The 5 Big Questions

As you consider your future, there are 5 big questions that need to be answered to help ensure that you and your loved ones are adequately provided for. While Envoy Financial does not specialize in solutions for each of these areas, we know that they are important components to your future. The 5 big questions are:

  1. What happens when the paycheck stops?
  2. What happens if I need to be cared for?
  3. What happens if I am not healthy?
  4. What happens if I become disabled?
  5. What happens if I die before I have settled my financial commitments?

How you answer each of the above questions may have a significant impact on your financial health in the future. Let’s look at each one and the answers to each question.

What happens when the paycheck stops?

This is normally what we mean by retirement. When we retire, we stop collecting a paycheck because we stop working. The answer to this question has to deal with planning for retirement. The question becomes, “what will you live on when you retire?” In the past, many people worked for companies that provided sophisticated retirement and pension plans. For many of us, that guaranteed provision no longer applies to our employment situation and will not apply to our retirement. The responsibility for saving for retirement has clearly shifted from the employer to the employee and many people are not adequately prepared for the financial needs of their retirement. And, sadly, the Social Security Administration has published documents that indicate it will no longer have the funds available to be the primary source of income for retirees after 2030. Still, all hope is not lost! We are here to help you plan and take proactive steps so that your retirement will be a time of joy, not stress and anxiety. If you need to start or revise your “Future-Funded Ministry” plan, please access the Envoy Web Portal (EWP) to enroll or review your investment selections.

What happens if I need to be cared for?

Most of us expect to be healthy and able to care for ourselves - and others - for the better part of our lives. Sadly, it doesn't always work out that way. An automobile or other accident can leave us needing care for even the most basic of needs. We may become injured or suffer from some kind of illness that requires us to be cared for. This kind of need can seriously impact our ability to work and meet the financial commitments we have already made in our lives. For that risk, we need to protect ourselves and our loved ones through long-term care insurance. Thankfully, the odds of something happening are low and most of us will live healthy productive lives. That reality also makes this kind of insurance relatively inexpensive for the protection it provides.

What happens if I am not healthy?

No one plans to get sick. No one expects to become unhealthy. Maybe it’s a carryover from our youth when we believed we were invincible. Maybe it’s denial. Whatever the reason, people get sick and need medical care. And these days, even with medical insurance, medical care is expensive. People have gone bankrupt because of their inability to pay their medical expenses. But this doesn't need to happen. There are a variety of health care options these days that can help lower the cost of medical insurance and out of pocket expenses.

What happens if I become disabled?

One of the challenging realities of our lives is that unexpected events happen that alter the rest of our lives. Sometimes, people become disabled and can no longer function in the capacity that they previously held. Whether from a physical accident, emotional trauma, or some other reason, becoming disabled is a possibility with which each one of us must reckon - especially if people are depending on our ability to function because we’re providing for a family. Do you need disability insurance to protect you and those who depend on you?

What happens if I die before I have settled my financial commitments?

In order to ensure that your financial commitments are met in the event of your death, term life insurance is the answer. Term life insurance protects those who depend on your income by providing enough financial stability for them so that they can rebuild their lives in the event of your death, without worrying about the finances. Term insurance can be used to pay off mortgages, car loans and other debts and provide enough income for the immediate future so that your death doesn’t leave the remaining family members in a financial crisis while dealing with the emotional blow of your death.

In answering all these questions, you can easily see that being a wise financial steward involves more than just saving for retirement. There are many spokes on the wheel of solid financial planning. It is our privilege to serve you as you make these decisions for yourself and your family. We look forward to working with you through this process and helping you make decisions that really serve the needs of you, your family, and your organization.

For more information on any of the above please contact us at (888) 879-1376, option 1 or  to speak with an Envoy Service Team Member who can help you with your financial stewardship planning needs.

For more information on how Envoy Financial can serve your organization, contact us at (888) 879-1376, ext. 209 or .