Insure Your Future Income

Insure your future income is the sixth cure from The Richest Man in Babylon.  “ Provide in advance for the needs of thy growing age and the protection of the family. It behooves a man to make  preparation for a suitable income in the days to come, when he is no longer young and to make preparations for his family should he be no longer with them to comfort and support them”   

Have you plan well for your eventual retirement so that you have sufficient money to outlast you and know that you are in control of your future? Are you adequately insured and protected  against the unexpected so that you create an immediate  estate for the protection of yourself and family?  Investing in insurance to protect yourself and your family is sensible, in case of unforeseeable circumstances happening to you.

In a nutshell, when you buy an insurance policy, you will pay a premium to maintain coverage in case a specific act or event occurs. If something happens, you win because you have insurance coverage. If it does not occur, you also win because of the assurances you gain from the coverage.

Do you have Medical cover ? Do you have personal accident cover ? Do you have life cover ? What happens to your family, if you are the sole bread winner and if anything happens to you or if you are partially or totally incapacitated. Who is going to take care of you and your family? Make sure you are adequately insured. If something does happen, you can sleep at night. You are covered.

For example, life insurance is protection for your family in case of your untimely death. A lump sum would be paid to your next of kin or beneficiaries to provide for outstanding mortgage payments, children’s education expenses, or other expenses that your beneficiaries could not otherwise pay because you were the only sole bread winner for the family.

Take time to research the various insurance alternatives to suit your insurance needs, just as you would if you were investing in stocks, bonds or mutual funds.

Do not over insure or having duplicative insurance as having too much insurance is just waste of money. In the same token, you don’t want to be underinsured. Consult with a qualified financial planner or insurance agent regarding your insurance needs and requirements. The earlier you start, the lower will be your insurance premiums.

If you want to ensure financial security for you and your family in the event of something bad happening, then you have to plan and prepare for the unexpected.  This then, is the sixth  cure for a lean purse from the Richest Man in Babylon.

Trust you enjoy the sharing.

To your success and financial abundance.

By Michael Tay   www.michaeltay.com

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