Page 6 – Life Happens

How Life Insurance Can Help You Build Multi-Generational Wealth for Your Family

by Sharee Biggs | February 28, 2022 | Life Insurance | 0 comments

Over the past two years, COVID-19 has killed Black Americans at a faster rate than any other demographic. And yet, there are still at least 20 million individuals in the Black community without adequate life insurance coverage, according to the 2021 Insurance Barometer Study conducted by LIMRA and Life Happens.

The benefits of using life insurance as a tool to create multi-generational wealth—while ensuring your loved ones can move forward financially after your passing—can be priceless. Here are some of the most common methods:

1. The proceeds from your life insurance are typically tax-free.

Typically, people who receive the money from a life insurance policy don’t have to pay tax on it, as the proceeds generally are not counted in calculating your gross income. (Any interest the policy receives, however, would be subject to taxation.) The inheritance of these funds in a tax-free manner could help catapult your family to a different economic status.

2. Your policy can ensure your child’s education.

Having a life insurance policy in place in case you were to die prematurely is critical when your children are young. While it ensures that ongoing living expenses are taken care of, it can also keep the dream of a college education for your kids alive. Many parents opt for a term life insurance policy during these years, as it is an affordable way to get a large amount of coverage. And typically, that larger need ends when the children graduate.

A lesser-known benefit of permanent life insurance is that it can also help with college costs while you are alive. In addition to the death benefit, it also accumulates cash value over time. And you can tap that money in the future for whatever you want, such as to help with college costs. (Just keep in mind that the death benefit would be reduced by the amount you tapped that you don’t repay.)

3. You can weather a financial emergency with cash value.

Speaking of cash value, there are other important ways it can be used.

In the event of an emergency—which could range from medical bills to helping your small business stay afloat financially—you can take out a loan against your permanent policy (as mentioned in point two). While you’d be charged interest, it’s usually lower than what’s charged by other lenders. And access is much easier than getting a traditional loan since the money is already there in your policy acting as collateral.

4. You could use the accelerated death benefits to provide for you and your family before you pass.

Terminal illnesses can take a huge toll on family finances. Medical bills are one of the leading causes of financial ruin, with more than 50 percent of Americans struggling to repay medical debt.

If you were faced with a terminal illness, and your life insurance policy has an accelerated death benefit, you could access the money in the policy while you’re living for things like medical bills, cost of care, or even to take a dream vacation with your family. Any remaining death benefit would still go to your chosen beneficiaries after you die.

Watch the Wachtels’ story for a look at how the accelerated death benefit helped them after Don was diagnosed with an inoperable brain tumor. It allowed Tonia Wachtel to take a leave of absence from her job so she could care for her husband at home before he passed.

Purchasing a life insurance policy for your family is a straightforward and affordable way to help build wealth and put your loved ones ahead of the curve.

Ready to get started? Calculate an estimate of how much coverage you need by using our Life Insurance Needs Calculator.

What Does Your Love Language Say About Your Finances?

by Maggie Leyes | February 14, 2022 | Financial Education, Life Insurance | 0 comments

Did you know that how you prefer to receive love can reveal a lot about how you view your finances? According to the recent survey “For Love and Money” by Life Happens, each of the five love languages has a corresponding style of showing love financially.

So, which of the five love languages are you? Look below and pick the answer that fits best. (Don’t overthink it, just go with your gut!)

Do you prefer to receive love through:

Physical touch
Acts of service
Quality time together
Receiving gifts
Words of affirmation

Now, here is how the love language you chose translates into money and finances:

Physical Touch

If your love language is physical touch, you’re dedicated to doing what it takes to make sure your relationship is successful. Your top financial behavior is most likely a willingness to have tough conversations about finances, even if they feel uncomfortable.

In general, the study found that this group values financial security, intelligence and humor most in a relationship. Almost half (47%) said they’d feel comfortable talking about finances within three to four months of starting a relationship. That means they’re willing to do the work needed to set their relationship up for success, including saving. This group is most likely to have a savings account (71%). And what about their most taboo financial topic? That would be taking on each other’s debt! (All the other love languages chose prenups as the hot potato.)

