Mark D. Milbrod, CLU, CLTC
Vice President – ASG
As I am writing this post, I am horrified by all of the latest images from the aftermath of Hurricane Milton. Prior to the storm, officials were pleading with residents to evacuate the areas that were identified as the most vulnerable zones.
For those that were in the path of this historic storm, it was all about preparedness and proper planning so that you could either be out of harm’s way or have the supplies and tools needed to weather this storm.
At the same time all of this is going on, I am attending a meeting with some of the top insurance and financial planning professionals in the country. We meet to share ideas on how to help the clients we serve with planning for financial threats that they may face in their lifetimes.
Not unlike the planning that goes into place for a huge impending storm, financial threats are just as important to plan for.
At this meeting, I shared my personal story of losing my dad earlier this year. My brothers and I had put together a plan for my dad that would ensure that his final expenses were covered through a life insurance plan. In addition, we put a Long-Term Care plan in place. Making a long story short, having these two pieces in place avoided what could have easily been an even worse situation.
After sustaining a life changing injury over three years ago, my dad had to go to into an Assisted Living Facility. His Long Term Care policy covered ALL of his expenses and he was able to live with dignity for the last three plus years of his life.
As a side note, having these policies in place and having his living expenses covered under his LTC policy, we were able save a nice sum of money for him. Couple that with his life insurance policy, my brothers and I were spared from what could have been a catastrophic financial burden for all of us.
As an added (and unintended) bonus to the planning that we did, in the end, my dad was able to leave a modest legacy to each of his eight grandchildren. This is something he never knew was an option, but I am sure he is looking down smiling knowing that “HE” was able to leave this special gift from Grandpa.
The point in all of this has to do with proper planning. Just like preparing properly for a storm, sound financial planning can help mitigate some of those “what-ifs” that life throws at us.
The products we sell really work. My dad’s story is proof of that.
Think about your own situation and the many clients that you serve. How can you help them prepare for the financial storms that can wind up on their forecasts?