A person's family is by far the greatest wealth one will ever possess. Generally, we protect our acquired wealth, are we doing the same for our family especially if we are not in the picture?
6. Meet our four (4) potholes …
Old age
Disability
Death
Critical illness
7.
8. Becoming dependant…
• Out of every 100 persons aged 65 …
• 60% are dead or totally dependent on family, friends, state or
charity
• 35% are still working
• 4% are financially independent
• 1% are rich
9. Becoming dependant…
• Which of the groups would
you prefer to be in?
• Does your retirement plan
cater for inflation, increased
medical costs and
unexpected events?
10. These are the options facing
governments:
• Raise retirement ages
• Continued work for seniors
• No pension increase
Source: UN Population Division 2015
Becoming dependant…
11.
12. Becoming disabled…
• During one’s lifetime there are 7 possibilities of a person becoming
totally disabled from an accident or an illness
• 30% of seniors will accidentally fall, seriously injuring themselves
• It is 5 times more likely to become disabled than it is to die
13. Becoming disabled…
• If you became disabled
could your spouse/partner
meet all the financial
obligations with their
income?
• If you became disabled who
would take care of you?
Would they be financially
able to do so over a
substantial period?
14.
15. Dying prematurely…
If you were to pass too soon would you want to:
• Leave behind a debt or a gift?
• Ensure your children are able to achieve their educational
goals?
• Enable your family to enjoy the same or an even better standard
of living?
16. Dying prematurely…
• For how long will your
current insurance provide
your income to surviving
family members?
• Would your current
insurance coverage
eliminate your existing
debts to leave your family
debt-free?
17.
18. Becoming Critically Ill…
• If you became critically ill,
would you prefer, to focus
on getting well or be
stressed by how you are
going to pay back the
medical bills?
• If you became critically ill,
would you prefer, PRIVATE
or PUBLIC health care?
19. Becoming Critically Ill…
• Did you know that six months
of critical illnesses can wipe out
10 years worth of salary?
Common Illnesses
• More than 60% of persons who
suffered with critical illness
were unable to resume their
regular occupation!
20. How can we help you with your Family Risk
Planning?
• Just as a doctor cannot recommend a remedy to a patient
without first performing an analysis … an analysis must be
done with you …
21. We assist you step-by-step by:
1. Analyzing your financial goals and priorities
2. Determining your Risk profile
3. Quantifying dollar values to the risks
4. Making Recommendations
22. If you would like to discuss in more detail any of
the preceding topics I can be contacted as follows:
†Facebook
†By Email at: rmalleyn1@gmail.com
†LinkedIn: https://www.linkedin.com/in/reginaldmichaelalleyne/
Editor's Notes
ICEBREAKERS:
What is the most expensive bed in the world right now?
Have you ever heard about the golden goose that laid the golden eggs?
Are you familiar with P.O.T.W.T. (Principle of the water tank)? If you move to an area where there was an unreliable supply of water would you need more or less water tanks?
We are in a race against four competitors, our obligation is to get to our customers before they do. Who are they? Death, Disability, Old Age and Critical Illness.
What is your opinion of insurance agents? Crooks or Partners? If your car needed fixing but you had a bad experience with a mechanic would that deter you from getting the car fixed? You would still need a mechanic. Why do banks and lending agencies trust insurance?
If you had a money making machine would you protect it? If it broke down would you like to be in a position to replace it?
If you were a tight rope walker would you want a small or big safety net if you fell?
How many gas tanks do you have at home? Two? Three? Why not one?
If you were a parachute jumper what would be your options if mid-way through the descent you realized that you did not have a parachute?
Do you know the five sources of retirement income (C.A.R.I.B.)?
A healthy 65 year old man has a life expectancy of 87, and a woman, 89. 38% of the men and 50% of the women will live to age 90. Retirees do not know how long their retirement will last, and so they face a delicate tradeoff between wanting to spend as much as possible without overdoing it and triggering old age poverty
Grandparents provide the financial support for one out of 10 grandchildren and 49% of parents age 60 and older are still providing financial assistance to an adult child
In 1950 the Support Ratio (No of persons aged 20-64, for every 1 person aged 65 and over) was 12:1. By 2050 it is estimated to be less than 3:1.
What will this mean for Old Age Pension/Senior Citizens Grants ?
Raise statutory retirement ages?
Continued work for senior citizens?
No increases in Pension amounts?