Does this sound like you? Then you’d be part of the 6% that identify with this love language.

Acts of Service

If your love language is acts of service, you’re fiscally responsible and know the importance of paying down debt—and you’re willing to help your partner do this as well.

The study shows that this group is fiscally responsible. The majority have a savings account (57%), 401(K) (45%), an IRA (48%) and life insurance (46%). They know the importance of eliminating debt, and as their top financial “act of love,” they’re willing to help pay down mutual debt with their partner. In fact, it’s so key to this group that they won’t talk about marriage until debt is discussed. In addition, a third said they’d show their love by purchasing life insurance, while a quarter said they’d do that by saving money.

If this love language is you, you’re joined by 11% of the survey respondents.

Quality Time

If your love language is quality time, you value spending time with each other more than anything else and care deeply about protecting your relationship and future together. So, you’re most likely to purchase financial protection products, including life insurance.

For this love language group, protection is a very strong theme. That’s why, of all the love language groups, they have the highest ownership rate of life insurance (48%). However, they tend to want to wait until after getting married to bring up life insurance or end-of-life planning. Plus, they are also most likely to own the most financial products of all the love languages, meaning they are well-prepared and informed. This group has their eyes set on retirement, the only group where the majority said they had an employee-sponsored retirement account (52%).

If all of this sounds like you and your financial love language, then you join 22% of people.

Receiving Gifts

If your love language is receiving gifts, you appreciate the finer things in life, but also highly value non-tangible gifts, like the gift of education. That means if you are a parent, you prioritize saving for your children’s education.

The survey found that this group loves nice things, so when they’re looking for a partner, they’re attracted to someone who offers financial security, budgeting skills and career stability. Financial stability was a constant top trait among all love languages. While all the other groups chose intelligence and humor as top traits, interestingly, this group chose two additional financially-focused traits: budgeting and career. But this group isn’t just about what can be unwrapped. They also value non-tangible gifts, like education, so they prioritize setting money aside for college as their top way to demonstrate “financial” love.

If receiving gifts is your love language, you’re among 16% who said so.

Words of Affirmation

If your love language is words of affirmation, you prioritize feeling secure and are working toward the ultimate security symbol—a home—by saving for this goal.

This is the most popular of the love languages, with 40% identifying with this as their main way to receive love (36% of women, 46% of men). This group values feeling secure in every aspect of their lives. One way they do this is by starting conversations around tougher topics early on—much sooner than other groups. In fact, 29% said they’d talk about joint bank accounts after just five to eight dates, vs. just 7% for those whose love language is physical touch. They lead all the love languages in being willing to discuss things like joint finances, debt, income and life insurance at the very start of a relationship. Having these conversations earlier helps them work toward larger goals, including buying a home, which is the ultimate sign of security for them. In addition, this group was the most likely of all groups to say that purchasing life insurance (41%) is a financial way to show their love.

Whichever love language you chose, it’s clear that financial security is an important trait that people look for in their partner. The key is not only to discuss financial topics—from debt reduction, to retirement, to life insurance—but to act on them. Explore ways to work together toward common long-term financial goals and put a solid foundation in place with life insurance, the ultimate financial protection product for your loved one.

Three Ways to Start a Conversation About Life Insurance with Your Family

by Carly Cummings | January 25, 2022 | Life Insurance | 0 comments

Bringing up life insurance with your family and loved ones is not fun or easy. It makes us confront our “favorite” topics: death, finances, taxes, estate planning, debts, health care. But getting life insurance is an expression of love that goes beyond words. It shows your loved ones—with certainty—that you care about protecting their future.

Whether you need to have a life insurance discussion with a spouse, parent or other important loved one, starting the conversation can be the hardest part. To help you take the plunge, here are three ways to start a conversation about life insurance with your family.

