Estate Planning

We All Need Somebody to Lean On

 “I just might have a problem that you’d understand…we all need somebody to lean on.”

– Bill Withers (1938-2020)

As the COVID-19 pandemic changes our daily lives and drives many of us to be more introspective, I’m reflecting on the work I do. My role is simple: to support financial professionals who have dedicated themselves to helping people reach their financial goals and to making sure their loved ones are protected in the event of tragedy.

When the world is this uncertain, it’s nice to know there are people out there who can help you find answers.

Every day, I talk to the men and women who represent Penn Mutual. I hear them talk about their desire to help and, sometimes, about the frustration of not being able to do even more for their clients who are worried, unsettled, or downright scared.Fortunately, they are armed with thorough training, as well as current information about economic conditions and recent regulatory changes, like the CARES act.

So, if you haven’t already done so, now is a good time to connect with your financial professional. Because you’ve established a relationship and worked together to create a plan based on your family’s needs, you’re better equipped to stay on track by revisiting some fundamental questions:

  • Is my financial strategy still solid? During periods of upheaval and market volatility, it’s natural to want to adjust your approach. Your financial professional can help guide you with insights into the opportunities and consequences associated with making changes.

  • Is my insurance coverage up-to-date and does it reflect any changes in my situation? Reviewing your coverage annually helps ensure your plan continues to protect what you value most—especially when times are unpredictable. You should discuss any changes in your family, your income, employment status, or lifestyle that you may want to factor in, now and in the future.

  • How can my permanent life insurance policy help me now? The cash value of a permanent policy may be able to help you weather market volatility, so you aren’t in a position where you lock in market losses before they can recover.*

  • Do I have the right beneficiaries in place…in the proper way? Your financial professional can help make sure you have all your intended beneficiaries in place, as well as point out the common pitfalls associated with naming beneficiaries.

Remember, your financial professional is there for you. As a trained, objective third party, he or she can provide time-tested answers and help you make decisions that benefit you now and in the long term.

After all, when the world is confusing and we need someone to lean on, it’s nice to know you have a dedicated professional ready to help you address life’s challenges and remind you of the things in your control.

*Accessing cash value through policy loans or withdrawals reduces your policy death benefit and values and may result in fees and charges, and requires additional premium payments. Ask your financial professional for details about accessing your cash value, including the potential impact on coverage guarantees and under what circumstances the values you access could be taxable. Always consult your tax professional before accessing policy cash value.

This post is for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this presentation may not be appropriate for you or your client’s situation. The information in this material is not intended as tax or legal advice. Always consult your legal or tax professionals for specific information regarding your individual situation.


More on Estate Planning

Related Posts