Hardship
Investment | Family | Retirement | Hardship
These protections can make a big difference in your life and the lives of those who are dependent on you.
Your Hardship Protection Checklist
Financial Plan and Budget
In dealing with hardship it is important to know the full scope of your financial situation. Designing a household budget will help you understand how much money is coming in each month and how much is allotted to expenses.
Godfrey Wealth Management Inc. has the expertise to help by creating a budget and a financial plan that will address your debt with a structured payment plan.
Things to consider
- If you had more money, what would you do with it (freedom, security, novelty, etc.)?
- How much debt are you currently holding (credit cards, loans, lines of credit, etc.)?
- Do you have a household budget? If so, what is your current total monthly budget?
Life Insurance
Participating Life Insurance
This insurance combines permanent life insurance with a tax-advantaged accumulation component. It is built on a foundation of guaranteed values, including guarantees on basic premium, death benefit and basic cash value.
Participating life insurance is particularly attractive to clients who:
- Have low to moderate risk tolerance (for at least a portion of their total investment portfolio)
- Don't want to be actively involved in the day-to-day management of the investment component of their life insurance policy
- Are attracted by the historical long-term stability and performance of the rate of return on participating account assets.
- Are looking for a core of guarantees with an opportunity to receive dividends.
Term Life Insurance
Term life insurance is well suited to meeting high, short-term protection needs for the lowest initial cost. I offer clients the following term solutions: 10 year, 20 year and term to 100.
Universal Life Insurance
This insurance provides permanent life insurance with a tax-advantaged investment component. As your cash values accumulate, you can use it to pay the cost of insurance or, depending on the option you select, to increase the total death benefit. This type of policy is generally non-participating and is attractive for people who want to actively manage their life insurance policy.
Godfrey Wealth Management Inc. would like to make sure that the details of your life insurance are arranged to your advantage.
Things to consider
- Life insurance can be arranged to assist your retirement.
- Do you plan on using your insurance for any other purpose (other than proceeds at death)?
- Who or what are you most concerned about helping out?
- Do you feel you have the plans in place to provide for yourself and/or your family? Would it impact where you live?
Critical Illness and Disability Insurance
Unlike life insurance, people who incur a disability or critical illness are around to witness the economic costs of these events. When income is protected through either an individual or group disability plan or other salary continuation arrangement, or protection from a critical illness is put in place, there are usually no or fewer financial concerns. Business owners and employees can focus on getting well and returning to work.
Living benefits allows you to plan ahead, protecting against the potential financial consequences of a total or partial disability. The cost is reasonable and payments can be structured into budgeted monthly payments. The variety of products available allows for a reliable income stream during disability and saves investments and other forms of savings for their intended purposes.
Things to consider
- A tax-free amount of money may be beneficial should you experience a critical illness.
- What costs would need to be covered if you were unable to work? (Rent, mortgage, bills.etc)
- Do you have family history of disease or health issues?
