Your Love Letter: New Year’s Resolution

Patrick

POSTED BY

Patrick McGuire

Financial Advisor & Director

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Love isn’t in the big gestures. It’s in the small details – the everyday minutiae of the lives of people that we care for. Their health, their happiness and their prosperity. In the short- to medium-term,these details can be found in everything from a consoling hug to a small, thoughtful surprise.

When added all together,the accumulation of these small actions let our loved ones know we’re there for them. But how can we do this if we’re no longer present?

Ensuring the long-term health, happiness and prosperity of their loved ones is the ultimate goal of the head of any family. Life insurance provides the heads of many families with the knowledge and peace of mind that even when they can’t deliver – be that through sickness or passing on – their loved ones will betaken care of in the manner that they would want them to be. That’s why we say that life insurance is like a love letter to your family.

Life insurance provides financial security for the loved ones at a time when they need it most – in the aftermath of your passing. It can cover everything from health care costs and hospital visits to university expenses –though fate may dictate that you don’t have the good fortune to see your children or grandchildren graduate, you can at least know that your contribution will ensure that they have every chance of getting there.

If only we all had an angel, like in It’s a Wonderful Life, who showed us what things would be like for our family and friends if we weren’t there. While leaving behind the people we cherish is not something we want to think about, from a financial standpoint, it’s important to do so as soon as possible. Most senior family members who make the decision to take out life insurance often begin by asking themselves questions, such as:

■ Does my family have enough saved for funeral arrangement costs?
■ Are there any other expenses related to my passing, such as estate tax or legal fees?
■ What are our monthly expenses and how long can they safely meet them?
■ How will those expenses change when our kids need to pay college tuition?
■ Is it reasonable to expect my spouse to work after my passing?What will that cost?
■ What other contingencies should I plan for in my absence?

It has been said that a love letter is the most timeless way to express love. In The Notebook, we saw the romantic act of Ryan Gosling sending Rachel McAdams hundreds of love letters despite the distance and social differences that separated them. There’s something about the act of transferring thoughts to paper that is profoundly romantic.

In our busy lives, electronic communication provides a convenient yet impersonal mode of communication,and the handwritten note is a rarity. But what constitutes a love letter and what makes it “official”? A love letter reveals an expression of love and affection.

It serves as a way for one person to communicate to another, using words or phrases that reflect thoughts and actions. It can rhyme, contain quotes, or be entirely free form. After all, it’s the thought that counts. A letter can be delivered by the PonyExpress, postal service, e-mail,carrier pigeon, Facebook post,or by tweet but the method of transportation makes the message no less meaningful.

Life insurance could never claim to be the most glamorous side of finance, but it could, with some justification, claim to be the most important – particularly for people with loved ones who depend on them financially. Providing for your family’s financial needs is one of the few things you can control when it comes to a premature death. And the sooner you do it, the more peace of mind you and your family can have.

That’s why we like to compare it to a love letter to our loved ones, where the letter finishes by saying: “Don’t worry, everything is going to be okay.” In 2019, take a moment to write a love letter to the ones you love. ■