By Cindy Bowden
Whatever tradition you follow, the holidays are always a time for re-connecting with family. And for many people it’s one of the few times during the year all the generations get together.
The thought of all the different generations laughing together, playing together and sharing life lessons always makes me smile. Why? Because it reminds me of the wonderful friendships I have made in all my years of working with my clients, and how I have helped so many people at different stages of life.
You see, my CLU professional designation might mean that I have broader knowledge about financial planning and insurance than most brokers, but what I believe has been so beneficial is the deep understanding I have of what people actually need – when they are just starting out in their career, are in their peak earning years, or enjoying their Golden Years’! I really see the big picture.
For example, one young woman I worked with had just landed her first job. Sally was lucky that her company offered an excellent group plan. But like any group plan, it had a few gaps. I helped her round out her insurance so if anything happened to her health-wise, she wouldn’t be forced to go back to living with her parents. I also helped her set up a tax-free savings account and advised her on how to invest. It was real education for her that would serve her entire life!
Bob and Jo, on the other hand, were getting close to retirement. The best thing I did for them was convert their term insurance into permanent insurance to take care of a potential capital gains problem. You see, they wanted to will the cottage to their kids. The permanent life insurance plan I recommended would cover the tax owed on the capital gains so their kids wouldn’t be on the hook for it. They hadn’t thought of that, but of course, I did!
And then there was Janice – one of my dearest clients. At 82 years of age, she just wanted peace of mind more than anything. I helped her convert some of her investments to a life annuity which gave her a steady revenue stream to cover primary living expenses. Now she can go back to playing with her grandkids… which brings me back to the holidays!
When you’re celebrating the holidays this year, look around the dinner table at all the generations represented. If you think I can help someone else sitting at the table with you, no matter what stage of life they are at, I hope you give me a chance to do that. It’s what I love to do and it would be the best way for you to wish your loved ones a truly happy holiday!