Starter #1: Begin by Asking Questions—and Listening

The first way to start a productive conversation about life insurance with your family members is to be direct and thoughtful. Asking purposeful questions, and then listening intently to your loved ones’ answers can be a good start. It just takes a bit of bravery on your part if you are not used to having these conversations. Here are some examples:

To a Parent: “Hey mom, your kids all love you and want to make sure you are well taken care of. This includes taking care of everything for you when you die. That being said, we need to know more about the details. Do you have life insurance? Do you have a plan for any final expenses or debts?”
To a Spouse: “I know we don’t often talk about our finances. However, whether we like it or not, we need to have a candid conversation about what happens to our family and assets if we die. Specifically, we need to talk about how much life insurance we may need. I wrote down some important questions for us to answer together. Can we look at them now?”

Asking your life insurance questions is just the beginning. Next, you will need to engage your active listening skills to create a safe space to have a candid conversation. Let your loved one know that you are listening to their answers without judgement. You may feel like your loved one is behind on their planning, but it’s important to remember that any amount of life insurance coverage is better than none at all.

Starter #2: Share a Personal Example

If you believe a less direct route could produce better results, then another way to have a conversation about life insurance is to start with a personal example. Specifically, it can be a story about someone you know firsthand or someone you just read or heard about.

For example, you could tell a story about a friend’s father who died, and how your friend was so grateful that their father was prepared for his death. You could talk about how this parent had all their final expenses taken care of with a life insurance policy.

On the other hand, you could find an example of someone who was unprepared for their death and left debt for their loved ones to cover. Perhaps you have seen someone raising money on social media to help cover the costs of their loved one’s funeral or final medical expenses.

First, decide if sharing a positive or negative experience will lead to a more open conversation. If you don’t have a personal example, share one of the stories from Life Happens—this story featuring the Miller family demonstrates the positives of adequate coverage, while Brentney’s story shows the consequences of a parent having little or no life insurance. Then, begin with your story and follow up with questions for your loved one.

Starter #3: Use the Pandemic or Other Current Events

You can also use current events to start a conversation about life insurance. A recent survey from Life Happens and LIMRA found that 31% of Americans say “COVID-19 has made it more likely they will purchase life insurance within the next 12 months.”

Decidedly, the pandemic has made some of us a little more comfortable with having the tough discussions on planning for death, and you can use this to your advantage. Just be tactful and lead with how the pandemic, or another current event, has made you feel first. Then, ask your loved one how it makes them feel before launching into your related life insurance questions.

Conclusions and Action Steps

Life insurance conversations are often difficult to start but very necessary to have. Moreover, we need to have these conversations sooner rather than later. Make a plan to have a life insurance conversation with your parent, grandparent, spouse or another family member.

First, take a few minutes to familiarize yourself with the basics of life insurance if needed.
Next, write down the questions you need answered. You can use this list to help.
Then, have a conversation with your loved one. Decide if you can be direct with your questions, or if you need to start softer with an example or event to ease into the discussion.

Finally, act on your findings by talking to a life insurance professional. Your life insurance agent will help you fill in any financial holes that you and your family members may have.

Join Life Happens’ Twitter Chat for Insure Your Love

by Corey Goodburn | January 19, 2022 | Life Insurance | 0 comments

Join Life Happens for a Twitter Chat during Insure Your Love month this February. We’ll discuss new data from our latest study, “For Love and Money,” that analyzes the way people express or receive love and how that changes finances and financial conversations in their relationship.

Love can be expressed in many ways: a knowing glance, a kind deed, shared memories, a thoughtful gift, words of encouragement — and with life insurance. We hope this chat serves as a reminder to you that getting life insurance is an act of love that goes beyond words.

Date: Tuesday, February 15 from 1 to 2 p.m. EST

Where: Join us on Twitter using your personal handle or your company’s handle.

Hashtag: Use and follow #InsureYourLoveChat during the above time frame.

Life Happens will moderate the discussion and drive the conversation on Twitter using the questions and statistics below. Remember, you’ll have to use the #InsureYourLoveChat hashtag in each tweet.

