Check the background of this financial professional on FINRA's BrokerCheck.

Happy Life Insurance Awareness Month
Every September, Life Happens, a non-profit organization whose mission is to inspire the public to take personal financial responsibility through the ownership of life insurance and related products, hosts Life Insurance Awareness Month, its annual opportunity to promote the important role that life insurance plays in the life of a family. As a staunch believer in the need for life insurance as part of an overall financial plan, it seemed like a good time to share a story about how life insurance impacted the life of someone I know.


A former colleague of mine, Paul, seemed to be living the perfect life. He was married, had three beautiful children, and recently received a promotion that was going to provide some much needed financial relief. About six months after receiving the promotion, Paul's wife, Kathy, went to the doctor for a routine check up where she mentioned some recent stomach pain. After further investigation, the family's worst nightmare was revealed...Kathy had a rare, and aggressive form of stomach cancer.


What had just days earlier felt like a lifetime in front of them was now something of a panic. There was nothing they could do. Kathy underwent some treatment to give her some additional time, but soon, reality set in...plans needed to be made for what Paul and the children's lives would look like when Kathy was gone.


At first there were more questions than answers. Could Paul continue to work with no one to be home for his children? How would life change for the kids? Could Paul afford to take some time off to be with them as they transitioned to their new normal? Could the family stay in their home? The kids in their school? And many others.


Fortunately, Paul and Kathy had purchased life insurance years before there was any sign of this horrible cancer, or any notion that their life together would be cut short. Now, confronted with the current situation, that life insurance was the most important thing they had ever done. It would allow Paul to provide the life for his children that he and Kathy had dreamed of together. It would allow them to stay in the home, and keep the kids in their schools. Most importantly, the other goals that Kathy and Paul had articulated to each other, paying for college, weddings, etc., would be able to be achieved. According to Paul it was the knowledge that things would be ok that provided Kathy with the most comfort in her final moments.


I don't share this story for the sole purpose of pulling on heart strings. I share it because it illustrates exactly why life insurance is important. The truth is, we never know what is coming, when it is coming, or what the impact will be. While life insurance did not bring Kathy back, or take away the sadness that Paul and his children felt in losing their wife and mother, it did provide relief so that the decisions that Paul would have to make on his own were without the burden of financial turmoil.


Having been a life insurance agent myself, I have heard way too many stories that are similar to Paul and Kathy. Maybe that is why I own four life insurance policies on myself. I remain floored by the statistics about the lack of life insurance that exists in America today. According to the 2015 Insurance Barometer Study by LIMRA, more than 40% of Americans have no life insurance at all, while 70% of those with life insurance are underinsured. Still, less than 50% of those interviewed as part of the study believe they will purchase additional life insurance in the next 12 months.


Life insurance does not have to be expensive. In fact, for many, the daily cost is less than the venti non-fat latte they get at Starbucks every morning. It comes down to priorities and understanding the cost factors. Life insurance is about risk. How risky is it that you will pass away before the actuarial tables say your life expectancy is. The riskier you are, the more it costs. What goes into that risk? Your health, lifestyle, medical history, and age are the most significant factors.  So it stands to reason that since you will never be younger than you are today and since most people don't get healthier as they get older, that life insurance will NEVER be cheaper than it is today.


Sadly, I have seen the result of a family faced with the premature death of the bread winner or care provider too many times. I have seen the financial ruin that ensues when a family has no money and no options. The anger and frustration that those left behind feel as they try to figure out how to manage. I promise you, this is nothing you would ever wish on your worst enemy, let alone the people you love most in the world.


If you fall into the majority of people who don't have life insurance, or don't have enough life insurance (I am talking to all of you who only have life insurance through work. I promise you it is not enough), then why not make this important purchase during Life Insurance Awareness Month.

Whether it is me, or another trusted professional, I encourage you to reach out for information about how to purchase the right amount of life insurance for your family. You will sleep better knowing that if life throws your family a curveball, the financial resources will be there to help all of you get through it together.


If you want to hear more about the role that life insurance can play, visit and read the story of Food Network and black-ish star Anthony Anderson, this year's Life Insurance Awareness Month spokesman, among many other stories of families who have experienced the impact of proper life insurance planning.


Again, from my family to yours...happy Life Insurance Awareness Month.

Tell A Friend Tell A Friend
Connect with us on: Go to LinkedIn  Go to Facebook  Go to Twitter  

 Securities offered through American Portfolios Financial Services, Inc. Member FINRA/SIPC (FINRA/SIPC). American Portfolios Financial Services, Inc. and American Portfolios Advisors, Inc. are not affiliated with any other named business entities mentioned.

This communication is strictly intended for individuals residing in the state(s) of CA, CO, CT, FL, IL, KY, MA, MD, NJ, NY, PA and VA. No offers may be made or accepted from any resident outside the specific states referenced.

Check the background of this financial professional on FINRA's BrokerCheck.