As Children We Have All Had Our Monopoly Life Lesson

As children we have all had our Monopoly life lesson. Somehow in the transition to adulthood, we have failed to put those life lessons to work. Maybe because it came through a board game, maybe the span of time between games to real life, or maybe we just have simply missed the connection. Remember the excitement you had when you acquired both Boardwalk and Park place, only to have to mortgage it away it to survive the game! Let us revisit the three most important lessons from Monopoly: Protect your Assets, Expect the unexpected, and you can always Bounce back from loss.

Protect Your Assets – After acquiring all of life’s wishes we fail to insure and protect our investments. We have faith in the delusional theory that what we build cannot be destroyed. Consider the following:

• You should purchase insurance for large financial risks that could deplete your savings or future earnings.

•  Have at least $300,000 ($500,000 is better) of liability coverage on property insurance policies to cover the risk of court judgments resulting from an accident at your home or with your car, and Disability insurance to protect against the loss of income due to illness or injury.

Health insurance is also a top priority, especially for young adults who are dropped from their parents’ policy. If health benefits are not immediately available through an employer, an individual policy should be purchased to avoid gaps in coverage.

• People with dependents who would suffer financially if they died should purchase Life insurance. Life insurance is a necessity for those who want to make sure their families have the financial resources they need in the event the primary breadwinner passes on. Get enough Life insurance so that your family can pay funeral expenses, pay off debt, and have enough to provide for their needs for 3 to 5 years.

• Everyone who owns or rents a home should have Property insurance or Renter’s insurance with a replacement cost rider on personal property to replace items at their current cost up to the policy limit.

Expect the unexpected
– One of the realities of life is that there are a lot of unexpected expenses and surprise problems.
• Flood. Earthquake. Hurricane. Wildfire. Each of these weather events can cause significant destruction to your property—and your wallet.
• Uninsured motorists, negligent drivers, people who text and drive!
• No one can predict the future but you can be prepared for the obstacles.

Bounce back from the loss – Will you be able to rebuild if your home or business is damaged or destroyed by a fire? How long will it take you to bounce back if you are wiped out by a flood or hammered by a hurricane? Will you recover quickly from the losses you suffer from vandalism or theft? Will a random Natural event occur and leave you at a total loss? Will your family be able to maintain their current lifestyle?
These are the questions you should ask yourself when choosing coverage.

Unlike Monopoly in this game you have a partner. Adion Financial Group is here to not just “sell” you insurance but to make sure you have properly protected your assets, prepared for the unexpected, and are able to bounce back in the occurrence of anything unsettling. Are you prepared?

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