All statistics below come from the study “For Love and Money,” Life Happens, 2022. Further survey details will be released soon.

Q1: 59% of people agree that they would feel more secure in their relationship if they discussed getting life insurance with their partner. What are some tips you have for people who want to bring up life insurance with their loved ones? #InsureYourLoveChat #InsureYourLove

Q2: Of the options given, the least taboo financial topic to discuss in a relationship is life insurance. Why do you think people are more comfortable talking about life insurance? #InsureYourLoveChat #InsureYourLove

Which of the following financial topics would you describe as the most “taboo” to discuss with your partner?

Prenups/Prenuptial agreements (31%)
None of the above (21%)
Joint bank accounts (21%)
Taking on each other’s debt (18%)
Wills/end of life planning (7%)
Life insurance (2%)

Q3: Half of respondents would talk about wills and life insurance before marriage. Besides marriage, what are some milestones these couples could be experiencing soon that would heighten their need for life insurance? #InsureYourLoveChat #InsureYourLove

Q4: Men are more likely than women to say that purchasing a life insurance policy is a financial way to demonstrate your love (40% vs 33%). How would explain that getting life insurance is a way to show love? #InsureYourLoveChat #InsureYourLove

Q5: 64% of Americans feel more comfortable talking about their finances than discussing having kids with their partner. What’s one thing you would suggest couples add to their financial conversations that they may not have thought about? #InsureYourLoveChat #InsureYourLove

Q6: Our survey found that there may be a correlation between your love language and your financial behavior:

People are most likely to own life insurance if their love language is quality time
Americans whose love language is receiving gifts are most likely to say “the right time” to discuss life insurance is before marriage

Why does life insurance ownership and openness to having these conversations come more readily to some? #InsureYourLoveChat #InsureYourLove

Q7: Financial security is one of the most attractive traits to have in a partner, according to our new research. How are you raising awareness about life insurance during this month of love? #InsureYourLoveChat #InsureYourLove

The basic motivation behind the purchase of life insurance is love. Help us spread awareness of Insure Your Love during February, the “month of love,” by using #InsureYourLove on social media all month long.

4 Life Insurance Myths to Rethink as an Empty-Nester

by Devin Pascoe | January 5, 2022 | Life Insurance, Retirement Planning | 0 comments

If your children are grown, the house is paid for and you’re about to retire (or already have!), it may seem like your time for life insurance has passed. Perhaps you feel that your savings and investments, along with Social Security, will take care of whatever lies ahead.

In fact, these misconceptions prevent many empty-nesters and retirees from purchasing or maintaining the life insurance coverage they need. If these four myths sound like you, you may want to think again.

Myth 1: I don’t need life insurance once my children are self-supporting and my mortgage is paid off.

Perhaps, but if you died today, your spouse would still face daily living expenses. And what if your spouse outlived you by 10, 20 or even 30 years? Would your financial plans, without life insurance, enable your spouse to maintain the lifestyle the two of you have worked so hard to achieve?

Myth 2: I’ll have enough money saved by the time I die to pass something along to my children and grandchildren.

Maybe long hours on the job and prudent management of your family’s finances could achieve that plan. But what if you don’t live long enough to meet your wealth-creation goals? Or what if an extended downturn in the economy negatively impacts your investments? Life insurance can create an instant estate, allowing you to leave a legacy for future generations or fund a favorite charity or cause.

Myth 3: I thought I would need life insurance to help pay estate taxes, but that’s no longer a concern.

Even if you’re not currently subject to a federal estate tax liability, there’s no guarantee that will always be true. Tax laws can change very quickly. But even if they don’t, there are many other reasons to maintain life insurance coverage later in life. When you die, life insurance can pay for things like state estate taxes, outstanding debts, probate costs and funeral arrangements, allowing your loved ones to focus on their grief and not concerns about money. It can also be used to equalize an estate among your heirs or for business-succession purposes.

Myth 4: Life insurance costs too much to buy when I’m older.

