I see this often: Entrepreneurs often include themselves on their company’s group medical insurance plan. Alternatively, with family businesses especially, the entire business-owning family would be on the same group medical insurance plan. While this does come with a certain cost-benefit, neither of these approaches is a wise long-term move. I recommend that entrepreneurs, business partners, and family members in…
When it comes to purchasing Life Insurance, you’ll often hear the ‘time is of the essence’ pitch. Many Life Insurance agents are trained to use the passing of time as a scare tactic to create urgency to buy. While that is by no means pleasant to hear, it does have an element of truth attached to it. These pitches usually…
When I joined the Life Insurance industry back in 1999, I was a young, ambitious, and impressionable advisor. I got coached by an old-school advisor who taught me to use some pretty dramatic analogies and metaphors when selling Life Insurance. Some of these included positioning Life Insurance as a lifeboat or the spare wheel that saved the day when you…
Debt has got a bad name. The goal for so many of us is to clear debt, get rid of it swiftly. While most of us are familiar with good debt and bad debt, debt is still hardly ever seen as an asset or as a wealth-growth tool. Well, I’ve got an interesting client case study to share with you…
As an entrepreneur in a joint business partnership, it is important to think about the repercussions your business partner may face should something happen to you. Would they find it easy to handle the business once you are no longer around? Will there be new stakeholders in the business? And how amicable and smooth would the transition of these relationships…
Two different kinds of policies with very different applications. Before I jump into explaining when you require each one, let me start by explaining the structure of each of these policy types. Term Life Insurance Policies Temporary life insurance is the terminology used for Term Life Insurance policies. The reason it is called ‘temporary’ is the policy usually ends at a pre-planned date. For example, if you decide you’re going to buy a Term Insurance policy today for a period of 20…
