ZINSURANCE |
A blog to help you prepare for life's unexpected
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ZINSURANCE |
A blog to help you prepare for life's unexpected
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![]() 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. My husband’s parents came to America with his two sisters from Cairo, Egypt, with nothing more than their suitcases and a little money to start their journey. They came here to give their children greater opportunities and possibilities. Staying in Cairo meant a very tough way of life. They wanted safety, security, and freedom for their family and decided to make the journey to America. Tony’s father, a chemist, had done consulting work for the U.S. Navy in Cairo, and it was a Naval Officer who helped the family relocate here to the United States. There were many obstacles at the time in coming to this country and they had to leave everything behind. Once arriving to the U.S., Tony’s father worked two jobs to support the family including sending money back to Egypt for other family members. Giving Peace of Mind![]() As a first generation American, Tony was raised to believe strongly in his country with gratitude for the freedom the family was able to experience after their relocation to the United States. His sense of duty compelled him to serve, and he signed up for ROTC at the University of Tennessee, joining the Army to become a Combat Engineer. Later he continued his duty as a civilian and spent many years in Joint Warfare Analysis. When he got out of the military in his 20s, he was approached by a financial advisor to purchase term life insurance. While he did not have a family of his own, he saw the value in having protections in place for the family he would have someday. A few years later, he still didn’t have his family, however, liked the idea of growing cash for the future while having the umbrella of protection in place. He converted the policy to a variable universal life policy at the age of 29. Fast forward to today, and his “peace of mind” planning is bringing security to me and his daughters. The permanent policy has realized strong cash values enabling him to purchase another policy that tripled the death benefit while keeping the premium the same. With college planning and other expenses to consider with a growing family, his astute decision even before having a family put him in a strong position once his family was a reality. Leveraging Savings to Pay It ForwardA recent client in his 70s and in good health with no immediate family had saved significantly and wanted to leave a legacy. We opted for him to purchase a life insurance policy as the most efficient way to leverage his savings for a higher payout. Putting $200,000 into the policy the first year, and $100,000 into each of the 2-10 years to build a death and cash value benefit of $1,660,000 for his $1,100,000 invested, this will leave his charity of choice a nice endowment that is significantly more than his savings alone would allow. Knowing Your Giving Goals![]() Whether it is giving peace of mind to your family, or a legacy to a deserving charity, the key factor is what is most important to you in why you are giving and what the giving will accomplish financially, emotionally, and for the short-term or long-term. 5 Key Questions – Charitable Planning
Knowing your options is the first place to start in determining your next steps. This article from The Balance provides a great overview on the Types of Charitable Giving. Then assemble your advisory team to help you make the most astute decisions. For Your Future, Lori Capozza Zeind www.lczconsulting.com P.S. Check out LCZ Consulting's ever-growing Insights Library. Confused by insurance terms. Check out our Glossary!
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About the BlogHi, I’m Lori Capozza Zeind, Archives
April 2023
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