While it’s true that life insurance costs more the older you get, that doesn’t necessarily mean that it’s out of your price range. For example, a healthy, non-smoking, 55-year-old man can buy a 20-year, $500,000 level-term policy for roughly $1,600 a year. For a healthy 55-year-old woman, the annual cost is about $1,200. So, if you have an ongoing need for coverage, don’t assume that you can’t afford it.

To get a sense of your needs, visit our Life Insurance Needs Calculator. In most cases, an insurance professional can help you find a policy that fits your needs and budget. Get started with our Agent Locator.

Together We Give

by Devin Pascoe | November 30, 2021 | Financial Education, Life Insurance | 0 comments

At Life Happens, our nonprofit mission is always at the center of what we do: to give you unbiased information to help you make smart insurance choices to protect your loved ones. This #GivingTuesday, we’re shining a light on this mission by sharing a story that highlights just how important life insurance can be for a family.

“If she had life insurance, I could’ve just been a child.”

College student Brentney Reynolds knows firsthand how difficult it can be to continue on financially without life insurance. She experienced the loss of both parents by the age of 17 – neither of whom had life insurance coverage. “My whole life has kind of been really financially unstable. It’s held me back from a lot of things,” says Brentney.

Her mother passed away from a brain aneurysm when Brentney was four, and her father died of a heart attack on February 23, 2020. She’s had no time to grieve properly and has had to manage family decisions that no teenager should. Brentney now works two part-time jobs alongside her studies to afford college since any money that would have gone to a college fund went instead toward necessities like groceries and bills.

Fortunately, her dreams of obtaining a degree in Clinical Psychology won’t be put on hold, thanks in part to a Life Lessons Scholarship. This program was established in 2005 by Life Happens to help students facing financial hardship due to the death of a parent with little or no life insurance. Since its inception, more than 750 scholarships totaling $2.8+ million have been awarded to students at more than 375 schools.

Watch Brentney find out she is this year’s Life Lessons Grand Prize Recipient:

“I’ve shed a few tears on some of these calls over the years.”

The Life Lessons Scholarship Program is a daily reminder of our mission for Andrea Englert, Life Happens’ Manager of Consumer and Industry Programs.

“I read and watch every single application that is submitted. Yes, even when there are over 1,500 applications in a single cycle, I go through each of them individually,” says Andrea.

Each application is judged by five different industry volunteers in the first round of reviews. That means in a typical year, with 1,500 applications, there are about 7,500 total reviews completed. It takes a lot of volunteers to make that possible!

And telling students they’ve received a scholarship never gets old. “I’ve found there are two likely responses – immediate tears or uncontrollable laughter. For the recipients, hearing that they’ve been selected and that paying for school will be just a little easier can be overwhelming. And for some, that comes out as laughter!” says Andrea.

“But for others, you can hear the tears welling up when they realize what the scholarship will mean for them. It’s quite an emotional experience for them, and honestly, for me. I’ve shed a few tears on some of these calls over the years.

“I remember a particular student could not believe he was selected as a recipient. After I told him the good news, there was a lot of stunned silence, followed by, ‘Wait, is this a joke?’ His incredulous response made me chuckle, which did not help convince him this wasn’t a prank! Thankfully after I reassured him (multiple times) that I was not joking, he was overwhelmed with what this scholarship would mean for his education.”

We hope that by sharing our students’ stories this #GivingTuesday, we can inspire others to take action with life insurance and protect their families. You can donate to the Life Lessons Scholarship Program here. 100% of your donation goes to a student in need.

Additionally, if you know a student who would be interested in applying, please send them the link to the program. We will start accepting applications for next year’s scholarships on February 1, 2022.

3 Ways Life Insurance Can Protect Your Small Business

by Devin Pascoe | November 17, 2021 | Life Insurance | 0 comments

As a small-business owner or partner, you may wonder what would happen to your business should anything happen to you. How would your family cope with the loss of income? What about your employees and their families? What happens when a business has debts that are backed by assets like the family home? You’ve probably planned for some of these questions, but before you take that leap of faith, take a look at these common myths and consider a reality check.

