Family's Future Risk Planning
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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?
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Family's Future Risk Planning
- 1. Compiled by: Reginald Michael Alleyne
- 2. We all have goals … … what are yours?
- 3. You have embarked on a journey … … to achieve those goals
- 4. … should potholes in the road of life prevent us from reaching our destination? Life however is NOT a smooth road …
- 5. Family Risk planning involves creating a financial backup
- 6. Meet our four (4) potholes … Old age Disability Death Critical illness
- 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…
- 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?
- 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?
- 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?