To the average consumer, discussing life insurance is as enjoyable as dental work. “How much is it going to cost me, and when do I have to die for my family to get anything out of it?” It’s human nature; no one generally wants to talk extensively about their timeframe to passing away, or what they are worth to their family in dollars and cents.
So how and why do people buy insurance? Well, why do people do anything in life? It’s because they love their families. If there is one thing that instinctually makes people strive for financial security and success it is to provide those qualities and stability to those around them. You work nights to put away money to pay for your child’s college education. You work weekends to pay off the house so retirement can become more of a reality for you and your spouse. Once you start achieving some of these goals and accumulating wealth, the worst outcome is for that wealth to be taken away. Especially these days, your hard-earned wealth can be easily taken away by a variety of risks. To name a few examples: depressed housing market, stagnant salaries, rising income and estate taxes, and volatility in your investment values.
With proper planning, the assets you own may be diversified and monitored to account for these types of risks. However, when you die is different. Its timing is unknown to us all. That’s why life insurance is and will always be a tool to consider. There are many different methods of insuring one’s life. There is term, whole life, variable life, indexed life, even policies that provide a death benefit while allowing access to funds if you get sick while you’re still living. What’s best for your situation requires a conversation. Give the conversation a chance. You may come out more knowledgeable, with a new perspective and maybe the chance to protect your wealth from this new world in which we live.
This article was originally published at http://psgclarity.com/life-insurance-protect-your-family-and-your-wealth/#sthash.i8QOjg9R.dpbs
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Brian Kuhn serves as the manager of a division within Planning Solutions Group named PSG Clarity. With 13 years in the financial planning field, Brian focuses his practice in the areas of retirement planning, wealth preservation, and insurance protection, with a special interest in assisting public sector employees. He is a CERTIFIED FINANCIAL PLANNER™ (CFP®), Chartered Life Underwriter (CLU®), and certified in long term care (CLTC). He also holds his FINRA Series 7, and 66 registrations. Brian currently serves as a board member for the Baltimore chapter of the Society of Financial Service Professionals and is a member of the Maryland Financial Planning Association. Brian graduated from Towson University with a B.S. in Business Administration and is the author of “Total Compensation: A Practical Guide to Federal Employee Benefits”.
Brian lives with his wife and their daughters in Odenton, MD.