Life Insurance:  Plan to Live

Last quarter, I introduced my mantra, “Plan to Live, then Live the Plan,” and how this idea fosters a sense of freedom in my life. This principle encourages us to envision a future where we actively shape our lives according to our goals and aspirations.

As we dive into the theme of Risk Management this fall, I started to think about whether or not life insurance is a deviation from my plan to live.  Do I really need life insurance? And better yet, do my kids?

I’m sure many of you have asked yourselves these same questions. As advisors, we see all sorts of questions and strategies when clients first begin working with us.

The answer, when dealing with uncertainty of any kind, is it depends.

Your plan to live might include providing financially for those dependent on your income--using dollars today to protect unearned and relied upon dollars of tomorrow. Life insurance can play a crucial role here by providing a safety net for your family, covering expenses, and maintaining their quality of life in your absence

Your plan to live might include legacy gifts to pass to family or charities. Life insurance helps bridge the gap between the income you generate now and the financial support your loved ones may need later.

Your plan to live might include a strategic plan in the present to provide an investment in the future. With this plan, you are making a conscious decision to secure the future today and live in the present. You can focus on living because insurance is doing the job for a different outcome.

The answer to these questions often hinges on the uncertainty we face in life. The need for life insurance is not a straightforward yes or no—it depends on your unique situation and financial goals.

Life insurance can be a powerful tool that complements your plan to live. It’s about extending your influence and safeguarding the future, making sure your dreams and goals continue to benefit your loved ones long after you’ve moved on. As for your children, the need for life insurance might not be as immediately obvious. However, there are scenarios where it can be beneficial. For example, it can cover potential final expenses or medical costs, or lock in a low premium rate for your children while they are young and healthy.  

We are looking forward to our conversations with you this fall about your plans to live and how we can work together to accomplish them.