Financial advisor discusses how and when to choose life insurance policies during Life Insurance Awareness Month
WELL, WE’RE STILL HERE IN THE MONTH OF SEPTEMBER, AND IT HAPPENS TO BE LIFE INSURANCE AWARENESS MONTH. JOINING US NOW TO TALK ABOUT THAT IS NORTHWESTERN MUTUAL WEALTH MANAGEMENT ADVISOR TAYLOR ROYAL. TAYLOR, THANKS FOR BEING HERE. WONDERFUL. HAPPY FRIDAY. HAPPY FRIDAY TO YOU. OKAY. LIFE INSURANCE AWARENESS I MEAN, WHAT DOES THAT ACTUALLY MEAN? YEAH. SEPTEMBER. HUSKER FOOTBALL VALA’S PUMPKIN PATCH, LIFE INSURANCE. IT ALL FITS TOGETHER. BUT YEAH, FOR ME AND MY FAMILY, WHAT LIFE INSURANCE IS, IS IT’S A CONTRACT BETWEEN AN INDIVIDUAL AND AN INSURANCE COMPANY LIKE NORTHWESTERN MUTUAL, WHERE YOU’LL PAY REGULAR PREMIUM PAYMENTS FOR HOPEFULLY LIFE INSURANCE COVERAGE. WHAT IT IS, WHAT IT MEANS TO MY FAMILY IS THAT I HAVE ENERGETIC KIDS AT HOME AND A BEAUTIFUL WIFE THAT COMMITS HER TALENT AND ENERGY TO STAY AT HOME WITH OUR KIDS. AND SO OUR FAMILY’S VERY DEPENDENT ON ME WORKING EVERY SINGLE DAY. AND SO I HAVE LIFE INSURANCE ON MYSELF. SO GOD FORBID SOMETHING HAPPENS TO ME, WE CAN TAKE ADVANTAGE AND STILL HAVE OUR GOALS ACCOMPLISHED AS A FAMILY. AND TAYLOR YOU TALK A LOT ABOUT FAMILY. I MEAN, I KNOW MY FAMILY HAS HAD THESE DISCUSSIONS. WHEN IS THE RIGHT TIME TO GET LIFE INSURANCE? CERTAINLY IF YOU HAVE YOUNG ONES AT HOME AND YOU’RE THE BREADWINNER. BUT I THINK OF LIFE INSURANCE IN REALLY THREE QUICK CATEGORIES. THE FIRST ONE IS RISK MANAGEMENT. IT IS THAT WHAT IF, GOD FORBID, SOMETHING HAPPENS, YOU NEED TO PAY DOWN DEBTS OR, YOU KNOW, SUPPLEMENT OR SOME SORT OF INCOME? GOD FORBID SOMETHING HAPPENS TO SOMEBODY. IT’S A LOT LIKE DISABILITY INSURANCE OR HOME OR AUTO POLICIES. IT’S FOR THAT. WHAT IF LIFE INSURANCE IS ALSO A TOOL FOR WEALTH ACCUMULATION? SO FOR PEOPLE WHO WANT TO SAVE FOR RETIREMENT AND LOOK AT TAX DEFERRED OR TAX FREE GROWTH. LIFE INSURANCE CAN BE A WONDERFUL TOOL FOR THAT. AND THEN AS WELL AS FOR ESTATE PLANNING, I HAVE CLIENTS THAT NOT ONLY WANT TO LIVE THEIR LEGACY ON A DAILY BASIS AND COMMIT TO THEIR CHILDREN AND CHARITIES, BUT IT’S ALSO A GREAT TOOL FOR THEM TO KIND OF MAXIMIZE THEIR BALANCE SHEET OR THEIR WEALTH AT THE END OF THE TIME. WHEN YOU’RE TALKING ABOUT LIFE INSURANCE, I KNOW THERE ARE A VARIETY OF PLANS YOU CAN GET. HOW DO YOU KNOW HOW MUCH LIFE INSURANCE YOU NEED? THAT’S A GREAT QUESTION. THERE’S SOME RULES OF THUMB THAT ARE OUT THERE LIKE TEN TIMES YOUR SALARY, OR EVEN JUST THE EQUIVALENT OF WHAT DEBT THAT YOU MIGHT HAVE OUT THERE. BUT I THINK IT’S IMPORTANT TO TALK TO A TRUSTED ADVISOR, REALLY TALK ABOUT WHAT YOUR GOALS ARE, WHAT YOU WANT TO ACCOMPLISH FOR YOUR FAMILY. MAYBE TALK TO YOUR SPOUSE OR SIGNIFICANT OTHER ABOUT WHAT YOU WANT TO ACCOMPLISH. GOD FORBID SOMETHING HAPPENS TO YOU. AND SO THOSE NUMBERS HAVE VARY FROM PERSON TO PERSON. SEPTEMBER IS A GREAT TIME TO TALK ABOUT IT. JUST BECAUSE MANY EMPLOYEES AROUND THIS COMMUNITY ARE JUMPING RIGHT INTO OPEN ENROLLMENT. AND SO THEY’RE GOING TO BE MAKING THESE DECISIONS FOR THEIR FAMILIES. SO IT’S A GREAT TIME TO HAVE THESE DISCUSSIONS AND TAYLOR WHERE CAN PEOPLE LEARN MORE ABOUT LIFE INSURANCE AND FINANCIAL PLANNING? YEP, CERTAINLY NORTHWESTERN MUTUAL. COM HAS SOME GREAT RESOURCES. YOU CAN TALK TO YOUR TRUSTED ADVISOR AND IF YOU WANT TO CONNECT WITH ME, ROYAL WEALTH
Financial advisor discusses how and when to choose life insurance policies during Life Insurance Awareness Month
Updated: 5:21 PM CDT Sep 27, 2024
September is Life Insurance Awareness Month.Northwestern Mutual Wealth Management Advisor Taylor Royal joined KETV NewsWatch 7 in the newsroom to discuss when it’s the right time to buy life insurance, how to determine the best level of coverage, and financial planning.See the whole interview in the video above.Click here for the latest headlines from KETV NewsWatch 7
September is Life Insurance Awareness Month.
Northwestern Mutual Wealth Management Advisor Taylor Royal joined KETV NewsWatch 7 in the newsroom to discuss when it’s the right time to buy life insurance, how to determine the best level of coverage, and financial planning.
See the whole interview in the video above.
Click here for the latest headlines from KETV NewsWatch 7
