Feeling Secure in an Insecure World

If there's nothing else carved on my tombstone, I hope it says: "Here lies a Bodacious Woman who knew how to thrive on shift and change!"

I believe we've just begun to taste the rate of change the world will experience this century. Hold onto your hats, the ride has just begun! We might as well enjoy it (because if nothing else, the alternative really stinks).

We all want security, but my life experience has forced me to come to a conclusion that I resisted for a long time: Security is an illusion. We've all heard that life doesn't come with guarantees, but do we really want to believe it?

Money won't bring security. Sure, it provides some comforts and advantages, but some of the richest people in the world are unhappy and insecure about their future. Relationships don't guarantee security, either. One word proves that: Divorce. A fabulous house may indeed be fabulous, but many people's homes have been damaged or destroyed by hurricanes, tornadoes, and all sorts of disasters. Wonderful kids offer tremendous satisfaction, but they don't always act so wonderfully. All good things that you want in your life are just that-good-but they can't guarantee you will feel good about yourself, make you happy, or relieve you of problems. Even an insurance policy doesn't cover everything. Nothing is entirely certain or secure.

Ultimately, security comes from within. Most of the things or people we hope will offer security are outside of ourselves. What's out there can't bring us true security; it's what's in here that we have to rely on in the big scheme of things. External circumstances may shake us up and cause temporary problems and pain. No matter what happens, you have yourself, and given what you've handled in the past, that's enough. The good news is that there's wisdom in uncertainty. Sounds like another oxymoron, doesn't it? Hold on and let me explain.

In the small Virginia town where I grew up, the carnival came once a year, with a big circus wheel, haunted house, and other wild delights. When my parents took my sister and me, I was always overwhelmed by the number of rides and games. Still, I dove in and always figured out how to have a great time!
This circus image comes to mind when I think about feeling secure in an insecure world. I imagine a colorful scene with lots going on. I'm alert to all that's happening around me and I pay attention to the rides and booths to which I'm most attracted. I choose one ride and booth after another, soaking in the experience until the carnival is over. If a thunderstorm suddenly blows in, I immediately figure out where to find shelter. When the rain stops, I decide what to do next (or my parents decide it's time to leave! I am still a young child, after all).

This is a picture of how to thrive on shift and change. Acknowledge the chaos and swirl. Survey the landscape and choose what you'd like to experience. Stay alert to opportunities and enjoy them while you can. And, handle change as it happens.
I still need to be very clear about my goals and desires and be very in touch with myself. What I don't need to do is get locked into the path to get there. I can plan, but also be open to change. By not being overly attached to the details of my plans, I'm open to opportunities to learn, grow, or do things differently, and perhaps better.

Understanding Life Insurance

If you have a spouse or children, you need life insurance. You have heard it before, but it bears repeating. How would they be able to handle things if some drunk driver ran into you tomorrow and you died?

Life insurance is a fairly simple concept, but it can appear complex to the average person. The complexity comes from the terms used. If you can understand the language, you can make a better determination of what you need. So, let's talk terms!

An Adjustable Life Insurance Policy is a popular product. As the name suggests, one can adjust the premiums, term, death benefit and time when premiums are paid. Such flexibility lets you coordinate the policy to your current needs as they change.

An Annual Payment Annuity provides you with simplicity. As the name suggests, you can pay the entire premium for the year at one time. Of course, you need to make sure yo have cash on hand to do so.

The Cash Surrender Value of a policy is often misunderstood. It refers to the amount due a person who terminates a policy holding a vested cash reserve in it. There is often an arbitrary charge deducted by the insurer as well.

The Commutation Rights associated with an insurance policy apply to the beneficiary of the policy. Depending on the policy, the beneficiary may elect to convert installment payments to a lump sum payment.

Much like a secondary beneficiary, a Contingent Beneficiary is a person other than the primary beneficiary who will receive the death benefit. Some policies limit the beneficiaries at two people, but there can be more depending on your needs.

The Right of Conversion refers to an individual's right to convert a policy held as part of a group into an individual policy if the person ceases to be part of the group.

The insurance phrase Double Benefit or Double Indemnity refers to a policy that pays out double the stated benefit if the person whose life it is based on passes away in a particular way, such as a car crash.

Dependent Coverage refers to the people covered by a policy. More often found in health insurance policies, the general rule is the married spouse and unmarried children are covered.

A Universal Life Insurance Policy is another pillar of the insurance industry. It is an adjustable policy with a flexible premium. You can choose what you can afford to pay at a given time and a corresponding death benefit is generated. This can be adjusted from time to time.

A Variable Life Insurance Policy is used both as a financial safety net and investment vehicle. The policy builds up cash value that can be invested. Depending on the policy, the premiums and death benefit will change as the cash value grows.

The important thing to understand about life insurance is that polices differ greatly. This means you must understand exactly how a policy being pitched to you works. If terms are used that you don't understand, ask for clarification!