Published: September, 2022
Mention life insurance to individuals and there is a shudder of concern. Life insurance to many becomes synonymous with death or disability. Yet, insurance serves a practical purpose – even an asset.
According to LIMRA, 59% of Americans have life insurance. With so many different types of policies available, it’s often another misunderstood financial product. Life insurance can be used as a death benefit, supplemental income in retirement, and long-term care.
The construction of a proposed life insurance solution in a personal financial plan is complex on several levels. As a personal financial planner, you must possess a broad range of knowledge of the various insurance solutions available to have a reasoned dialogue with your clients.
There are many misunderstandings concerning life insurance. The key is not to leave life insurance out of your budget unless you have enough assets to cover your expenses after you're gone.
If you or your clients are concerned about life insurance, do not. Life insurance is as much an asset as other products. As long as cash is available for distribution, life insurance becomes an asset. Life insurance can be leveraged to mitigate risk and can provide multiple strategies for your legacy plan.
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CEO and Leadership Change Expert, Stevens Performance