My father’s illness took his life when I was 11, leaving behind his wife and five children. Soon after, we woke up to the bitter realization of our deteriorating financial situation. The burden that was placed on my mother’s shoulders is one that nobody should have to carry alone. If my dad had had life insurance, it would have taken away the constant financial worry.
Most of us take more time planning our vacations than our financial futures. That’s why we decided that a quick chat with a top financial advisor might do us all some good. We spoke with Sarah Kaelberer, CFP, ChFC, who is a partner and President of Business & Estate Advisers Inc. in the Minneapolis area. She led us through some common misconceptions about life insurance and who actually has an “estate.”
What do most Americans not know about life insurance?
Anthony Anderson: That it’s an investment in the future of their family. If something happens to the head of the household, that family falls apart. But if they have life insurance, that family can stay together and continue with their lifestyle. I think that’s a misconception we need to clear up for people who really don’t know.
“Even on their limited income, my mom and dad instilled upon all of us the importance of planning for the future and the fact that tomorrow isn’t promised to anyone,” Anthony Anderson says. “I know how hard it is to lose someone you love. An accident took my brother when he was 26 and shortly after, I lost my father to diabetes, a disease I, myself, live with today. It was rough getting through those deaths, but the fact that they both had life insurance made it so much easier.”
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