Are you financially prepared if your husband or wife dies? Based on the results of a study commissioned by New York Life, the answer is a resounding No! 68% of women survivors and nearly half of male survivors reported significant life changes following the loss of their spouse with financial concerns topping the list.
You’ve worked long hours to fulfill a dream and build your company from a surviving business to a thriving, successful business. Have you given any thought to succession planning; who will succeed you, and how it will be funded? Or maybe you’re a partner in a company and you want to protect the business you’ve helped build, but what if something happens to your partner?
Sheri and I have a blended family. Between the two of us, we have 7 kids and 5 grandkids, the latest arrived Wednesday night at 7:30. She’s beautiful just in case you were wondering! Her arrival reminded me of a question I’m occasionally asked by people who are evaluating life insurance after the birth of a child, and that is, should they get a life policy for their new bundle of joy?
Last week, the Bureau of Labor Statistics released the results of their annual study on families and how they’re doing economically. It wasn’t great news! Average household income for 2012 to 2013 is down by $103 to $65,069 before taxes, but their expenses increased by $777 a year to $51,408. Contributing the most to the increase in expenses were transportation costs ($8,999 a year on average) and kids.
I received a call from a client last year. She’d been in an accident and like most people I’ve worked with, wanted to know what to do. I confirmed she was not physically hurt, we reviewed what had happened, provided her with her car insurance policy number and the phone number for claims, then outlined a plan on how to best proceed. She drives a Lexus RX series so she had the car delivered to the shop of her choice which she gets to do according to Texas state law.
Sheri and I have been married for about 5 ½ years. Ours is a blended family, this is our second marriage. I have 3 sons and Sheri has a daughter and 3 sons. We’re not quite the Brady Bunch; all of our kids are adults, live on their own, and there is no “Alice.” We’ve been blessed with 4 grandchildren, so far, and look forward to more!
I met with a young couple six months ago. They were expecting their first child and the husband wanted to talk about life insurance. The arrival of a child is a time when many couples explore life insurance and I was honored and delighted to be consulted to assist them.
I had lunch with a friend of mine the other day; we’ll call him Bill, not his real name. He needed someone who’d listen and provide some feedback to make sure he was on the right track. The conversation started with him letting me know he’d just gotten laid off from a managerial position he’s had for several years. The pain was obvious as we talked.
All insurance policies have options: home insurance, car insurance, umbrella policies, health, and commercial policies. Every one of them has options. Even life insurance has options available to anyone who’s interested. Most people are surprised to learn this, but I believe it’s important to cover each one when I discuss life insurance. There are 4 primary life options including …
Subscribe to my newsletter by filling the form below.
A confirmation email will be sent to your mailbox: please read the instructions to complete the subscription.
