January is a peak time for most Americans to take time to reflect on their previous year and what they were able to accomplish. Sometimes it’s a good review, and sometimes it isn’t so pleasant. Care to share what things jump off the page from your 2013?
If you’re like most others, the New Year also brings out the willpower for a New You! Goals are set and new habits are formed, from diets and personal life changes to maybe a career change in your professional life. In either case, it’s a time to set forth a new path with new goals. Should your financial life stake a claim in 2014?
If you’re unsure where to start with your 2014 financial plan, always begin with insurance and basic budgeting.
Insurance is the foundation of financial planning. If you begin a plan without insurance, you are flying without a parachute. All the hard work and savings you accumulate could be thrashed overnight with just one accident, one disability, one death. Part of building wealth is protecting what you already have.
Life insurance is one of those key items. Life insurance is undoubtedly imperative to own if you have loved ones who depend on you, a business which you provide major value, or if you are would leave any significant obligations to someone else should you have an untimely death.
If your 2013 was filled with a home purchase, a new child, a new career, or a large accumulation of debt, there are your reasons you need to purchase life insurance right there! Protect the ones you love from those you owe, and provide for them what might have been lost.
Buying life insurance in 2014 will prove to be one of the easiest environments we’ve ever seen. There are more products available than ever before, ranging from a 1 year product up to 40. There are policies which are fully underwritten, and policies available for those who want to skip the medical exam. There are even policies available for those who can’t qualify for standard life insurance due to health risks.
If you’re a consumer, grasp your age now because you’ll never get it back. Life insurance prices are based on age and health as the two primary factors, so don’t delay anymore or you may regret it deeply later. You can’t get 2013 back, and you can’t get your previous years back.
If you’re an adviser, take the time this year to learn new products. Every adviser has their bread and butter they love, but the market is moving forward because needs are changing. The entire environment is moving forward; don’t be left behind. If you don’t offer a full-line of products, maybe consider picking up a new type just once per quarter and identifying a situation where it could be used. If you weren’t happy with your 2013 revenues, or you’re just looking to increase this year, a new product for a new niche might serve you well.
2014 is here, and it’s going to progress just as fast as 2013. Take care of the basics, and make an impact on your financial goals this year. Make 2014 count.
ABOUT THE AUTHOR
Jason Fisher is co-founder of Waterway Financial Group, LLC. and co-author of The Life Insurance Blog, an independent resource for all kinds of life insurance policies. Jason has been in the insurance and financial planning industry for years, having special expertise in high risk life insurance.