The Skinny on Life Insurance
If you have any dependents that fall under your responsibility – children, spouse, a special needs adult – it may be time to have the life insurance policy conversation. It’s not always a pleasant thought, but it’s certainly necessary to consider if you are the primary caregiver to another person. In the event of your death or serious illness, the money needed to support loved ones comfortably in your absence can hard to come by and having a policy in place beforehand will make it easier.
At Cleary, we make sure that a life insurance policy is tailored to your specific wants or needs. The two most common types of insurance are term and whole life insurance, both of which can benefit you and your loved ones in a variety of ways.
Term Life Insurance, often regarded as the simplest and least expensive plan, provides coverage for a fixed period of time and typically may be renewed after the initial contract term expires. However, this offering does not provide savings.
On the other hand, Whole Life Insurance provides life insurance protection for as long as you live. Whole life policies also provide for the accumulation of cash value on a tax-deferred basis which can be used when you need it, to help with life’s opportunities.
Again, we know it’s not the prettiest thought, but it can be a comfort to know that the money afforded through these plans can help your family’s daily living expenses, the mortgage of your house or debts, and so on.
4 Questions to Ask Yourself When Considering Renter’s Insurance
When most people think about insurance, they associate it with buying a car or home. Renter’s insurance is often overshadowed in this way. Even though renter’s insurance is not always required, it’s still important when considering the net worth of your personal items.
At Cleary, we recommend renter’s insurance so that you’re protected against the damage or loss of personal property when you rent an apartment or house and have liability protection in case any lawsuits are made against you.
For example, if someone gets hurt on your rented property, and he or she decides to sue you, renter’s insurance will likely pay for both the injured person’s medical expenses as well as a lawyer.
Sounds pretty good, right?
Here are a few questions to ask yourself when you consider renter’s insurance:
- How much would it cost to replace my belongings if they were damaged or stolen?
- Could I afford to replace them?
- Do I live in an area prone to theft or other destructive forces?
- Can I afford Replacement Cost* coverage over Actual Cash Value (ACV)**?
* Replacement Cost refers to the cost of replacing lost or damaged items
** ACV involves the monetary reimbursement for what the item would have been worth by an insurance company.
If you’re still having trouble deciding, contact us and we’ll give you the skinny on renter’s insurance.
Myth Busted: Entrepreneurs are NOT actually risk takers
Entrepreneurs are often mislabeled as “risk takers,” while in reality the most successful ones make calculated and mindful decisions. This sense of purpose and deliberation comprise a few of the qualities that differentiate successful entrepreneurs from the average risk taker.
A risk takers’ biggest mistake is depending too much on chance. Too often, they lay everything on the line, and thus significantly fail, sometimes without the means to pick themselves back up.
In our experience, the difference between a risk taker and an entrepreneur is that the latter create innovative ways to reduce risk. In fact, they actively avoid risk and are dedicated to planning every small step to achieve their goals.
Tell-Tale Qualities of a Successful Entrepreneur
Here’s a cohesive list of characteristics that make an entrepreneur successful:
- Ambition. They are always on the lookout for the next inspiration
- Effective manager of time. Many entrepreneurs are juggling multiple projects at once
- Delegation is key. They know that success doesn’t come alone
- Confident and self-assured. You’re taking a chance on yourself, so you better believe you can accomplish your goals.
- Socialable and well-liked. It’s a truth of the trade. You have to be the person other people want to work with.
- Thick-skinned. You will fail many times before you hit the jackpot.
- Creative thinker. Not every idea is original. Many entrepreneurs leverage an existing service or product, and make it better.
- Solid communicator. Wasting time because of poor communication is not a luxury an entrepreneur can afford.
- Knows when to step away. From the computer, from a project … a smart entrepreneur knows when to take a break and recharge.
- Proactive. No one will seek your service or product out in the beginning and it’s up to you to make your voice heard.
It’s important for any business owner to take these aspects into consideration—no matter what type of business you run. Keeping these tidbits in mind may help you become a better owner, leader and entrepreneur along the way.