ZINSURANCE |
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A blog to help you prepare for life's unexpected
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 It is my pleasure to welcome Nic Nielsen with Know My Plan as our second guest blog contributor. Nic has always been on the forefront of financial planning since I met him 15 years ago when he was the first in the territory to offer easy issue simplified underwriting. I appreciate his deep understanding of insurance as a financial tool.
Nic thrives on learning, understanding, and analyzing everything beforehand to affirm it is the right and best option. I admire his patience and ability to listen and relate to each client. In this blog, he focuses on the simple truth of financial and estate planning centered around 6 Big Questions. - Lori
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 In our last Zinsurance blog, we focused on ways you as a business owner can attract and retain top talent, while also protecting your business. In this blog, I asked Matt Hudack with Financial Synergistics Group to share strategies for the business owner. Too often, business owners focus on everyone else when making plans for their business’ and family’s future.
I hope this blog will remind you how important it is to not forget yourself. - Lori  Hiring and retaining a quality workforce has become more competitive than ever before. The Great Resignation was a call to action for employers to step up pay, benefits, and reasons for someone wanting to stay with a company for the long haul. Creating a win-win scenario balancing the needs of valued employees while also considering the security and stability of business operations is key.
 The recent death of Ray Liotta in late May of this year brought about great discussion in the insurance industry. Why? His death was unexpected on many levels. He was at the peak of his career, at the age of 67. He considered himself healthy and had plans for the future. Then on May 26th, he passed away in his sleep unexpectedly.
He was quoted as saying “For some reason, I’ve been busier this year than all the years that I’ve been doing this. And I still feel I’m not done yet. I just think there’s a lot more.”  Forbes magazine reported in 2019 that the greatest wealth transfer in our history was underway due to Baby Boomers coming into the retirement years in droves equaling a staggering $30 trillion in wealth to younger generations. This massive amount of wealth being left to next generations is being called the “great wealth transfer.” In no prior time in the history of America has such a vast amount of wealth moved through the hands of generations. According to this article, Boomers’ wealth accounted for 70% of all disposable income in 2021.
 Since COVID, more than any time in my 20 years in the industry, people have become increasingly interested in understanding how much they should calculate in their financial planning, should something happen to them, to ensure their family is taken care of and not strapped or stressed financially. I am not alone in noticing this uptick in interest.
 When it comes to insurance and financial planning, giving takes on several meanings depending on what is important to you.
How are you giving peace of mind to your family with proactive planning and protection? How are you paying it forward through intentional charitable planning? Keeping all this mind, I would like to share a personal story about my veteran husband, Tony, and his family.  October is Disability Employment Awareness and Financial Planning Month. When you think of disability insurance, what first comes to mind? For too many people, thoughts first go to medical expenses related to unexpectedly being disabled and since their health insurance covers those medical expenses, it can easily be dismissed as not needed. Disability insurance is NOT health insurance. It is insurance to cover your income and personal financial obligations when you are not able to work to earn that income.
 With September being Life Insurance and Healthy Aging Month, it seemed the perfect opportunity to bring awareness to how your health and habits can positively impact your life insurance premiums. While wellness programs in companies have proven their value in reducing health insurance premiums, does the same hold true for gaining a better life insurance premium? The answer is, “Yes!”
An article in Corporate Wellness magazine affirms that life insurance is very much a corollary to health insurance because both instruments offer financial security against a potentially devastating chronic medical condition or incurable illness. However, wouldn’t it be even better for the life insurance to be an instrument for benefiting your heirs instead of covering the costs of poor health after you are gone?  The month of August is back to school for many families and is also What Will Be Your Legacy Month, which has inspired this month’s Zinsurance blog. Especially during back to school, the hustle and bustle of more demanding schedules, juggling many activities and responsibilities, and preparing for the onset of numerous holidays places family in the forefront as you prepare to manage it all on a day-to-day basis.
Whether you are a Millennial, Generation X, Baby Boomer, or of the Silent Generation, taking care of your next generation takes on very different priorities depending on how you are approaching your financial planning right now. The question then becomes, are you covering all your bases or taking a chance that could negatively impact what you desire for your next generation or is unintentionally hindering your ability to leverage your income and assets right now as effectively as you could. If legacy planning is important to you as an aspect of your financial plan, considering what it will look like for your next generation while also taking care of your needs throughout your life are key considerations. |
About the BlogHi, I’m Lori Zeind, founder of LCZ Consulting. I am excited to bring this blog to you. Each month, I will bring you insights, along with guest blogs from alliance partners, so you can get to know the entire network of experts and knowledge we bring to our commitment to peace of mind for clients. Archives
January 2023
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