Taking Care of Health & Wealth

I admit that when I got the email indicating the theme of this publication this quarter, I became VERY excited. I finally get to talk about my two favorite subjects: insurance and nutrition.  

Our bodies work so hard every second of the day, performing all kinds of functions simultaneously, and they can’t create the compounds they need without help. 

Drinking enough water, getting enough protein, complex carbohydrates, and sleep, taking our vitamins…it is all critical. What we eat and drink matters. These gorgeous little nutrients are essential to our body so that it can continue to make itself. To live optimally, we must constantly contribute to ourselves all the good things.  

Taking care of your health is as important as taking care of your wealth. Protecting your wealth is important because you are assured of having assets that can generate income for you and your family in the future. Asset protection ensures that you are shielded from creditor claims by limiting their access to certain valuable assets, like the home you live in.   

A family can achieve this security by purchasing a Personal Liability Umbrella policy. This provides liability coverage over and above your standard auto insurance or homeowners insurance. It offers valuable protection for you and your family in your home against large and potentially devastating liability claims or judgements.  

Here is a quick example of how this could play out: Imagine you are driving in your vehicle, and you come to a stop sign. You need to turn right, so you look left to see if anything is coming and commence your turn when you see that the lane is clear for you to proceed. Sadly, you fail to look right, and you unintentionally hit a pedestrian in the crosswalk. As a driver and named insured on the policy, you are typically responsible for damages to the person and his or her property.  

Once the base limits of liability on your auto policy have been exhausted, it is 100% left to you to pay those damages. A personal liability umbrella would pick up after your base limits are exhausted, allowing you additional protection from creditors.  In addition to bodily injury, this policy could cover a host of other personal liabilities from an accident. Generally, if you have assets worth more than $500,000, you should consider a personal liability umbrella policy.  

When you care for your body, your body rewards you with longevity. A 2018 study by a group of researchers led by Harvard scientists found that adopting healthy habits could extend life expectancy by fourteen years in women and twelve years in men! It really makes you want to go out and buy a green juice, right? But regardless of this encouraging information, the fact is that one day we will die.  

To me, it would be quite useful to know on what day this will occur, because I am a planner. I want to make sure the chaos is in order and everything is organized so that no one need worry, especially regarding our finances. I don’t want them to be concerned about our mortgage payment or the fact that my paycheck is no longer there to help with their needs. I own life insurance to manage the fear I have about leaving this world unprepared.  

Owning life insurance will help your loved ones with funeral costs, rent or mortgage payments, unpaid bills, and income replacement. It can make sure that your children don’t have to worry about who is going to pay for higher education because it was part of your life insurance plan. In most cases it’s obtainable and affordable and offered by a large number of companies.  

You may be just like me and want to check out the reviews of a restaurant you have never tried before booking a reservation. It would be in your best interest to review, before you buy, the financial strength of the insurance company you are considering as your first choice. Let’s be honest—what good is an insurance policy if the insurance company can’t deliver on the promise it made you to pay? The four main rating agencies are A.M. Best, Moody’s, Standard and Poor’s, and Fitch. An “A” rated company is likely to honor the terms of its policy.  

With all the different advice on your wellness and protect your wealth, it can become overwhelming. Try and keep it simple. Eat whole foods, drink plenty of water, and get plenty of rest. Cultivate pleasure and connection with your loved ones, and of course, check in with your insurance agent regularly.