Gary Neal 's Financial Plan Essay

On May 31, I began working for Northwestern Mutual in downtown Nashville. Northwestern Mutual is a Fortune 500 life insurance and financial planning company. Since then, my title hasn’t just been intern or college intern and I wasn’t just doing busy work or making copies for people. Northwestern Mutual treats their college interns as full time representatives with all of the daily jobs and responsibilities that full time employees handle. Northwestern gave me the title Financial Representative and sent me on my way to make a difference in peoples’ lives by giving them the opportunity to gain financial security through live insurance and financial planning.

Life insurance can be extremely decisive for a family. However, there is a negative stigma over life insurance and other seemingly ghastly preparations. Frequently, the belief that life insurance insignificant spreads to people who should have it. So, how essential is life insurance? For some, it could be a deciding factor on how life for a mourning family turns out. When someone buys life insurance, they are looking out for the beyond. For family members, they want to make sure that there is some financial security for their family. Sadly, some do not agree, and would rather avoid having life insurance.

3 list reasons why someone would take out insurance. Ensuring that their family is financially secure after their unexpected death. Protect their family in case of a death of a parent. Life insurance is commonly used to pay off debt once you died. Especially if you share debt with your spouse you can pay it off with your life insurance once you die.

One type, convertible term life insurance, is attractive to young adults as policy holders start with a term life insurance policy, then switch to permanent life insurance at a later date. If you pay your term life insurance premiums on time and meet the policy's conditions, you won't need a new quote to move to the permanent plan. In many cases, you can also skip a second health screening. Like health insurance that grows as you add family members, a convertible term life insurance can expand as you accumulate property. Another type of life insurance can help with

Many people make the mistake of spending a lot of time choosing the right type of life insurance for their families but they don't spend enough time choosing the amount of coverage to opt for. Obviously, it's important to choose enough coverage to protect your family. However, you don't want to choose too high an amount because your premiums may be unnecessarily high and the cost of your premiums may cut too deeply into your budget. Below is a list of the 4 main areas of coverage to consider when choosing your life insurance coverage amounts.

Life insurance is a pretty big deal. It is definitely something that should be a priority in your life because it will benefit you and your loved ones. If you're wondering about life insurance and are questioning how much you need, then we have some answers for you.

"People typically purchase this type of insurance to ensure they or their loved ones have financial assistance at the time of their passing. There are numerous other reasons to purchase life insurance, however, and the reason for the purchase needs to be considered when selecting a policy and a provider. This makes it easier to determine which policy should be selected and how much insurance will be needed to fulfill this goal," MoneyBrag (moneybrag.com) staff members explain.

Term life insurance, as an idea is genuinely straightforward instead of understanding what term life insurance is the best for you. It is critical that you give long and great thought to what term life insurance would be suited to your best advantage. Term life insurance stays in actuality for just a restricted time that has a predetermined range of time. A person who holds a term life insurance pays a standard premium just amid the predefined term of his life insurance strategy. In the occasion of the demise of the insurance holder amid the term, the passing advantages straightforwardly wind up heading off to the recipient.

Furthermore, life insurance may one of the most important purchases you'll ever make and has the potential to make your life, which is the reason why careful comparison

You may require one or more types of life insurance to meet your financial needs and goals. Two major categories of life insurance are term and permanent. Permanent life insurance has options including whole life, variable life, universal life, and single premium life.

Financial Planning Financial planning is an appraisal of those financial aspects that may or are likely too occur in future but need immediate decision making. It involves setting financial objectives in terms of profits, sales or acquistion of assets along with financial foorecasting for the organisation. This includes estimation in the areas of: Ø

A Financial Planner is one who helps manage money and is involved with the overall success in achieving financial needs, goals, and will guide one to a better and more secure retirement. The process of Financial Planning is:

The reason for life insurance is to safeguard the most valued asset a young investor has, human capital. The investor is protecting his future earnings against lifetime uncertainty. In the event of passing away, the insured’s heirs or dependents will be given a sum of money to replace the wages he provided. Commonly, policies are bought to hedge against the mortality risk, “so human capital affects both optimal asset allocation and demand for life insurance.” Mortality risk is hedged by life insurance because the more human capital an investor has, the more life insurance he will need. This is perfect because of the negative 100 percent correlation the consumption (alive) and bequest (dead) state have with one another.

Financial planning and retirement planning will not be the same as it was for the previous generations of retirees. As people continue to live longer, they will need to save more money to adequately prepare for a retirement period that may last just as long as their working career. In addition to a longer life expectancy, retirees will also have to deal with the possibility of taking care of their aging parents as well as adult children who may need to move back home for an extended stay. Considering these potential outcomes and obstacles, baby boomers should have a sense of urgency when it comes to saving for retirement. Yet, the question is often asked, why aren’t consumers saving more for retirement? One potential answer to this phenomenon is that consumers are in too much debt to save. Individuals are shaped by their environment and the historical era or period in which they were associated (Houle, 2014). Today’s pre-retirees were the first generation to come of age in a historical period where debt was readily accessible and acceptable. In addition to the previous obstacles mentioned, challenges such as consumer and credit card debt, mortgages, 401(k) loans, medical debt, and even student loans hinder pre-retirees from saving for their own retirement.

This type of insurance can serve to protect the beneficiaries, especially when they are not able to fend for themselves financially at the time of the death of the policy holder.