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I often cite studies, reports and other research when posting my blogs.  One question that has come up is do these studies actually mean anything.   It’s an excellent question.

Because of my innate curiosity, I’m always trying to poke holes in my logic and the research I’ve read over the years.

I’ve been lucky enough to spend a lot of time around some of the leading thinkers and brightest minds in financial planning as well as reading peer-reviewed articles and research.  Naturally, this has led me to delve deeper into the data.

Back around 2009-10, I came across a quote from Ben Feldman, one of the most prolific salespeople in world history, who said:
 

"Doing something costs something. Doing nothing costs something. And, quite often, doing nothing costs a lot more!"  

Last time we reviewed the most overlooked insurance and the limits and limitations of government benefits.  

Now let me ask the question: What would you do?

How long would you be able to keep a roof over your head, the lights on and food on the table, if a disability kept you off the job?

In Rebar to Cement Your Financial Foundation, the following table showed your future potential earning power until age 65 at various ages and income levels.  It’s a lot of power!

In personal finance insurance is perhaps the most difficult subject to address because it forces us to think about the unknown.  In particular, our own mortality and sense of invincibility.  Bad things happen to other people—not me. 

Further, because insurance is about protecting against a future unknown, it’s difficult to determine or calculate how much protection you and your family will actually need.  Then there’s the issue of estimating how long will you need the protection. What is known is that you will pay premiums month after month and year after year. What is unknown and uncertain is whether the event you’re insuring against will ever occur.