Protecting Your Greatest Asset



Cecilia Tsang

Financial Advisor & Associate Portfolio Manager


Most of us want to protect the things that we have worked so hard to acquire.  We make sure that we have home insurance to protect our homes and car insurance to protect our cars.  Every time we purchase an electronic item, we are asked if we want to buy insurance on it, or extend the warranty, in case it breaks.  We may also research and secure life insurance to ensure that our loved ones will be financially secure in the unfortunate case of our passing.  

It would be painful to watch my house burn to the ground, and much more so if I knew that I hadn’t obtained home insurance and wouldn’t be able to easily replace my home and all the things in it.  I know how much it hurts to get a scratch on a brand-new car, or worse, how much more it hurt when my beautiful car was hit by a big garbage truck.  I was thankful at that time to have had car insurance.

On the other hand, I believe that putting hard-earned dollars into insurance is not always a good idea.  It may simply be throwing money down the drain.  I personally never obtain extended warranties on electronic devices and I hesitate when obtaining collision insurance on my 15-year old car.  But I do believe that there are certain instances where obtaining quality protection is important— in circumstances where the risk is catastrophic and long-term.

I have a young family.  It would be a catastrophe if I died prematurely, as my income is important to my family’s current lifestyle.  Therefore, for me, life insurance is a must. 

It would be even more of a catastrophe if I were suddenly unable to work due to health reasons, as again, my income is important to my family. Yet in this case, if I didn’t have appropriate, quality disability insurance, the costs for feeding me, clothing me, and entertaining me would still be required, since I would still be around! 

My biggest asset is not my home, nor my car, nor my investment account, it is me. 

I will never spend my hard-earned money on frivolous types of warranties and insurance; however, I will certainly spend some money to protect my biggest asset, and that is my ability to earn an income.  It is crucial to know the details of the life and disability insurance you have, as most people rely only on group LTD and life insurance through work.  Often (almost all the time), this type of insurance is not as robust as we hope it would be.  Know exactly what you have and what it covers before you have to find out the hard way, during a claim. 

It is important to talk to your Rogers Group Financial advisor about protecting against your catastrophic risks.  Your advisor would be pleased to review with you in detail what you have and whether it is sufficient for your financial security.
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