Your Finances: The Hardest Question of All

Just like exercising and eating right, keeping financially fit takes work.

Keeping track of the investments in your portfolio, setting aside money for taxes and planning for the future can take a tremendous amount of time and energy. Add in monthly expenses to manage, and it can be a challenge to stay on top of it all – especially when you want nothing more than to hang out with your family or catch the game on TV (go Northwestern Cats!) after a long day at work.

Life and disability insurance should be included in any comprehensive financial plan; however, many Americans tend to put off making these kinds of important decisions or focus on other aspects of their financial picture.

After all, who wants to think about death or getting sick?  And isn’t it easier to focus on something that has more of an immediate payout?

I often hear stories about uninsured individuals or families struggling financially due to a disability or falling behind because their late loved one had no life insurance at all. As a working mom with two growing kids, it breaks my heart. I also hear story after story of some of our claimants that did make the right decision to purchase life or disability insurance and how their lives were positively impacted by that decision.  As a leader of the U.S. Insurance Solutions division at the Principal Financial Group® and a 24-year industry veteran, I see a huge opportunity for the financial services community to help.

Whether you manage your finances yourself or rely on a financial advisor or other professional to help, don’t wait to take action if you are uninsured or underinsured.

Ask yourself the hard questions, including perhaps the most important of all: “Am I and is my family protected should something happen to me?”

I’ll use this blog as a platform to share my perspective on how you can avoid becoming a statistic. I’ll also discuss the insurance industry in general, provide you with marketplace insight and discuss various types of insurance and income protection solutions to meet a variety of needs.

For instance, did you know there are insurance-based products designed especially for business owners, employers and key employees? You might be surprised to learn these types of options can be used for tax planning purposes, business succession planning or even recruiting, retaining and rewarding top employees.

Whether you are looking for tips to stay financially fit yourself, or if you are an advisor or insurance professional looking for ideas to help your clients stay on track, we’ll discuss possible solutions here.

Have an insurance-based or income protection question? I’d love to answer them in my blog – just leave me a comment below.

Deanna Strable is Senior Vice President of U.S. Insurance Solutions at the Principal Financial Group®. She is a graduate of Northwestern University, sits on the board of directors of LIMRA/LOMA, and is a Fellow of the Society of Actuaries.

While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that none of the member companies of The Principal are rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.