The holidays signal a time of relaxation and enjoyment with friends and family. It is also a time when our thoughts turn to those less fortunate than we or who are suffering through hardship.
Experiencing the loss of a parent has repercussions within a child’s life that most of us cannot begin to fathom. Often those repercussions are exacerbated by financial struggles if the parent did not have adequate life insurance.
I encourage you to read or listen to the stories of young students facing just such struggles, students like
Esther Kim, Karim Abouelnaga and Mashell Ewing.
This year, the LIFE Foundation, through its
LIFE Lessons Scholarship Program, awarded $105,000 in scholarships to 59 students who, like these three remarkable young adults (who all won scholarships), are struggling to pay for college due to the death of a parent. But this is just the beginning. There are many more deserving students who need our help. As you do your last-minute charitable giving, consider giving
a tax-deductible donation to this worthy cause.
We can spend a lot of ink in this blog correcting misinformation that appears in the popular press about life insurance, why it’s important and who needs it. So it’s refreshing to be able to link to an article that provides a load of great information for navigating a topic that can, admittedly, be complex.
Christine Dugas and Sandra Block of USA Today wrote the article “
Have Life Insurance? Is It Enough or Maybe Too Much?” in which they highlight some of the common mistakes that people make when buying life insurance. The first mistake that they bring up doesn’t make it into bold lettering, but may be one of the most important: “too often parents make a quick decision, ignoring important considerations.”
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Not so much, according to
a survey from Guardian Life. The survey showed that consumers under 40 are opting for whole life insurance over other types of policies due to their desire to be financially secure.
The survey showed that 35 percent of the respondents under 40 also preferred to pay their premiums as fast as possible versus the traditional lifetime payment schedule. The No. 1 motivating factor (72 percent for those under 40) for the purchase of whole life was the desire to protect their families. The No. 2 reason for all age groups was whole life’s guaranteed cash value.
Those under 40 also said they had considered mutual funds, CDs, stocks and other life products before opting for the whole life, with 54 percent seeing whole life as a reliable retirement income supplement.
Perhaps now is the right time for you to review your insurance and financial portfolio to include
whole life insurance as one of your choices for safety, security and guarantees.
It’s the the holiday season: A time when we reevaluate what we have accomplished over the past year and determine what we need to do next year; a time to look at the “what ifs.” Have I spent too much? Have I saved enough? What happens if I become sick or disabled? What happens if I pass away? Will my family be protected? Will my children be able to go to college?
These are just a few of the questions we need to ask ourselves, and if we don’t like the answers, it is time to take affirmative action to correct the problem. Problems and solutions. The problems I listed in the above questions all have a solution with a definitive cost. The cost can be adjusted to your cash flow and financial condition. That’s what agents and financial advisors do—work with you to help you solve these problems. These professionals can help guide you through the decision-making process, but you must take action and implement the recommended solutions.
Think about the problems. Consider the solutions. Pick up the phone and call your agent/advisor today. If you don’t have one, you can
click here to find one in your area.
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