Once upon a time we served on the board of an organization called Women in Business and they had an annual retreat at the very sexy La Costa Resort. There we were, minding our own business in the spa when two of our clients came in. There was wine and laughter and believe it or not the topic of life insurance came up. Not the typical chat topic for the whirlpool, but if you want to chat about life insurance while sipping wine in a hot tub we are game!  Both were Balanced Financial clients. Neither knew each other but they got a kick out of finding out what the other had purchased to protect their family.  It was a retreat geared toward women and their financial health so let the information and the wine flow! These women were similar in age and had very different policies. We had a great chat as to how life insurance is not one size fits all.

For us, educating our clients is imperative. As situations change, financial needs change. Life insurance, giggles and vino are not a common pairing but that night in La Costa they seemed to go quite nicely together. The younger woman “Mary” was in her late 20’s and “Lisa” in her mid-30s. Mary was a single mom and had 2 young children. Even though she made a good living, she had nothing put away for retirement, and if something happened to her, her parents would have had to raise her children.  Mary’s whole life plan was a combination of whole life and term insurance. This type of life insurance combined two different forms of insurance within the same contract.  The whole life portion has higher costs in the early years and it’s more expensive than straight term.   It is structured so that after the term portion has been paid you are then accumulating what is called “cash value”.

The other woman, “Lisa” had just started her own business she was single no children and had just taken out a significant loan from friends and family.  For her we  suggested a 10 year flat level term contract. This would pay off her debt if she did not live, and after 10 years she should be able to pay back the loan from the business.  One of the goals of life insurance is to make sure your dependents live a full life if something were to happen to you. What some don’t realize is that every policy has several components that are more than just sections they are important items in a contract.  As with the younger woman that policy had two different parts of that contract.  This type of insurance is not offered thru every Insurance company and is why must chose a broker wisely.    We are insurance professionals who are not captive to any one insurance company.  We can find you what best suits your needs and that’s what we call “A Balanced Approach”

In our future newsletters we will dive more into all the things we do!

Open Enrollment for Health Insurance going on or off the exchange what’s best for you and are they equal?

Life Insurance and who should own that policy?

Long Term Care do you need it and When?

Medicare and Supplements

Income Protection Insurance, Making sure if you need help you get it.