The second risk that people fail to think about is access risk. Whose money is it? It's YOUR money.
If you own something, shouldn't you be able to access it any time you want? You own your home and you can use it whenever you want.
Imagine giving your home to someone else where they control what happens to it and you can only access it when THEY allow you to.
That doesn't make any sense, yet that is exactly what happens when you buy many of these packaged products.
There's no way to know what life is going to be like tomorrow. Few could have imagined the terrorist attack of 9/11.
Few expect to be in a car accident. No one thinks that they will have a heart attack today, but there's no way to know.
Let me tell you a true story that just happened. My neighbor had some friends stop by yesterday.
These snowbirds, were driving their motor home from Arizona back to the Northeast. As they were driving across the barren roads of west Texas, they didn't realize that there had been an auto accident up ahead.
The accident had happened on the other side of the Interstate, but a highway patrolman had stopped traffic in their lane and a single car had come to a complete stop.
For some reason, the patrolman's car had no flashing lights to get their attention.
You probably know what happened. The speed limit was 75 mph there and although the motor home wasn't going that fast, it takes a long time to get one stopped. He didn't see the stopped car until it was too late.
He swerved around it, barely missing it, but the truck he was towing clipped the back end of the stopped car, totaling their truck.
But it gets worse. As he swerved around the stopped car, the patrolman stepped out right in front of their path.
The impact threw him onto their windshield then dumped him onto the grassy median. The officer ended up being air-lifted to the hospital.
This retired couple is still waiting to see if charges are going to be brought against them. And they most likely will.
Their lives changed dramatically that instant, something they couldn't have foreseen. Imagine how you'd feel if that happened to you!
They could easily end up spending tens of thousands of dollars in legal fees. This is just one of many true examples that illustrate why free and complete access to your money is critical.
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