Written by Nolan Baker Mark Clair
I still remember the day it happened. I was up in Grand Rapids, Mich., studying to take the securities exam when I got the call. It was one of my dad’s friends. I was a bit confused as she told me, “It’s about your dad. We have a problem.” Thursday nights were always Dad’s night out for golfing and having fun with “The Boys.” At first, I thought he was in an accident.
It took awhile to sink in that Dad was gone; he had a heart attack and died that night in the garage. My brother Chris tried to save him by performing CPR in the driveway. The ambulance was called but was delayed by a road closed on the way to our house. We cried and cried, but Dad was still gone. It wasn’t until late that night that I stepped outside and saw one bright, shining star and realized my calling in life was to help others. Help them protect what they love and help them live for today while planning for tomorrow.
When someone thinks about life insurance, the first reaction might be, “Yuck!” or “I’ll look at that down the road.” Many times the thoughts of life insurance are negative for a variety of reasons. But we will all die. Set those ideas aside for a moment and consider the idea of life insurance being a powerful tool in the planning toolbox.
The power of insurance is the fact that it allows a policy owner the power to leverage dollars to ensure dreams and goals. Everyone’s wishes are different and unique. For Dad, his wish was that his children had enough money to go to college and provide for his family. For others, it could be family protection, as well as helping a church or a charity.
That’s the power of life insurance: It can ensure that dreams come true in the event of a premature death.
So what’s in it for you? Many would say that if I’m gone who cares, they get what’s left over. Many people plan on spending every dollar, and if the last check bounces, that is the perfect retirement. There is nothing wrong with that. But today, there are opportunities to build a tax-free retirement, provide a tax-free death benefit, and some policies include disability and long-term care insurance.
Imagine never having to worry about long-term care cost or being able to tap into a portion of your money and not worry about taxes. These features, along with many others, can provide substantial living benefits for the policy owner. Yep, all done through life insurance planning.
It was a blessing that Dad planned ahead. Dad, we did it. Rest assured, I have planned for my kids Andrew and Carter and my wife Karen. I have taken the advice of my colleague Mark and implemented a legal plan that matches my financial plan. Thanks, Dad, for thinking about me and helping me get a jumpstart in life. The loss still hurts, but the planning you did has made the journey a little easier.
Take time this week to review what’s important to you. Run a life insurance capital-needs analysis and make sure the numbers match. You may be surprised at the cost savings that is available today or how much additional coverage you can get for the same premium.
What if you’re not healthy enough to qualify? Many people can qualify, even though they think it is out of the question. Different insurance companies specialize in different risks. Some life insurance companies will issue policies on two people if one of them is reasonably healthy. So, if a legacy plan is your goal, it still may be possible to implement a plan.
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