Apr 19, 201610:40 AMTaking Stock
with Nathan Brinkman
Leading by example
As a business executive in senior management, you often lead by example. This even includes what happens outside the four walls of your office building. You’re probably on a board for a nonprofit, volunteer with your kids’ activities, and even donate resources to many different causes in your community.
Have you ever thought about the impression it can make when you’ve taken the necessary steps to protect your family and your legacy? I’d like to share a situation that recently affected one of my clients that might make this easier for me to explain.
Anthony and Sarah were married two years ago and now have a blended family. I was working with Sarah as her financial advisor before the marriage. Anthony did not previously have an advisor. During an introductory meeting, Anthony shared that he was in senior leadership for a large corporation and he had no life insurance outside his employer. One of the first things I recommended was to apply for more life insurance on Anthony.
Last week, I received a call from Anthony. The reason he called was for something that doesn’t happen very often — he called to thank me. You see, a coworker of Anthony’s recently found out he has terminal cancer and has a year to live. The coworker negotiated a one-year severance.
That is a very generous offer from the employer. In reality, it may not be enough. What if he lives longer than a year? Is a one-year severance package enough to pay for all the medical expenses he has in addition to making sure his family can still lead the life they are accustomed to? And what will his family do without his income in the long run? This is where adequate life insurance can help.
Life insurance can be the foundation of your financial security and can provide comfort and stability for your family. Without proper planning and protection, unexpected hardships such as this situation can have a devastating financial impact.
Earlier in the day Anthony’s boss came into his office and inquired whether or not Anthony had life insurance outside of their employer. Anthony was able to say “yes.” Bottom line, he was thankful to look good in front of his boss, but more importantly he felt relieved to be prepared.
We are all busy — running our businesses, taking care of families, and everything else we have to do. But sometimes the person we forget to take care of first is ourself. In hindsight, taking care of ourselves will take care of those around us. I hope this story made you stop and think about your own personal situation like it did for me.
Nathan Brinkman is a registered representative of and offers securities, investment advisory, and financial planning services through MML Investors Services, LLC. Member SIPC 525 Junction Road, Suite 8100 North, Madison, WI 53717 (608) 829-0015. Triumph Wealth Management is not an affiliate or subsidiary of MML Investors Services, LLC, or its affiliated companies. CRN201805-201952
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