Monday, December 15, 2014

Planning for the modern family

Planning for the modern family

Planning for the modern family is No longer a simple task

At some point in the past the typical American family consisted of a Husband (who was the family’s primary breadwinner) and the stay at home Wife and their 2.5 children.
Back them Traditional Life Insurance policies were developed during this period and based on this common family dynamic to protect the wife and children in the event of the husband’s death. It was pretty simple, but times have changed.
Women are working to support their families, Men are increasingly providing primary care for children and Unmarried parents of either gender are often filling both roles simultaneously.
The traditional dynamic is no longer necessarily the norm, blended families; multi generational households; unmarried couples with children; lesbian, gay, bisexual and transgender couples and families; and so on.
Planning for a family’s future or financial security is no longer a simple and easy task.
Baby boomers who are retired or approaching retirement account for more than half of the household wealth in the United States, they want advice on how to cover their fixed monthly expenses and also provide for their other retirement dreams.
Complicating the situation further is the fact that many of these people fall outside the traditional nuclear family mold.
These are questions today’s advisor must be prepared to help a client confront. It’s a lot more complicated than selling a life insurance policy. But it’s important to recognize that every challenge modern advisors face brings a slew of new opportunities.


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