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Understand the Need

Needs (and strategies) can be very different from one person to the next. Take a moment to think about your personal financial situation. Have you recently experienced a life-changing event — marriage, divorce, job change, the birth of a child, a new home or children leaving the nest? All are reasons to examine your financial protection needs.

Getting Married?

Get ready for changes in your financial life too! In addition to combining their incomes, the Givens' sold one house, remodeled and moved into the other, drafted their first wills, and began laying the foundation for their new family's financial future. Selling one home resulted in savings of $1,100 per month (mortgage, taxes, utilities and insurance). The Givens' budgeted a portion of this money for their insurance program to protect their financial future.

Changing Jobs?

That means your benefits are changing too! Make sure you understand your new benefits package and how it fits with your personal strategy for achieving financial security. And, if possible, take advantage of every opportunity for employer-provided benefits. If you're getting a raise, consider using a portion of the increase to fund additional life and disability income protection for your family.

Having a Baby?

This changes everything! Or at least it did for the Martins. David took on a second job, so Stacey could be a stay-at-home mom for the first few years. That made everything a little tighter. But David could still afford to buy additional life insurance for his growing family's protection — as well as personal disability income insurance, since his paychecks were even more important than before. Since David was in his late 20s at the time, both life and disability insurance were surprisingly affordable.

Single Again?

It's always sad to lose a spouse, either through death or divorce. But there is no more important time to make a complete review of your financial situation, including your short-term goals, insurance policies, savings and investments.

Buying a New Home?

Home ownership is a core component of most families' financial security. That's why it's so important to build a budget for financial protection into your new home purchase. When the Morrisons bought their dream home, they also purchased a disability income insurance policy specifically to help cover the mortgage if either of them became too sick or hurt to work. When Wes suffered a stroke four years later, their disability insurance strategy paid off—for nearly two years—until he was able to return to work full-time. They were never in danger of losing their dream.

Emptying the Nest?

It's an exciting time. But it's also a scary time. Because on the bottom line, it's not just the kids who are leaving the nest. It's mom and dad too. Now's the time to take advantage of a lifetime's worth of equity and fine-tune your strategy for achieving financial security. It's a great time to visit with your financial representative and take inventory of your investments, retirement funds, insurance policies and accumulated cash value. You may be closer to retirement than you think!

Contact your financial representative and ask for a Principal From Here to Security ReviewSM. It will provide you with information you can use to make better-informed financial decisions. Don't have a financial representative? Locate one through our Office Locations section.

 

Investment and insurance products are: not a deposit · not FDIC Insured ·
not insured by any federal government agency · not a bank guarantee · and may lose value.

Have a question? Call us at 1.800.986.3343

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