When it comes to finances, what you don’t know can hurt you. As you plan for the coming year, include financial protection also. Here is what Andrew Onobrakpeya has to say about it:
James woke up one Saturday morning and was very impressed with all that God has done for his family. He has 2 lovely children, a boy who is 9 and a 6 year old girl. He has a very good and supportive wife, Emily, who keeps the home front in perfect order, and a full time home maker. He has an impressive property (secured on mortgage) and a very good job as an IT Consultant. He is a good christian who knows that all he had gotten in life could only have come from God. He sees life in God’s perspective and tries hard to please God and encourage his young family to do so also.
The following Monday when James got to his office, he saw a colleague of his, Bevan, packing away some documents and settling down for the day’s work. James asked Bevan what documents where those, and Bevan said they were Life insurance and Trust documents he just acquired from his Protection adviser. “Oh, I don’t believe in that insurance thing”, James retorted. “Insurance companies don’t pay eventually, so I really don’t bother”, James concluded. During lunch break, Bevan brought the issue up again but James dismissed him saying “I will find time to look into the insurance stuff when I can”.
Later that day, on his way back home, James had a heart attack and was rushed to A&E. The doctors immediately tried to resuscitate him and to the glory of God, James survived. A few days later, James was discharged and started to make some good recovery.
One day, whilst taking a walk as part of his physiotherapy exercises, he suddenly thought to himself ‘I could have died from that heart attack’. ‘What would have happened to my young family? Where would they live? (as their current property is on mortgage), and how will the children fare and go to school?. Who would provide for his family?’, he asked himself.
James then realised that he had been foolish not to have put in place adequate financial plans for his family. The Bible enjoined a good man to “provide for his family and to live a good inheritance for them”.
In view of this new realisation, that same day James called a Protection adviser he got from Bevan and put in place a family protection insurance package that provided for the payment of his property mortgage and other educational needs for his children in the event that he is no more.
Think about it critically! What would happen to your family if you paradventure pass away? Do you have enough financial deposit or assets that could take care of your family? This is the real reason for putting in place a good family protection plan to cover all financial liabilities, in the event of ill health or death.
The other perspective is that few people go to the long haul to secure Life insurance plans but hardly have they been told to put these in Trust. Trust ensures that your life insurance cover is paid out on time (some life insurance could pay out in up to one year, whereas you may need the money asap!). Trust ensures you avoid inheritance tax and also that your intentions go to the right beneficiaries. Do you have a Trust in place for your Life Insurance policies?
The above is food for thought. But help is within reach. To understand how these all work, get the right and first hand information and to put these products in place, please call:
Owl Protection Adviser (part of Openwork Ltd)
Email – firstname.lastname@example.org
|Andrew Onobrakpeya is an Appointed Representative with Owl Financial (part of Openwork Ltd) and a trained Protection Adviser, who has provided insurance advice on life, income, critical illness, and accident/hospital benefits for over 6 years.|
Andrew is good at what he does. He works with his clients from the heart of a teacher. He lets you understand your choices in policies available and how you and your family can benefit the most from them.
What better gift can you give your family this Christmas than the gift of protection? I highly recommend Andrew. Make an appointment with him today.
Till next time,Niyi Adeoshun
Money Management Coach
Author of "The Price of Financial Freedom"
(3 Essential Steps for Breaking the Cycle of Debt)