Philadelphia, PA. – Life insurance helps parents do what they do best – take care of their children – even after they’re gone. For many, however, life insurance tops the list of financial regrets.
Most people don’t like to think about their mortality, but avoiding it could result in financial hardship for loved ones. Such was the case for Rory Sullivan, a financial professional with MassMutual Greater Philadelphia.
“The summer before I started attending Penn State, my father died after a brief and devastating battle with cancer,” explained Sullivan. “His biggest regret was leaving me and my family with no means of support. It still crushes me to think he died without peace of mind knowing his dreams for me could, and would, come true.”
Sullivan’s father’s story of life insurance regret is all too-common. A recent study shows that one of three households would have immediate trouble paying living expenses if the primary wage earner died.1 The study also found that 40% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
In honor of his father, Sullivan intends to reverse these trends by urging families to put to rest uncertainties about loved one’s future well-being by assessing and addressing their life insurance needs.
Since September is Life Insurance Awareness Month, Sullivan urges community members to review their financial situation to determine if life insurance is needed, and the best policy type to choose. He offers these five questions as a starting point:
For more information on how to purchase life insurance, Contact Us today.
About MassMutual Greater Philadelphia
MassMutual Greater Philadelphia is home to expert financial coaches that provide thoughtful, thorough strategies and products that help their clients work towards goals in order to live their best lives. MassMutual Greater Philadelphia believes financial planning and management is becoming increasingly complex, and playing the game to win requires a team of people who love it and live it every day. The agency has maintained a track record of accomplishments and success for over 130 years.
For more information, visit www.GreaterPhiladelphia.MassMutual.com or follow MassMutual Greater Philadelphia on Facebook, Twitter and LinkedIn.
Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. 2 Bala Plaza, Suite 901, Bala Cynwyd, PA 19004, Tel: 610‐660‐9922.
MassMutual is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. Agency officers are not officers of MassMutual.
1 2016 Insurance Barometer Study, Life Happens and LIMRA.
2 Policy withdrawals are not subject to taxation up to the amount paid into your policy (your cost basis). If the policy is a Modified Endowment Contract, policy loans and/or withdrawals will be taxable to the extent of gain and are subject to a 10% tax penalty. Policy loans and/or withdrawals also reduce the cash surrender value and policy death benefit).
3The decision to purchase life insurance should be based on long-term financial goals and the need for a death benefit. Life insurance is not an appropriate vehicle for short-term savings or short-term investment strategies. Generally, surrender charges apply for up to twenty years of the policy. Those charges may decrease the value of the policy substantially depending on how early the policy, or any portion of it, is surrendered or accessed. While the policy allows for access to the cash value in the short-term, through loans and withdrawals, there are costs and risks associated with those transactions. You should know that there may be little to no cash value available for loans and withdrawals in the policy’s early years. Additionally, unless required by law, you generally cannot reinstate a variable life insurance policy once it’s surrendered.