Blog – Page 21 – Matthew Laker

Types of Permanent Insurance

Posted on November 20, 2020October 8, 2021 by Matthew Laker

If you have dependents in your life, that could be ageing parents or children, or someone else. Life insurance is a great way to ensure care for them if something should happen to you.

Permanent insurance does not need to be renewed and covers risk for your whole lifetime.

Whole life

Coverage for your entire lifetime. Over time a cash surrender value builds up. Your death benefit is guaranteed. The premiums are based on assumptions about cost over the long term.

What is the cash surrender value. ?

The cash surrender value (CSV) is a saving account that builds up over time. However, upon death, the beneficiary only receives the death benefit, and the insurance company keeps the cash surrender value. If you surrender the contract, you will receive the CSV.

2.Term-100

It provides coverage for the entire lifetime of life, and it matures at age 100. At 100, premiums are no longer payable. If you live longer then 100 it still covers you. Usually, they do not have a CSV.

3.Universal life

Provides coverage for the entire lifetime of the insured. The uniqueness of UL is there is a savings component. One can use this to accumulate savings in a tax-free account.

Permanent insurance is designed for people who

Have a permanent need
Need estate and tax planning

Are you looking to get life insurance or

review your current situation?

Yes

What questions do you have?

Let’s start with a free financial analyst and find a unique solution for you.

Free Budget Planner and Tracker

Posted on September 18, 2020December 3, 2020 by Matthew Laker

Life insurance a foundation for financial success

Posted on August 21, 2020November 28, 2020 by Matthew Laker

(Part 6)(Part 5) (Part 4) (Part 3) (Part 2) (Part 1)

I waited too long in my life to get life insurance. I was one of those who thought I really should get life insurance but never got around to it. I guess I am lucky as we got through the younger years of kids, and I am still here.

But that is just it, what if something happens to me, who would take care of my family.

Life insurance is about replacing income lost if I am not around. It is about helping my family as best I can financially. I have learned I should have got insurance when I was younger. The reason being it is cheaper, but there is no time like the present.

Life insurance is about trying to manage the potential of disruption and the financial impact upon my family. As a Dad, it is about taking responsibility for my family. My family and wife depend upon my income.

If we are going to master our money, it is also about managing risk in our life. There are many options available out there for insurance. Even if you have been denied, some solutions can be looked at. Don’t give up so easily.

Up to this point in this series of posts, we have been getting things organized and finding out where we are and where we want to go.

Now is the time to lay a foundation to build a financial foundation and win at life.
Through Experior Financial (I am currently training with them), if a solution that is affordable and meets your needs, and protects your family, are you interested.

Let’s get you started

Life insurance is the next step.

Habits and Financial success

Posted on August 16, 2020August 18, 2020 by Matthew Laker

Series: Money Fit Club

(Part 5) (Part 4) (Part 3) (Part 2) (Part 1)

Habits

Understanding your habits will help you find financial success. Some of your habits are stopping you from experiencing financial success.

To find financial success, it is not just `about getting more money.
matthewlaker.com

1) To find financial success, it is about understanding yourself and growing your self.

2)To find financial success, you need to know your current habits and the habits you will need.

For Example, in 2019, the financial consumer agency of Canada released a study (https://www.canada.ca/content/dam/fcac-acfc/documents/programs/research-surveys-studies-reports/financial-well-being-survey-results.pdf) on the financial well being in Canada.

It shares, “Financial behaviours, such as saving and borrowing, were more strongly related to financial welling being than elements such as income, employment status and homeownership.”(p.28)

Your behaviours, your habits set the direction of your financial success.

Financial Succes is less about finding motivation and has more to do with developing habits, rhythms, and routines that lead to the goals we want to reach.

So here are the steps you need to take.

Next Steps:

1)Try a personality test – Yes, this is just a tool to help you understand yourself. If you want financial success, you need to know about how you work and how to grow.

Two great resources –

https://www.yourenneagramcoach.com/types

https://www.enneagraminstitute.com/how-the-enneagram-system-works

2)Track your time

Download below the worksheets to help. How you use your time says a lot about your priorities and values.

Financial Succes is less about finding motivation and has more to do with developing habits, rhythms, and routines that lead to the goals we want to reach.

3) What habits do you need to work on to find financial success?

Series: Money Fit Club

Part 1/ Part 2 / Part 3 / Part 4 / Part 5