Don't Wait Out Covid to Save
By: David Smyth, July 23, 2020
This is normally the time when we start thinking about sending the kids back to school, and the regular things that go along with that like new clothes, dorm room decor, what to pack for lunch, and school supplies. Back-to-school looks a little different this year, as whether or not schools will even hold in-person classes is up in the air.
For those of you who do have kids, I want to remind you not to put off (or pause) saving for college until the Covid-19 scare has dissipated. School will still happen, and college will still cost money, one way or another. There's no such thing as a virus-free world and never has been. Eventually we will get this one under control and 2020 will become a memory. If you need help setting up a college savings account and strategy, give us a call. We're always here to help.
If you're behind the 8 ball on your college savings, one thing you can do to help your financial plan is to make sure you and your spouse are both properly protected with your own life insurance policies. The older we get, the more certain death becomes (we're all immortal in our 20s, right?), but the flip side is, the younger you are, the more affordable it is to buy life insurance.
One thing I always talk to clients about is the need for the proper protection of your assets with insurance, and this is most vital for those folks with kids, whether in college or heading that way in the next few years. Stop and think for a moment - what would happen to your finances if you lost one of your incomes? What if you're a one-income family? The right life insurance policy can cover your mortgage, college tuition, child care, and other living expenses should something happen. In other words, it can help your family maintain their lifestyle if one income disappears. It's peace of mind.
Even if you don't have kids, it's not a bad idea to lock in a low rate now, especially if you plan to have children in the future. Of course, life insurance can be put to use in many ways besides the death benefit, and our team can develop a strategy unique to you, from estate planning needs* to business owner solutions.
I know it's been tempting to put everything - including keeping up with your financial goals - on hold during these unusual few months we've been through. But take some time to pull out that financial checklist we made for you and see if there's anything you can check off. And if your financial situation has changed in any way, please, let us know so we can adjust your plan accordingly.
*Estate planning services provided in conjunction with your licensed legal advisor.