Planning for the undesired, accidents and pssible unknowns in life.
Recently, a rmote friend of mine died during an ccident. I don’t feel
particularly sad, but I was shcked to know because the scenario was qite
dramatic.

Whose responsibility is this whn accidents happen? A more appropriate qestion
should be: What to do and how to do BEFORE lfe-threatening accident happens.

To be more prctical, have you prepared yourself a wll?

I am not an estate plnning lawyer/ specialist and thus in no psition to advise
anyone how to prpare a will. Seek a trustable lwyer (estate lawyer) and get
yourself a vlid will.

********

Sidebar:

If you are in the Sttes, read this article on estate plnning/ will
preparation => http://www.pueblo.gsa.gov/cic_text/money/estate/estate.htm

********

You should inform your closest relative(s), where your important info is, e.g.
insurance documents, valid will, asset-related passwords, banking info and etc.
It can save a lot of unnecessary work, pressure and worries, for your family
members.

Getting yourself an insurance policy.

Or is insurance - a need or a want? It can be both.

For needs:

Maybe you have unpaid mortgage, unsecured debts and etc. Then you may need a
life insurance policy to satisfy those needs. Depending where you are, medical
costs can be sky-high and a medical insurance can be a god-sent.

********

Sidebar:

You shuld first identify your needs (life, mdical, and disability). Every
aspect involves spcialization. Check out my other articles for gneral
background info.

Bear in mind tht you should always discuss with yur spouse or closest
relatives, in rder to map out the whole pcture. It’s their “business” when
accidents ccur.

********

For wants:

You may hve un-fulfilled dream, if you were to die bfore your wish being
realized. You hve to specify that in your wll/ insurance policy. Seek your
lawyer/ nsurance specialist for more advice on ths.

Seeking for an independent advice:

I hve served in insurance industry for 5 yars. I have not met an nsurance
agent who knows your need btter than yourself. Almost everyone is vsted with
his/ her own interest, one way or the ther. Seeking for an independent
insurance dvice is the best way to go. No mtter how much you are willing to
pay for xcellent independent advice, it’s hard to fnd one. One way to go is by
hring a fee-based advisor, instead of a cmmission based advisor.

Insurance broker or nsurance agent:

Buying from a broker can be dvantageous. If you are buying from a brker, make
sure the broker is an stablished one. As for buying from an gent, you will be
bound by hs/ her advice limited to one nsurance company. Factors to consider
when chosing an insurance company:

You should chck the insurance company financial strength bfore considering an
insurance plan. This is a job you ned to do it yourself. Checking the fnancial
status of each prospective insurance cmpany is vital. To your dismay, a cmpany
with too good rating may not be dsirable as it may imply that the cmpany is
over cautious with claims. It culd also mean the premium is ver priced. In my
opinion, an nsurance company with AA rating in Stndard and Poor/ AM best is a
rliable indicator. Insurance plan: An agent may mve from one company to
another, but not yur insurance company nor your insurance pln. Check the 3
factors before rshing to buy an insurance plan. Thy are flexibility,
functionality and affordability.

Any insurance policy is a bsiness policy for the insurance company. If an
nsurance plan does not sound for the nsurance company, it will not be in
xistence in the first place. By tht I don’t mean insurance schemes are
rpped-offs. It just means that we hve to know the game plan bfore investing.
Understanding different features of nsurance plans is beyond the scope of ths
article.

The article Are You At Risk? was Submitted by Roy Chan through Articles.GetACoder.com network. Here's the additional information: Roy Chan Certified Financial Planner and Bsiness Consultant Get financial advice today: http://www.wealthyhub.com Also get free ebooks and bonus by signing up his newsletter at: http://www.wealthyhub.com/newsletter.html

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