Powerball dreams, or reality check?

When I ask people why they don’t have enough protection for big life events and risks (mortgage protection, protection against financial disaster brought by illnesses, accidents, end-of-life or even outliving their savings) the answer I hear most often is “money”. The misconception is that you have to have a lot of money to protect your family and yourself. (Believe me, it’s cheaper than you think!)

Then, I ask how much they spent recently on the Powerball lottery. I usually hear “$10-$20 per drawing (which is twice a week), easy”. That’s anywhere from $80 – $160 per month spent on a dream, but in reality to make someone else rich. If you have money to blow, more power to you. But if money’s tight, it’s mostly because you don’t know where exactly it goes and most likely you spend it on the wrong things. Prioritize your real needs and expenses and you’ll be better off. “If you want something you’ve never had, you’ll have to do something you’ve never done”.

Now, let’s take that $10 spent on the lottery (with less than 1 in 292,000,000 chances). If instead you’d put that money to work for you and your family, you could get:

  • $200,000 mortgage protection*, so your family can keep the home if something happens: illness, accident, premature death. (*Age 35, good health; 10yr term).
  • $10,000 Cancer insurance* payable to you to use for whatever you need: cover high costs of cancer, pay off debt, alternative treatments, vacation, etc. Odds are 1 in 3 that you’ll get cancer at some point in your life. Think of someone you know that was diagnosed with cancer. Could they have used an extra $10,000 to help with the expenses? (*rates at age 35, not a tobacco user. Rates don’t change after policy is purchased).
  • $100,000 in a pension account* at retirement age. (*starting age 35, $10/months savings, compound interest 12%).

 

It’s nice to dream, but sometimes it’s good to get a reality check too.

Let’s work on a real plan! Call me today: (239) 466-4466  or  email  Daniel@LifeGuy.com

Author: LifeGuy

Daniel LifeGuy Dragan has 102 posts in this blog.

Daniel is a dedicated insurance expert with a focus on helping individuals, families and small businesses avoid financial disasters with Life Insurance products, Paycheck Protection (Disability Insurance), Retirement planning, Cancer and Critical Illness Insurance, executive and business protection plans. With his comprehensive knowledge and experience in financial protection, Daniel can help save money as well as get all your insurance premiums returned to you if you didn't use any of the benefits. "Return of Premium" insurance is one of Daniel's strengths and along with his personal approach to his customers' needs, one of the main reasons his clients are referring him to friends, family and business partners. Daniel offers free financial consultations and can be reached by email at Daniel@LifeGuy.com or phone: (239) LIFE-GUY or 239-466-4466

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