How is Your Financial Health (Insurance) These Days?

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How is Your Financial Health (Insurance) These Days?

Insurance Author: Admin


Investing in your future is more than simply putting some money aside each paycheck and hoping it grows in a savings account or in a mutual fund or a 401(k). While the financial aspect of investing is paramount, it really flows best out of a holistic approach towards life, health, family, career, and future goals. Each of these aspects of life determines the true value of your financial investing and will help determine the quality of life you want to build towards.

They are interlocking, affecting one another, congruent, and in need of proper balance so the overall value of your financial investments benefit. This piece is simply about developing financial priorities that will inevitably bring about results many dream about yet let go unfulfilled. Also, there is no way anyone can be perfectly measured in all of the following, but it is possible to continue maturing in these areas so as to reap the real rewards of life and harvest the goals you have set forth and to do so with greater joy than just what money provides. Though, money is hugely essential as a heavy beam undergirding a floor would be.

5 Essential Investments

Following are the 5 essentials of life that will help you make the most out of your financial investments. Investing in yourself and your family will bring about a financial reward that had you not done so.

Investing in Life

We get one life, so it is easy to be duped into thinking it is about us as the sun rotates around us. The truth is, it is about us, but not in a selfish way. Investing in our lives means valuing that which is most important and pursuing it vigorously so the return we are seeking is realized. To break it down into bite-sized portions, if new sow into others, we will reap a great reward. Being involved in your community on some level will reap rewards as well, but you are to first sow into your family, thinking not only about their immediate needs but those of their future. This means, in part, investing in the right life insurance. There are so many available types of life insurance policies and providers that it may be tough choosing the right one.

  • Guaranteed Level Life – These are the most popular life insurance policies because they are inexpensive to initiate and their premium stays the same up to 30 years’ time.
  • Return of Premium Life – Similar to the above, but a little more expensive, this insurance pays off the insured at the end of the period of the term, which is also typically 30 years.

There are other life insurances, and we will look at a few more in the remaining sections of this piece. But know that the right insurance will save you money, but, as importantly, save the loved one who remains money.

Investing in Your Health

Obviously, no one needs to tell you to eat well and exercise. But doing so can save you lots of money in medical expenses and more. This money can be used to increase your savings and investment dollars to help it grow that much more quickly so you may realize your financial goals at a much faster rate. Health insurance has been a big topic in the news for a number of years now and will only get bigger as Obamacare is fully integrated into society. One way or another it is important to have health insurance whether it is provided through work, government, or purchased independently. To be underinsured or uninsured can wreak havoc on your investment plans. If you get sick and are unable to work, or get injured and are unable to work, then savings and investments may be affected, which could either slow or reverse your investment goals. Following are a few insurance options for health and injury:

  • Disability Insurance – Few people think they will be injured at work or disabled some other way, such as a car wreck. But the truth is, over 4 million people in the US each year suffer work-related injuries and illnesses that keep them from earning money. How would either of these affect your investment goals? These policy premiums cannot be raised nor canceled. If for some reason you are permanently disabled, will your family be able to pay the bills much less invest?
  • Critical Illness Insurance – Critical illness insurance pays a lump sum upon the diagnosis of a covered illness or medical procedure. The stress and uncertainty of being diagnosed with a critical illness is difficult enough to absorb and work through, but if you have this type of insurance you will be able to cover expenses for car payments, mortgages, credit cards, child care, and more.

Investing in Your Family

Besides quality time with your family, special outings with loved ones, and mutual family traditions, important future events like saving for college, ortho-care, summer camp, and more, for your family is all a part of your monthly investment goals. Allowing your money to grow to cover these expenses is essential to long-term financial sustainability. The following insurances are oriented towards the family:

  • Child Life Insurance – Perhaps you have seen the Gerber child life insurance commercials where a child can be insured for up to $30,000 at a premium of $1 a month – that is child life.
  • Accidental Death Insurance – It is impossible to plan an accidental death. One day we could be gone. Then what happens to your family and the investing done on their behalf to ensure a comfortable future? Accidental death insurance as a rider to your life insurance policy may double the amount received.
  • Accelerated Death Benefit – This is another rider to your life insurance policy that may be enacted once you are diagnosed with an illness leading to death, and you may be able to collect a portion or all of the benefit before death. This may help ease the burden of cash needed for your family while you live, and be used to invest in their future.

Investing in Your Career

Unless you are content to be in the same job your entire life, you may not need to invest much in your career, and this will slow and hamper your ability to invest more aggressively to meet your financial goals. Still, if you want to grow your career in a very competitive marketplace it is essential you consider getting a higher academic degree, going back to school for a supplementary degree or certificate, working longer hours, or starting your own business. It also means taking advantage of your companies 401(k) or investment and stock options that are available.

  • 401(k) and Company Sponsored Retirement Options – It may be financially challenging for you to reduce your take-home pay, but it is of greater importance to have a long-term outlook on your investment goals and sacrifice a little of your check each pay period to take advantage of your company’s willingness to contribute to your future financial goals. Maximize this benefit and get help from a financial counselor in helping you identify the right vehicles to make your money grow.
  • Debt-free Strategies – This is not an insurance or an immediate investment plan but will help you liberate yourself from the bondage of debt so you can begin building wealth. A financial counselor can help you rectify this problem and get you on the path towards debt-free living and financial independence. The money you bring home from your job will start to pay you instead of you having to pay others.
  • Business Insurance – If you own a business, there are a variety of insurances you will want to carry, some required by law that will help protect your business as an asset and allow you and your family to be able to reap the rewards of your hard work in the long run.

Investing in Your Future Goals

Many of the insurances above will help protect your future goals. As well, the money you invest must have a purpose and not just be randomly portioned out to various investment opportunities just because they may look good. An investment counselor, CPA, or Certified Financial Planner will help you make sense of your goals in terms of investing and help create a path towards building wealth. You may want to start a business, retire young, buy a beach home, a boat, or give large portions of money to charity. Perhaps you want to accomplish all of these over the next few years. Investing in your future requires careful planning, and your portfolio must be revised from time to time as life issues change, such as additions to the family, a change in jobs or income, or down- or up-turn in the economy.


Your holistic approach towards life and investing is often predicated on those seemingly modestly important things. However, these insurances will help protect you and your family in case of an emergency, but also your investments and long-term financial goals.