Buy the Farm

Did you know that the origin of the phrase “buy the farm” from the US Air Force in the 1950’s?  A story about its origin was told in an issue of American Speech in 1955.

“Jet pilots say that when a jet crashes on a farm the farmer usually sues the government for damages done to his farm by the crash, and the amount demanded is always more than enough to pay off the mortgage and then buy the farm outright. Since this type of crash is nearly always fatal to the pilot, the pilot pays for the farm with his life.”

There is another possibility coming from World War II era.  In WWII, each member of the U.S. armed services was issued a life insurance policy in the amount of $10,000, a great deal of money in those days. Many of the troops were unmarried youngsters who named their parents as beneficiaries. Many of the parents were still living on a farm in those days, and most farms were mortgaged. If a youngster were killed, the $10,000 dollars would be used by the parents to pay off the mortgage.

Did you know that the WWII policies were real?  After dad’s death, I found his WWII policy in his lock-box and the beneficiaries were his parents/my grandparents!  We had had no idea about this policy.  The issuing insurance firm had “transformed” through many mergers and acquisitions and I’m still waiting to hear back about this policy after 13 years!

Today, we have so many options to consider when we aim to consider protection strategies for ourselves, our families and our businesses.  The sheer volume of options and the colloquialisms used to discuss can lead to confusion.  Have you drafted out what is most important to you to achieve so that you are clear?

GOES is a way to get started!

G = Get clear about what you want

O = Obtain resources to consider various options

E = Evaluate protection and costs

S = Secure tools to provide protection

For me, I knew it was important to me that the financial burden of living and care was mine to cover while living.  I’d seen, felt and experienced caring for others and wanted to avoid being a burden to others.  You see, before “I bought the farm”, I wanted tools to ensure I was “covered”.

If you’d like an outside eye to look at your situation to help you get started, we’re happy to collaborate with you!  We proactively help you assess your situation in business and home and explore ways for you to protect what is important to you by asking questions.  What is your risk? Your plan?  Are you ready to be ready?  Think of it as stress reduction through planning 🙂

Contact us to learn more about how we work with individuals, business owners and employees via Email or online @ The Living Planner  #LifePlanningSimplified #CareForPeopleCareForBusiness

 

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