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 Protection is Always Important 

There is protection for so many of your various possessions, including the extremely important one…YOU! September is Life Insurance Awareness Month (LIAM) focusing on educating people on the importance of life insurance and helping get the coverage needed.

More than 40% of Americans have no life insurance*. Here are a few reasons why life insurance is important…

1) Do it for your family – In the event of your untimely departure, life insurance can do a number of things such as: serve as income replacement, payoff a mortgage, payoff debts, pay for a child’s education, cover burial expenses, transfer wealth to your loved ones, or serve as a charity donation.

2) Work insurance is inadequate – If you have life insurance through your employer it may only be 1 or 2 times your salary, which may not be enough to cover some or all of the expenses in #1. Additionally, you will only have that insurance as long as you are an employee. If you are self-employed or your employer doesn’t offer life insurance, then it is 100% up to you to get the protection you need.

3) Coverage isn’t as expensive as you think – Those with no life insurance think it’s 3X more expensive than it really is*. There is no cost nor obligation on your part to speak with a financial advisor to determine the right type of insurance for you and get a quote. Remember, the longer you wait the greater it can be.

Your home and car most likely are insured – Are YOU?

*Source: 2015 Insurance Barometer Study by Life Happens and LIMRA

“Here Comes the Bride…”

Congratulations on your engagement or recent or pending nuptials! There is always so much to think about when getting married, but the crucial financial conversation is a necessary component for your foundation to live happily ever after. Think of it as a “date night” that you should have during the engagement or very early on in your marriage. Both individuals should be open, honest, and thorough.

Here are 5 tips on what to discuss during this important conversation together:

1. Discuss your financial goals and habits – Talk about any savings goals and/or debt payoff goals. Your habits include how you spend money, how you save money, and how you decide on large purchases. Don’t forget to set some financial goals together such as emergency fund (short term), down payments (intermediate term), paying a child’s education (long term).

2. Show each other the numbers – Review all financial documents together this includes, bank accounts, retirement accounts, real estate, all debt, and sources of income. Also, decide how you want to set up your accounts (joint, all separate, or a combination of the two). Determine who will pay what bills and from what accounts if necessary.

3. Create a budget – Together, create a budget. Hopefully you both have your own individual budget that you can use as a starting point. If not, there are a variety of sources to provide budget templates/worksheets for free online or the library. At minimum, on a monthly basis review your budget together.

4. Discuss with professionals – Meet with a tax professional to determine what is the best method for filing taxes (jointly or separately). Meet with a financial professional to help with meeting the financial goals, updating beneficiaries, and reviewing all types of insurance policies or purchasing new ones. Designate power of attorney, health care power of attorney, and update or develop a will.

5. Health insurance – Most companies won’t make one wait until enrollment period at to update health insurance after a life changing event such as marriage. Review both plans and determine what will be the best course of action.

6. Remember to take time out to date each other during your planning stages.

                           Love is a powerful drug all by itself so don’t let financial       

                                 secrets and/or woes cause it to become ineffective!