A personal story from Jeff Logsdon.
It was a little over one year ago. My dear friend, Eileen, was admitted to the hospital with stomach pains on Monday and by Friday she was gone. Eileen was survived by her husband, Don, and their two, very young, adopted children. My daughter played with her daughter, Delci. Eileen would often babysit my children. We served the homeless and underprivileged in our community together. Eileen was a pillar in our church and in the school district where she worked. So much so, the school district dedicated a memorial in her honor. Her family, our church, and the school district where she served were emotionally devastated.
We realized just how fragile life is during that week.
As financial advisors, we’re often asked by clients, “Why does life insurance matter?” We found out that week how fragile life truly is and it got us thinking about the legacy each person leaves behind.
Life insurance is synonymous with “income protection”.
Many of us will insure our vehicles (depreciating values @ $5,000-$50,000), but we often overlook the opportunity to protect our spouse and the annual incomes they provide ($20,000-$100,000 per year).
Which would you say is more valuable, your car, or the recurring income your spouse provides for your family? Yet most families insure their cars and leave this aspect of their financial plan unprotected. What is your plan if there is an untimely death and one of those incomes disappears? Many questions will begin to surface during this process, but working through them proactively and forming a plan will make a very difficult situation more approachable.
Losing a loved one is already an emotional loss, but it does not have to be a financial burden as well. Life insurance is more affordable than you may realize. “Term Life Insurance” is pure insurance and it is a fraction of the cost of “permanent insurance” or “cash value insurance”. And the difference that might ordinarily be invested in a “permanent” insurance policy (cash value policy) can be invested in a separate investment vehicle, you control, with higher rates of return. Imagine it this way. You don’t have a bank account attached to your auto insurance. So, would it make sense to have an investment vehicle tied to your life insurance policy? Term Life Insurance is pure insurance apart from an investment vehicle at a fraction of the cost.
The process to secure this protection is more simple than you may realize, too. And if the budget simply isn’t there, a host of solutions are available to make it possible to provide some type of protection. Something is better than nothing. Knowing your options is worth making the time to better understand how to protect your family’s future.
Love generously, Praise loudly, & Live fully!
Before she passed away, Eileen gave us a house warming gift that hangs on the wall in our kitchen. It reads, “Love generously, Praise loudly, & Live fully!” That was her legacy to all that knew her.
What will your legacy be?
Contact Jeff Logsdon at (520) 775-1697 or email jlogsdon@primerica.com for a free, personal consultation about setting up your life insurance.
