Black Enterprise talked to some of the top financial planners, investment advisers, real estate professionals, tax accountants, and insurance agents to get their best advice for your money. Over the next few weeks, BE will share their tips.
Financial All-Star: Michelle Oliver, Financial Advisor, Virginia Asset Management
Oliver’s advice: In many people’s minds, life insurance is viewed as a burdensome monthly premium. They forget that benefits from life insurance policies can save lives, protect businesses and beneficiaries from debt, pay off mortgages and most importantly, help provide comfort and peace of mind for those left behind.
In 2010, 30% of U.S. households (35 million) had no life insurance protection at all and 50% (58 million) of households were underinsured.* These statistics are staggering.
A properly funded life insurance policy can do all this and more. As part of your overall financial strategy, life insurance can be used to accumulate dollars for your children’s college education, supplement your own retirement and also provide a source of cash in case of emergencies.
Life insurance not only safeguards your family if you die prematurely, it protects your hopes and dreams. Working with a financial advisor, you’ll discover and understand what to consider when choosing life insurance. The more well informed you are, the better your decisions will be.
*Life Insurance Ownership Study, LIMRA, 2010.
Stay tuned for more expert advice from our financial all-stars in the coming weeks.