David Fisher is a minister in Peterborough. He published a Facebook post the other day that had an interesting thought.
“When it comes time to die, make sure the only thing you have left to do is die.”
Its a minister’s thought. Be sure your life has been the one you want it to be when you present it to God. In the spiritual realm, that is excellent advice and I suppose you can be continuously prepared.
In the secular world it is less easy. No one ever dies unexpectedly with everything done. Every business person is always in the midst of something. Family obligations, new product, lease coming due, bank financing to arrange, personal guarantees, salary scale to review, new suppliers, sales, advertising, and more.
If the person suddenly dies, or even cannot come to work for a while, there are problems. Sometimes employees can deal with them, but not always. A wise business owner builds depth and shares information.
Think of it as an emergency succession plan. Like a fire drill. What steps happen, in what order, governed by whose decision? Do not forget communication with customers, suppliers, employees and lenders. They require information and comfort.
For the problems that remain, money must be present to buy the answers. Hire someone, cancel a contract, reduce indebtedness or whatever. Life insurance, disability income insurance, and critical illness insurance all have a place. They can provide capital to overcome problems.
Money is not a complete answer, but the absence of it is usually a complete problem. Consider the problem in some detail. Consider the insurance as part of the solution. Do not confuse the problem with its answers. Solutions are not the cost. The problem is the cost.
Recall David Fisher’s thought. “When it comes time to die, make sure the only thing you have left to do is die.” Life insurance can be thought of as a way to tidy up the loose ends.
As David Cowper used to say, “Life insurance lets you die neat.”
Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario. In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.
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