It is certainly not an everyday occurrence, but we have been thinking about/talking about life insurance a lot lately. We have written policies for key man insurance and buy-sell agreements for several commercial clients. In addition, a couple of our own staff and their spouses have added extra coverage in the past year.
Admittedly, it’s not the most fun topic of discussion. We tend to avoid talking about our own mortality or that of a family member. Only about 20% of the population has life insurance! Here at The Feltner Group, we think it’s time to call out the elephant in the room. We are NOT going to bore you with all the different kinds of life insurance, or hit you with a bunch of industry jargon. We just want to spark the conversation. If you are receiving this, it is because you are part of the Feltner Family. And around here, we look out for, and take care of family.
What if the worst were to happen to your spouse? Would you have the ability to pay bills, pay off debt, pay for the raising of children? What about college? What if the accident happened to you? Would your spouse be able to manage financially? This is a replacement income strategy, and a very common reason why our customers decide to invest in a life policy.
But There Are Other Uses to Consider:
There are dozens of other reasons beyond replacement income where life insurance can be a useful financial tool. You could use it to leave a legacy for your children/grandchildren should all your money be spent in retirement. It can be a vehicle to help offset financial market volatility. You may have noticed your retirement accounts yo-yoing up and down in recent months. If you are feeling philanthropic, you could even use it to leave a gift for a charitable cause you want to support.
If you’d like to get an idea of policy options and pricing, we would be happy to have the dialogue with you and your family when you are ready for it. Most importantly, get uncomfortable, don’t be scared, it’s important to have the discussion… after all, it’s probably for a good cause.