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Well, yet another “market correction”. I’m not a pessimistic guy by nature but the wealth, as modest as it might for the average American, seems to be held together by almost nothing at times. I wonder if the stock market wisdom of the ages, to sit and stay, is always going to work. What happens if I die unexpectedly, or even expectedly, when the stock market is in the toilet? What happens if my bride is suddenly dealing with my passing and also the loss of some large portion of our net worth? What happens, and like I said I’m not a pessimistic guy, when the stock market and the collaborative net worth of every hard working average American, takes a much longer time to recover or doesn’t come back fully…or at all.
Let me make clear that I am not demeaning the financially above average Americans who, percentage wise, generally lose as much of their investments as the average American who has less than $100,000 socked away. There is little doubt in my mind that it sucks to lose $200,000 when your net worth is $1 million almost as much as it does to lose $20,000 when your net worth is $100,000.
Unlike our younger counterparts for whom the whole “sit and stay” exercise is likely less nerve wracking, in the absence of life insurance for those of use over age 50 or 60, it can be downright depressing to see a “market correction” gobble up our nest egg. It is that uneasiness about not having as much time to wait out another downturn. For those of us who have seen the whole US economy become a whole global economy and become more volatile right along with the world, there is an uneasiness about how our patience is going to work for us when our investments are no longer dependent on the US economy.
So life insurance! Having life insurance in place that is equal to at least half, if not all, of your investment portfolio just makes sense. The death of a spouse changes the financial dynamics for the surviving spouse almost immediately. Whether that is the sudden loss of an income from work or the loss of a substantial amount of savings that you’re dependent on, in the absence of life insurance there really is no other way to put that train back on the tracks. Having an almost immediate tax free infusion of cash that is not connected at all to a volatile turn in investments can have a calming effect when it’s most needed.
Bottom line. There is no excuse for a lack of planning or precaution when you get to the age where a bad week or month or year in the stock market or mutual funds could turn your spouse’s future into something much different than you had planned. If you have questions or would like to find out how lower cost guaranteed permanent life insurance can be just the spare tire you need, call or email me directly. My name is Ed Hinerman. Let’s talk.