Tuesday, May 13, 2014

Your Greatest Financial Risk Is Not What You Think?


Risk is everywhere. 

The potential for loss and its negative financial impact has allowed for the vast and complex world of the insurance industry to develop and thrive. As adults, we learn through many different lessons that we should fear economic loss, and that the best way to manage that risk is to make sure we have the proper insurances in place.

Often, our first introduction to insurance happens after getting a drivers license. Then, when we complete college and get our first job, we start to sort through health insurance. Life then continues on, and at some point, we start the process of building our family. We get married, buy a home and have children, which bring on another host of insurance policies to purchase: life, home owners’ and disability. 

Stay with me, I know talking about insurance and risk management is about as much fun as getting a root canal, but I promise I have a point.  

Now that your family is growing, you start to think about college savings and retirement planning, and you realize that you not only need insurance, but you also need to be setting aside money for the future. So, you and your wife start to faithfully put money into your companies’ 401K plans.  You are no longer the kid learning to drive and hearing about insurance for the first time; you have a complex life with many different financial responsibilities.

Then one day, it happens: the financial risk you did not plan for, nor can you insure against or save enough money to prevent: divorce.  

This news rocks your emotional, spiritual and financial life. Everything changes. All the hard work of building, creating and maintaining financial security evaporates, and  myriad of questions about your financial security open up. 

What can you do? We don't get married for financial support, do we? We (hopefully) get married because we love someone. Yet, over time, we come to trust our partner, and there is a financial element to the relationship. This is the very reason why we buy life insurance; we don't want to leave our spouse with an unreasonable financial burden in the event of our untimely death. 

Creating marital stability and security at times can seem overwhelming, frustrating and exhausting, but the effort is far worth it. While financial security should not be the determining factor in making a decision to stay married or get divorced, it is important to get help in really understanding the full cost of divorce from an emotional, spiritual and financial perspective.  

There is hope for restoration in marriage, even in the darkest of days. Consider working with a trained marriage and family therapist to help keep your marriage on the right track. 

Feel free to give me a call to talk more at 980-275-1627.

Ed Coambs


Edited by Reena Arora of Arora Media, connect on Facebook
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