If I die, my spouse can run the business. Reality check: In many cases, the spouse neither wants to nor is capable of running the company. Small businesses are often dependent on the marketing, technical or managerial skill of the owner. Take that away and the business may fail.
A competitor will buy the business.
Reality check: Possibly, but this may not happen to the advantage of the surviving family. The competition may be either looking to take customers away from the business, purchase equipment and inventory cheaply or buy the business at a low price.
My death or my partner’s death will not financially impact the business.
Reality check: Each owner of a small business usually makes a very specific and important contribution to the business or has a special skill that is hard to replace.
A key employee can run the business.
Reality check: Maybe so, but if the employee is truly running the business, he or she may require a salary commensurate with the added demands of the job. The funds needed to keep everything going may be more than the business can bear.

Here’s where life insurance comes in. Three important ways that life insurance can protect your small business include:

Key person insurance. This is a life insurance policy purchased by the business on the life of a key employee and payable to the business. When a key person dies, insurance can help make up for lost sales or earnings and cover the cost of finding and training a replacement.
A buy-sell agreement funded with life insurance. This allows remaining business owners to buy the company interests of a deceased owner at a previously agreed-upon price, which helps guarantee that surviving family members will be fairly and promptly compensated for their share of the business.
Individual life insurance. A policy that you own individually can provide your family with additional money to pay off personal debts, cover ongoing living expenses and fund future needs such as college or retirement.

Check out Anne Gongos’s story, a surviving spouse who depended on life insurance and the money from the sale of their small business to help her when her husband passed away unexpectedly. Life insurance can be a financial lifeline for small-business owners. Working with an insurance professional can help you find the right policy for your situation. Get started with our Agent Locator.

3 Surprising Facts You May Not Know About Long-Term Care Insurance

by Tom Riekse | November 4, 2021 | Long-Term Care Insurance | 0 comments

Among the most heart-wrenching pictures during the first months of the pandemic were images of the impact it had on our most vulnerable populations: our elders. Birthday parties through windows, the isolation of lockdowns – many people wished they were living in their own homes with the freedom that brings.

The problem is that many people don’t plan for care. If you don’t have a plan for what can happen if you need care, it can cause stress – to your finances, your health and your family relationships.

Long-term care is expensive, and prices are increasing dramatically. According to the most recent data from Genworth, the cost for care at home averages $24/hour nationally. If care is needed eight hours per day, that translates to $70,000 per year for home care. And simple economics say the costs will increase. According to a recent Axios article, the interest in home care careers on Indeed.com has gone down 15%, while the demand for home care providers has increased 33%.

Factor in a declining birthrate and the conclusion is simple – home health care costs are going to get much more expensive in the coming years. And while many people mistakenly believe that Medicare or Medicaid would cover their care expenses, this is often not the case.

That’s where long-term care insurance (LTCI) can come to the rescue. LTCI pays for care at home, as well as nursing homes and assisted living facilities. Long-term care insurance steps in if you develop a health condition that requires you to receive care and supervision. It is surprisingly affordable, especially for those who are younger and healthy. And benefits are typically received tax-free.

Here are three things that most people don’t know about long-term care insurance:

The focus is on home care benefits, not nursing homes. As mentioned, LTCI can cover nursing home and memory care. However, the vast majority of people want to stay at home, and that is where this insurance shines. When a primary caregiver needs help, they simply call the insurance carrier, who can help locate qualified local home care services. In most cases, the insurer will pay benefits directly to the home health care agency. If you aren’t happy with that agency, policies let you choose another. It’s not managed care, it’s care that is managed to help a family.
Plans offer benefits that increase automatically to keep up with inflation. Inflation is a real concern, and long-term care insurance plans are there to help. Plans offer inflation riders, which allow the benefit to keep up with the costs of care. Some of these riders increase benefits by 3% compounded annually, others by 5%.
There are flexible options to pay premiums. LTCI has policies for any budget. For example, clients with investable assets can reposition a portion of those assets and purchase a single premium plan. Or someone can purchase a premium that lasts for 10 years or until age 65. Finally, there are ongoing lifetime premium options that can be paid on an affordable monthly basis.

