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Featured 01.05.2016

“It quickly became clear that this woman and her husband were going to come up short for college unless they took action quickly.”

Every month I share real life stories about woment facing financial
challenges—even setbacks—and then turning it all around.
See Previous stories below!

The Truth: Life Insurance and Disability Insurance are Critical

The situation. Early in my career, I met a wife and husband who were in their mid-40s and had 3 kids who were rapidly approaching college-age. (10, 15, and 17 years old,) The stress of three college tuitions prompted them to look at putting a more substantial strategy in place. Both wife and husband worked and made healthy salaries. They had accumulated some moderate assets – among them a nice house – and they had been making regular contributions to their retirement funds and other investment accounts.

The scary. It quickly became clear that this woman and her husband were going to come up short for college unless they took action quickly. Among the many ways that a couple in this position can take immediate action is to look at their insurance (life and disability insurance) and determine if more is needed.

One year later, the unimaginable happened…the husband was diagnosed with a rare and aggressive form of cancer. He passed away in only 4 months after being diagnosed. No one wants to think of their own demise but many of us know someone who is suddenly diagnosed with an illness that leaves them disabled or leads to their untimely death.

“Had her husband been under-insured, she still could have worked harder than ever and likely still been able to put her kids through college. But her own retirement would have suffered.”

Considerations. The truth is that my client had a great job and made good money. Had her husband been under-insured, she still could have worked harder than ever and likely still been able to put her kids through college. But her own retirement would have suffered.

While some scary events are sometimes things we don’t plan on occurring, they are things we can plan for. How can a family cover the needs of their children, income needs, paying for the mortgage and the surviving spouse’s retirement? Consider developing a strategy that considers both the needs of the family in the future as well as helping protect for uncertainly through the use of insurance products which are prudent strategies for any couple or individual to consider.

The take-away. Life and disability insurance are important investments to consider. Also important? Get your estate planning documents in place and make sure that your beneficiaries are updated and in place.

This material is for general, educational use and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact Annette, or your insurance agent. Guarantees are based on the claims paying ability of the issuing company.

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