask me what the amount of coverage is. They don’t care about the type of insurance, or what company will be paying. This is because they want to determine the impact to the estate and ultimately the beneficiaries. Is it enough to cover taxes, business dealings, and income protection for the beneficiaries? These are very subjective questions, but nobody has ever told me that the amount of life insurance reaches too far. Having a better reach gives you more options. Everyone loves to have a clear vision of the future and their estate plan is no different. If you can clearly look into the horizon you will be able to avoid potential hazards. Don’t think that by just cleaning the driver side and neglecting your passenger side will be good enough. You should have a full view. The people along for the ride with you will appreciate it too. Life insurance can clear up a lot of debris and issues. Yes, it can even get those nasty things that are bugging you off if you spend a bit more time investigating it. Life insurance is boringly simple most of the time but it works. Picking up a squeegee is boringly simple, too. I just hope you get a long handle so that you can accomplish your goals simply and easily. 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 9-8