When you first look at long-term care insurance, the options may be overwhelming. Working with an insurance professional well versed in LTCI can help you find the right policy for your situation. Get started with our Agent Locator.

How Insurance Can Empower Women’s Financial Lives

by Erica Oh Nataren | October 12, 2021 | Financial Planning, Life Insurance | 0 comments

Today, women are more concerned than ever about their financial vulnerabilities. Financial advisor Meredith Moore, CLTC, LUTCF, explains how life insurance and related products can help women offset financial risk, maximize opportunity, and plan for the future.

First the good news: Women are making more money than ever. But we still face stubborn challenges in managing it effectively. Factors can include fewer working years, a narrowing but still-present pay gap, and social conditioning.

As a result, women across all ages and financial brackets — even high income earners — are worried about their financial future, says Meredith Moore, founder of Artisan Financial Strategies in Atlanta, Georgia, and a nationally recognized speaker on women’s financial planning issues. A recent study even revealed underlying retirement risks to married women in their 50s over their single counterparts.

New pandemic pressures

“The pandemic has only magnified this situation,” says Moore. “Women are opting out of the workplace due to household pressures, and they’re losing their place in the pecking order,” sacrificing both current income and lifetime earning potential.

On the flip side, “Several high-income women I know have spouses who stay at home now and they’re having a hard time wrapping their minds around it. There’s no right or wrong,” says Moore, “but these old gender paradigms are a hard thing to navigate.”

Shore up your defense

Life insurance and related products aren’t a cure-all to these complex issues, but they can serve as effective tools in stabilizing finances, offsetting risk, and planning for the future in uncertain times.

“Like any sport, you have to play offense and you have to play defense. It’s sexier to talk about offense, but it does not matter if you get hit by the proverbial bus,” says Moore. “We shouldn’t be glossing over it.”

Life insurance serves as the ultimate defense, protecting your family against the financial fallout if you were to pass away. The right amount of coverage can allow your family to stay in the home, alleviate financial stress at a difficult time, and continue with plans such as college education.

What am I overlooking?

Your risks change depending on your current life circumstances. At every stage, honest communication and a willingness to find out where the gaps are can help you create a financial future that’s more certain.

» All the single ladies

While you’re young and single, Moore advises focusing on your emergency fund and buying a small disability insurance policy that you can increase later without additional underwriting. Underwriting is the process an insurance company goes through to determine your eligibility and your rate, which is based on age, health, lifestyle and other factors.

If anyone is financially dependent on you — this could include parents — life insurance can provide for them if you were to die unexpectedly.

» Women with families

Moore says it’s important for couples to set up regular household financial meetings and become comfortable engaging with money together – even if a partner handles most financial matters. Power dynamics can change with the arrival of children. Couples who can communicate openly about money are better able to navigate these twists and turns.

When it comes to financial protection, the stakes are typically higher at this point in life: a mortgage, young kids, and fewer assets. Moore recommends additional disability insurance for any breadwinner, and life insurance is a must.

Some families should consider permanent life insurance, which, unlike term insurance, accumulates cash value that can stabilize a portfolio and be tapped for unexpected expenses* should your death benefits needs decrease. The primary purpose of any life insurance policy remains to protect family members from financial loss in the event of the policyholder’s unexpected death.

» Women over 50 and high-net-worth women

As women reach the half-century mark, they face any number of realities: empty nest freedom, caregiving obligations, a new career chapter or perhaps peak earnings. At this stage, Moore says, “I first have a conversation about managing costs for extended periods of care, if it hasn’t already been addressed. Overall, we’re taking a strong look at financial security.”

“In particular, many high-income women have an outsourcing mentality,” says Moore. “But when it comes to money, you need to know where those blind spots are.”

