By Raymond Nash
Life Insurance Awareness Month
Self-Improvement Can Lead to Financial Independence
In September, Life Insurance Awareness Month coincides with Self-Improvement Month, creating an opportunity to better oneself by completing financial planning that might have been put on the backburner in the past. A month dedicated to self-improvement is a good time to scrutinize financial planning and legacy building, among other aspects of life. Financial health can be a trigger to emotional and mental stress. According to the 2023 Insurance Barometer Study, an excess of 100 million Americans say their financial portfolio does not include enough life insurance coverage. Even though implementing life insurance leads to a feeling of financial independence, the topic is often delayed. Due to the challenges that could be associated with an inadequate amount of life insurance coverage, it’s important to incorporate financial planning into a self-improvement plan.
Successful self-improvement starts with honest self-reflection. It is imperative to be cognizant of who you are, who you want to become, and the steps you need to take to get to where you want to be. Taking some time to complete any tasks, planning, or goals that have gone undone and doing something out of your comfort zone can promote self-growth. Regarding financial planning using life insurance, self-reflection includes taking stake on one’s own mortality and what will happen to one’s family or business at their passing. Although the exercise can be stressful, there is a sense of relief when financial planning is complete and the benefit to a family and/or business is established.
Self-improvement is not confined to one calendar month, and getting financial planning right can take several months to complete. Starting now can be fruitful both mentally and financially. There is a risk of waiting to implement life insurance, since an increased age can increase premiums, a change in health can affect insurability, and product changes can increase the cost. While it is advantageous to get ahead of these cost prohibitive factors, there are also mental and emotional incentives to update a financial portfolio with an adequate amount of life insurance, creating financial independence and improving the well-being of those who will be left behind.
A good first step is to analyze the life insurance need and audit the existing portfolio to evaluate if there is an adequate amount of coverage in place. Click on the link below to read more about the benefits of a life insurance policy audit. Contact us with any questions or opportunities to help your clients achieve their goals. This is what we enjoy doing for only a select number of families, businesses, and charitable institutions each year.