#RichLifeLawyer Show 001: Family Protection With No Savings
Hey everybody, this is Christopher Small and this is episode number one of the #RichLifeLawyer Show and I’m excited to be here with you today!
If you’re here at the beginning, that’s great. If you’re here and you’re watching episode fifty and you want to go back and see what number one looks like, that’s awesome too. What’s important is that you’re here.
Thank you for being here. Welcome.
I’m excited to really talk about something that’s pretty important today. Something that I know I dealt with a lot in the past and something that I’m excited to talk to you about.
It’s really about how to protect your family in the case when you don’t have a lot of savings built up.
What is Family Protection?
What I’m mean when I’m talking about family protection, I’m talking about something that just happened to you, so if you would die, if you become disabled, something like that.
If you are out of work, in that kind of a situation, it’s time to hustle, right?
It’s time to go get a job. It’s not a time to have a big ego. It’s time to go do what you have to do.
But when something happens to you that’s out of your control, something that could kill you or something that disables you, then you want to have something to fall back on.
There’s two really big things that I want to talk about today that deal with that and you can get them today even if you don’t have a lot of money which is pretty great.
Life Insurance and Estate Planning
The first thing I’m going talk about deals with that situation where you could die.
I never like to talk about dying, but I king of have to because of what I do. got Part of what makes it okay for me is that I know when we talk about it, we are trying to control the situation so that it doesn’t really produce a lot of tragedy down the road.
The one thing that you could do from monetary standpoint to really protect your family if you don’t have a lot of savings, if you don’t have great wealth, is to buy life insurance.
We have insurance for our car, we have insurance for our house, we have insurance for our property, we have insurance for everything. And we need to have insurance for our life, too.
If we die we want to be able to protect and take care of our family and that’s the way to do that.
And the great thing is, if you’re young, if you’re under forty, if you’re under forty-five probably, you can get a life insurance policy worth a lot of money for a little bit of payment every month.
I think I checked in and got mine a little while ago and I wanna say it’s like forty, maybe like forty dollars a month for a very significant amount of life insurance.
That’s important to me because I want to make sure that I’m protecting, like I said protecting my family something should ever ever happen to me. And I’m encouraging you to do the same.
Disability Insurance and Estate Planning
The second situation that you want to think about and take care of and sort of manage the risk on is if you’re disabled.
A way you can do that is another form of insurance called disability insurance. It’s even cheaper than life insurance in many respects, in many instances, but what it basically does is guarantee you an income until you would hit retirement age up to whatever amount that you buy.
For example, you can buy disability insurance that would pay you fifteen hundred dollars a month, pay you thirty-five hundred dollars a month. Typically, it revolves around your actual income but you can imagine what a relief it would be to you and your family if you did get injured in some way, if you were disabled in some way and you could fall back on that disability insurance payment forever.
You can rest easy knowing you and your family will get you a check every month and it’s not taxable.
There’s a lot of good advantages there but the biggest advantage is that it protects you and your family from those times when you really need it. You know when you’re helpless in a lot of ways.
If you don’t have that kind of stuff, I encourage you to go get it. If you need some help on finding someone that could get that for you, you know obviously we can help you find someone.
There are a number of people in my network who focus on life and disability insurance.
P.S. Do you have kids? Have you completed guardianship paperwork? Have you done it correctly? Click here to find out what happens if you don’t do anything: Are you okay with a judge choosing the guardians of your children?
P.P.S. Do you own a business? Do you have a plan so the business, and your family, can survive if something happens to you? If not, click here to learn how simple it is to protect your business and your family from tragedy: 5 Ways to Protect Your Business from Catastrophic Failure.
P.P.S. Do you have no kids and think you don’t need an estate plan? Single and think a will is only for married couples. You couldn’t be more wrong. Click here to learn more: 5 reasons estate planning is a must have even if you don’t have kids.
Christopher Small is a Kirkland estate planning attorney who helps people get rich and live forever. He is also the owner of CMS Law Firm LLC.