For most people, when they think of life insurance, they begin to
overwhelmed. We understand, we went there. And that’s why we went to a
finance professional for advice.
Mike James is Executive Vice President, Head of Life Insurance and Wealth at
NFP, a leading global insurance broker and financial services consultant. A
Boston native, born and raised in the Roxbury neighborhood, Mike “gives
first” continues to have a positive impact on organizations,
people, communities and results. He is motivated by the opportunities of
connecting people with solutions – and according to him, life insurance
property is a great opportunity for everyone.
“Most people think of life insurance as something that only has value on a
the death of a loved one,” says Mike. Death benefits are certainly important, but permanent life insurance also provides for the accumulation of liquidity in the form of savings inside the policy. He adds: “There are different types of life insurance, term or permanent, which you may prefer depending on your situation.
Here’s an additional perspective from Mike on the “why” behind
considering life insurance.
Life insurance and its value should be considered by everyone. He is
particularly critical in the black community. “Particularly for women because they
statistically live longer and eventually become stewards of a family
financial future. Mike said. “It puts them in the driver’s seat to
understand the value of life insurance. So if you have no life
insurance today does not mean that you should not return to it because the situations
change. There are a variety of life insurance solutions that can meet your needs.
specific needs at different stages of your life.
Life insurance provides certainty in uncertain times. ” My father is dead,
and he was the head of our family,” says Mike. “He had life insurance
policy that was paid to my mother, who helped us with our family’s finances
obligation. He explains that permanent life insurance was an asset to his
family. If you buy it early enough and it has a cash component, you
can accumulate significant value. Actually Mike used some of the cash value
of his life insurance policy to help him with his children’s college studies.
Her in-laws have life insurance policies with a long-term care component. As
main guardians of his in-laws, he and his wife can now benefit from long-term care allowance if his in-laws need long-term care.
“The reason I’m a fan is that life insurance has evolved with me throughout.
my life,” says Mike.
Mike told us that many of his family and friends ask him, “Why
do i want to pay for life insurance instead of saving, investing or buying
something else?” And for him, it’s short term and long term
advantages. “I try to get people to think more broadly. It’s not easy to do,
that’s why you need a trained professional who can educate you on
the actual value of owning life insurance.
As a starting point, he advises: “If it’s offered through an employer, get the
as much as you can justify. It is usually easy and non-invasive when acquired
along with your benefits. For those who can’t make it out
work, it is essential to obtain it outside of work. Our industry needs more people
in communities who can speak intelligently about the benefits of owning life insurance.
If you’re ready to explore owning life insurance, there are a number of
ways to start. “If you have a relationship with a financial institution or
professional, I encourage you to learn about life insurance today. If you
do not have an existing relationship, NFP is a global insurance broker, and
we can help you connect! Mike said.
For help finding the right life insurance for you, get an estimate of how
what coverage you might need, and how much it might cost, visit Nationwide.
Nationwide, NFP and other third-party companies mentioned in this article
are separate and unaffiliated entities.