Don’t Wait Until It’s Too Late

The focus here is to educate you with the benefit of my experience and research, so you can avoid mistakes in your estate, business and life insurance planning going forward or fix the ones you might have made, if possible.

Wisdom comes from experience and research over time. Hopefully, we all learn from our experiences and those of others as well. Why do we repeat so many mistakes in protecting our families, estates and businesses if we can readily access the experience and knowledge that we need? The reasons may be that: planning with life insurance is intangible, and therefore, difficult for some people to grasp fully; there are few resources that make it easy to understand the numerous alternatives; too few advisers or insurance agents know enough about these alternatives or how to strategize beyond the basics; people have been sold life insurance as a product or concept, rather than buying what is right for them.

It is unfortunate when our planning, or lack thereof, brings about results that we didn’t expect nor desire for us or our loved ones. You may be able to fix some of the planning mistakes, while others may be irreversible. It’s far easier to avoid mistakes than it is to fix many of them, which may cause some people to procrastinate. You’ve probably heard the old adage: “Measure twice, cut once.” Cut without measuring, and who knows what you will have. Preparation is the answer.

The best time to review your estate (life insurance included) and business plan is before major life events occur, or soon thereafter. We all know the value of having adequate insurance to replace our homes if they are seriously damaged or destroyed, and liability coverage in case we are ever sued. Yet, there are people who have families or run a business without any protection to replace their future income and success.

You have a much better chance of achieving your financial objectives if you develop a plan. Failing to plan is a plan to fail, but a plan without implementation is a waste of time. Don’t wait until it is convenient to take action. It may never be.

Every decision you make on paper can have serious and costly repercussions, so you should review your plan with a competent estate, business ad life insurance planning expert as soon as possible. PlanPrep offers this service.