Ken Morris: It’s good to have life insurance no matter when you die

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It’s hard to imagine we’re already in the fourth quarter. September has come and gone in the blink of an eye. I intended to remind my readers last month that September was Life Insurance Awareness Month. But, since it is so important, better late than never.

It’s true, insurance companies aren’t the most like institutions, but planning for life insurance is an important part of your financial plan. It may be an uncomfortable subject, but it needs to be addressed.

Sadly, COVID has reminded everyone that no one is invincible, and it took far too many people before their time. I doubt anyone wakes up thinking “This is the day I go.” But you never know. And the reality is that financial planning includes preparing for the unexpected.

For example, what if you never come home again? Will your family be able to manage without you or your paycheck? Without a large nest egg, how will children be educated? Will your spouse be able to maintain his lifestyle? Will you be forced to sell assets to pay inheritance tax?

These are just a few of the reasons you might need real life insurance from a reputable insurance company. With the tongue in the cheek, I like to say that GoFundMe is not a viable alternative to the insurance company. It would be like putting a bandage on a wound requiring major surgery. It might reassure your friends to donate, but in the long run, it probably won’t be enough.

I strongly suggest that readers review their life insurance needs with their advisor. And be aware that life insurance companies not only offer traditional life insurance policies, but also many so-called hybrid life insurance policies that include long-term care elements.

Okay, so maybe shopping for life insurance is time consuming and complex, but that’s because understanding the details is so important. But to implement and complete the task, it is a necessary process.

Speaking of life insurance companies, iconic rock band the Rolling Stones have just started their long-awaited tour. It was initially delayed due to At Mick Jagger cardiac problem. Then, as with so many other things, the tour was put on hold due to Covid. Now the show continues, even though their longtime drummer, Charlie watts, recently adopted.

Why mention the Rolling Stones in a financial column on life insurance? Because there is a downside to dying too soon. And that’s living too long. The Rolling Stones are a truly remarkable example of longevity.

A fear of many retirees is running out of money. One way to get a reliable income for life is to go through a life insurance company. As it turns out, the only sponsor of the Rolling Stones tour is The Alliance for a lifetime income. The Alliance is a non-profit educational organization that helps consumers develop retirement income strategies.

Funding for the Alliance comes from a group of 24 leading financial services organizations, including some of the country’s leading life insurance companies.

From dying too soon to living too long, the much-criticized and often maligned life insurance companies have a variety of solutions to address your concerns. Of course, they cannot solve every problem, but they can certainly provide peace of mind.

Titles offered by LPL Financial, FINRA member /SIPC. Email your questions to [email protected]. Ken is a registered representative of LPL Financial. Ken is vice president of Society for Lifetime Planning. All opinions expressed are those of Ken morris. LPL and Society for Lifetime Planning are independent companies. Investing involves risks, including loss of capital. No strategy ensures success or protects against loss.

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