Planned Life Changes in Omaha – July 2021

Life is full of decisions—some come at us at a moment’s notice while others take time and require a lot of careful thought and consideration. The latter is what we want to spend some time talking about here. Events like getting married, having a baby, buying a house or vehicle, planning for retirement, changing career paths—these big purchases and big moves call for big support systems. Maybe that outlet of support comes from a friend or family member in your life, but it’s also smart to involve a professional. Managing finances, being insured, and knowing how to deal with the stress of it all are too important to overlook. This is why you should have a financial advisor, a trusted insurance representative, and a coach in your corner.

If you’re looking for a company to partner with that offers top-notch property, casualty, liability, life and health insurance delivered by individuals who really care about your future success and freedom, turn to UNICO Group (unicogroup.com). Their Personal Insurance division offers the unparalleled experience of working with a team of professionals who are dedicated to understanding your unique situation.

“One of the many things we can all count on in life is change,” said Craig Marmie, RICP, LUTCF, director of personal insurance at UNICO Group. “We welcome the positive changes and sometimes struggle with the difficult ones. As you and/or your family grow along with an increase in your assets, it is important to protect them. Assets can be physical things like home, health, life, cars, etc. They also include your savings, investments, and future income. A review and investment in the right kinds of insurance can protect you from losses of both aggravation and devastation. Get together with your insurance professional to assess the risks and determine the right products for today and those that can continue to grow with you in the future.”

Perhaps one of the biggest changes in life that we plan for is getting married and starting a family. It’s not about just moving in with someone and starting to share your income and expense. Marriage technically isn’t required for that to happen—any two people can choose to pool their money together and make those decisions as a pair. It’s the legal nature of a marriage that changes things like your tax structure. You and your partner should be on the same page about assets, liabilities, credit scores, savings, debt, etc. This might involve financial responsibilities you have from a previous marriage or immediate/extended family. Marriage can also have financial benefits, which is why it’s important to understand how to file your taxes as a couple. If you don’t feel confident in this arena, partner with a trusted accountant. If there is a significant income discrepancy between you and your partner, it’s probably smart to work with a lawyer on a prenuptial agreement. These tasks may be difficult or uncomfortable, but they exist to offer protection and security in the long run.

An important step to take when getting married and starting your family is getting life insurance, which is something you can even proactively do before marriage is on the table. A great company in Omaha to work with for your insurance needs is Universal Group, Ltd. According to Dan Headlee, the president of Universal Group (universalinsgroup.com), individual life insurance is arguably the biggest investment you can make in your loved ones’ security.

“Life insurance is a complicated field, but don’t let that put you off,” said Dan. “If you work with us, we’d be happy to talk you through the options. First, you’ll need to determine the type of life insurance you want to buy, with the most common types being term life insurance, whole life insurance, and universal life insurance. Each has its own way of paying out, and the plan you choose can be best determined by your individual needs.”

Dan laid out these three common types of life insurance for us: “With term life insurance, you pay regular premiums for a set period and the policy only pays out if you die during this period. With whole life insurance, there’s no set period. You usually pay regular premiums until you die, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you die. And finally, universal life insurance works in a similar way to whole life insurance, but you have more flexibility about taking money early. You can even borrow money and repay it later; although, if there’s any loan outstanding when you die, the policy’s payout can be significantly affected.”

According to Dan, many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone. Life insurance can replace the income you would usually bring in and help support your spouse or adult children. Keeping your loved ones living in the way they are accustomed to is an important thing to think about.

If you are planning on having children in your lifetime, life insurance is so crucial to have. Just think about how expensive it is to raise a child. In its Expenditures on Children by Families report, the USDA puts the cost of raising a child from birth to age 18 at $233,610 for a middle-income family (married with two kids)—around $12,980 per year.

“We have to plan for the unplanned,” said Dan. “If you were to die tomorrow, would your spouse be able to provide food, clothes, daycare, and eventually college tuition for your child? Having life insurance could secure the future of your children if you have an untimely death.”

In addition to life insurance, there are a handful of other personal insurance avenues to consider when you plan to make big purchases. The two biggest common purchases of all are a house and a car. The sad truth is, life is unfair and can take your most valuable possessions away in the blink of an eye. You don’t want to be faced with that kind of loss without insurance. If you’re looking for home or auto insurance, reach out to North Risk Partners (northriskpartners.com) for a quote. Their large network of carrier partners allows them to match you with the optimal coverage for your situation. They also have experience insuring boats, off-road vehicles, motor homes, and more. Beyond your home and auto insurance, let North Risk help make sure your recreational vehicles are also protected.

Finally, as touched on before, with big decisions can come big waves of stress. How we deal with our stress and all of life’s many obstacles affects our personal and professional lives. We recommend having an experienced life or business coach in your corner. The pros for working with a business coach, even if some of your struggles feel more personal, is because it’s all connected and our jobs take up a huge chunk of our time. Our jobs are where we make our income and gain the finances that fuel these decisions. Michael King is the executive coach and owner of Teams.Coach (teams.coachteams.coach) in Omaha.

“I helps business professionals break barriers by operating with the highest levels of clarity, health, and innovation,” said Michael. “My sweet spot is leadership, and I’ve helped many people become a better leader in their businesses and in their own lives.”

If you are seeing gaps within your organization, bring in Michael to evaluate overall engagement and help you (and your team) get unstuck.

As Benjamin Franklin famously said, “By failing to prepare, you are preparing to fail.” Don’t jump into big decisions and purchases without properly planning for them and all they involve. Protect yourself and the people you love.