Why I’m Putting another 1 Million $$ Life Insurance Policy on me for my Business!

1 February, 2018

Why I’m Putting another 1 Million $$ Life Insurance Policy on me for my Business!

Filed Under: Financial Planning
Why I’m Putting another 1 Million $$ Life Insurance Policy on me for my Business!

I have big dreams! Big audacious bold dreams that I want to see come true. Should I die prematurely, heaven forbid, I don’t want those dreams to die with me. They don’t have to and here’s the reason why. I have an amazing team of people working with me who can carry on with these dreams as they share them too. The only missing ingredient is money. A significant amount of money would be needed to bring my existing team members up to speed with their designations in order to step into my shoes and take over.

Our existing clients would want and need reassurance that they can continue with the same level and quality of care they’ve been receiving. Even though I’ve been addressing their concerns all along ie: “Who will be the next Betty-Anne?” from a succession planning point of view, the ability to carry on requires additional financial resources that I want to get in place via life insurance.

Did you know that life insurance is the least expensive way to provide an individual, family or business with almost immediate financial resources to carry on, despite the emotional upheaval and distress that a death would inevitably create.

There is really no need for the additional financial stress that a death would cause. I work in the Financial Life Planning Business which includes what we call Risk Management that is, coming up with a plan to address these questions; what would happen if you were to die, become critically ill or need long term care. I have addressed all of these questions for myself personally and for my business, getting the necessary insurances in place to do so. Having said that I suddenly realized, now that I’ve expanded my team and feel certain that my dream of raising an additional 5 million $$’s for charitable organizations, and, improving the accessibility of financial information by making it interesting, relevant and fun will be realized. In addition, we are in the process of, with Kathleen Pratt M.S.W., creating a course for couples to enhance their relationship with money which will in turn create more intimacy in their lives. Finally I want to develop a programme for Financial Advisors to help them integrate philanthropy into their practices via more meaningful conversations.

Didn’t I say I have big dreams and I want to see them become a reality, with our without me.

As I mentioned earlier, in order to do that my team will need additional financial resources to help them deal with that gap my absence would create.

What gives me a great deal of comfort is knowing that; Paul, Jingling, Hakeem, Dave, Jack and Trevor will carry on with my legacy, making those dreams a reality. This provides me with peace of mind knowing that I’ve done everything in my power to make that happen.

As we all know, the availability of a large sum of money certainly helps, which answers the question; why I am getting an additional 1million$$ life insurance policy in place, owned by my corporation and naming my corporation the beneficiary of this policy.

For the record I already have over a million dollars of life insurance in place personally, to take care of my spouse, this too is extremely important to me.

I wanted to end on this question, have you thought about and more importantly addressed, what you want your legacy to be and how best to fulfill your dreams?

If you haven’t, I encourage you to do so.

Most of us don’t like to think about our mortality. When I think about how hard I’ve worked all my life and what I’ve created, I get a lot of satisfaction knowing that my legacy will continue, even if I don’t.

Insurance products available through Making Dreams a Reality Financial Services.