Two of the most common ones she sees:

Elder care. Moore recommends having a family conversation about managing the costs of extended periods of care.
“Let’s just be honest, it’s weird to talk to our parents about money,” says Moore. “But the next generation needs to be looking at this with their parents.” High-net-worth women are especially likely to take on the cost of providing for their care.
Longevity. Income goes down in retirement, even among high earning women who often stay active professionally.“Women live longer, and we often don’t know how to address the risk of outliving assets,” says Moore. “Stress test your retirement plan.” Permanent life insurance and annuity products can help assets last longer, and enable wealth transfer to loved ones.

Get started now by calculating your coverage needs. When you’re ready to speak with a licensed agent, use our Agent Locator to find someone in your area.

*Accessing cash value will reduce the available cash surrender value and death benefit.

Meredith Moore of Artisan Financial Strategies, LLC, is a financial adviser with Eagle Strategies LLC, a Registered Investment Adviser and an Agent with New York Life Insurance Company.

Artisan Financial Strategies, LLC, is not owned or operated by Eagle Strategies LLC or its affiliates.

Kelly Rowland Talks Life and Life Insurance: ‘It Truly Eases My Heart and Mind.’

by Devin Pascoe | September 28, 2021 | Life Insurance | 0 comments

While Life Insurance Awareness Month may be coming to a close, the need for coverage is year-round. If you haven’t taken that step to get life insurance yet, right now is the best time to get started.

Award-winning singer, songwriter, producer and humanitarian Kelly Rowland joined us this month to share why she’s passionate about life insurance and how important it is for protecting the ones you love.

As a mom to two young boys, Kelly does anything to make her family’s lives better and more secure — and life insurance is key. It’s her way of saying to her sons, “I love you. I’ve got you, and I’m seeing to your future no matter what.”

Here she opens up about motherhood, life lately and life insurance.

Life Happens: It’s been an exciting time for your family this year with the addition of baby Noah! How does it feel to be a new mom again?

Kelly Rowland: There are moments like in the middle of the night when I’m looking at Noah—he’s just so delicious—and I think, Wow! I’m so blessed. Being a mother has absolutely changed me. It’s daunting, but I love it.

LH: Having life insurance is about being a role model for your sons, maybe not now but into the future. What does life insurance mean to you?

Kelly: When you take care of those things—things people don’t like to think about like the security of having life insurance—there’s a sense of freedom. It’s like a burden lifted off of you, and that’s what people should rest in.

LH: Have you and your husband talked about what would happen if either or both of you were to pass away? Have you taken precautions like purchasing life insurance?

Kelly: We have and I’ll never forget that conversation—my husband and I were in the car and we had tears in our eyes, because we love our babies so much.

But honestly, what made it real was a conversation I had with a friend who lost her husband. It happened so suddenly, and she got on me about life insurance. She said, ‘Kelly, you gotta get it done; this is so important. You want to make the process as seamless for your children as possible because that’s one of the ways you show them that you love them.’

When you say it like that, it’s just so true! For me, having life insurance truly eases my heart and mind. It means that no matter what, my family can keep looking toward the future. I know when some people think about life insurance they just think about the loss — about not being there. And they’re like, well, if I address this, it’s going to be real. But it’s not going to ‘make it real.’ It’s a solution so that if something does happen to you, you know everything is going to be taken care of.

LH: What do you think is a barrier to people purchasing life insurance?

Kelly: I think for a lot of people it comes down to information—that they don’t really know about life insurance. And I would say especially the Black community. Life insurance is a great product, but the greatest thing we can give people is the information on what exactly it is and what it does for a family. That’s why I’m collaborating with Life Happens, to help educate people so they can understand it and get the coverage they need.

LH: One last question: What’s the title of the song for your life right now?

Kelly: It would be ‘Golden.’ I am so happy that it almost scares me. I prayed and asked God, ‘Please don’t take anything away from my life right now.’ We’ve got our beautiful sons, we’ve gotten the house we’ve always wanted, we’re able to do things together as a family, and our love is so thick and beautiful. It really is Golden.

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