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Posts Tagged ‘Life insurance

Business Continuity – Disaster vs. Recovery

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25% of businesses do not reopen after a major loss.

48% of businesses do not even pretend to have a business continuity plan.*

But 95% think they are prepared.*

Is your plan only keeping your insurance policy somewhere safe?  (Which is not the worst start in the world, but it’s grossly inadequate.)

Do you have tasks for each employee after a disaster?  (Did they actually agree to them?)

What would actually be a disaster for your company?  (Flood, hurricane, fire, data breach, lawsuit, death of an owner?)

Yes, sometimes  it seems like the Four Horsemen of the Apocalypse, but these things really do happen.

There are many small businesses which would suffer less from a flood than from a cyber breach;  doctors, lawyers, insurance agents, consultants, architects come to mind.

There are many small businesses which would suffer less from a hurricane than they would from the death of an owner without a succession plan, or adequate life insurance.

Spend a few hours once a year to prepare a continuity plan; surviving a disaster will be much more pleasant if you do.  Then talk to your insurance advisor so you know if you have money to help you recover.

*Travelers Insurance survey result

GBW Insurance/AssuredPartners 855-467-2877, extension 677

How do you value a life?

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Well, you can’t.

The Life and Health Insurance Foundation for Education (LIFE) makes one version of a Human Life Value Calculator available.

That calculator tries to give a rough estimate of the value of your future financial contribution to y0ur family.  Various on-line quote systems have their own versions.

Another approach is to look at the future needs of your family: food and shelter, education, health care, and so on.  This is a little more time consuming but can give you a different approach to the same problem.

It may be easiest to sit down with a counselor and kick around both concepts.  Pricing life insurance is often easy.  Pricing a life,  not so easy.  If life insurance is your kids’ ability to stay in your house, what’s it worth?


Written by gbwinsurance

December 8, 2009 at 4:03 am

Posted in Insurance

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Life insurance and new families

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Life insurance: the typical new parent has no life insurance; a whole lifetime to protect and no life insurance.  Depending on age and health and habits, it might cost a mother less than $400 a year to make sure her family gets $1,000,000 if something happens to her while her new baby is young.  Why don’t people buy some level of protection for their families?   1-800-548-2329

What can the insurance companies do to make this easier?

What counsel do new parents need?

Written by gbwinsurance

September 29, 2009 at 6:16 pm

Posted in Insurance

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