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Real Client Story – Keeping A Family Safe During Major Life Changes

Josh and Victoria’s Story

Josh and Victoria dream of living in another country. They’re not sure for how long, but they find a radical change in lifestyle compelling. They sell their home on the west coast, secure their Visas, and plan on taking the plunge later this year. But this scenario is not ideal for their employers, which puts an expiration date on both their paychecks. 

However, the lack of income isn’t of grave concern. The two save well and are still sitting on the proceeds from their house – but I notice that they only had life insurance through Josh’s employer. This coverage ends if/when Josh leaves the company. And with a new baby in the picture, this level of vulnerability is unacceptable. They need to take action before they leave. 

Why before they leave? Well, no matter where you live… money is money. And as long as they’re in a “safe” country when they die, the insurance will still pay. Plus, neither of us know what life insurance is available in the country they’re moving to. However we do know if Josh or Victoria get hit by a bus anytime soon – the living spouse would need a lot more money to take care of the family. I explain that not having life insurance is not an option. 

Crafted Finance’s Solution

After learning more about the family situation, we find that term insurance works best. Specifically, a term-life policy that coincides with the time it takes to raise their son. I explain how a 20-year policy at this provides ample protection.

We also go over the affordability and flexibility the term policy offers. They’re generally 5 to 10 times cheaper than their permanent alternatives, but still allow for conversions to permanent forms later on.1 2 

To answer the questions about what comes after, we review the factors most relevant to their family. I explain that 20 years from now their net worth will be significantly higher than it is today. Therefore they’ll need less life insurance then, and with the proper income and investments, perhaps none at all. Between now and year 20, we can re-evaluate dropping the policy, getting another one, or converting it to a permanent form.  

Josh and Victoria feel empowered to take action. They’re able to leverage our partnership with LLIS to request quotes for the policy best suited for their family. From there, they are walked through the application process and receive a formal offer. Now they have the protection they need, and an advisor in their corner to keep it that way. 

If you or your family are feeling insecure about your insurance needs, you’re not alone. Insurance is integral in the financial planning process we go through with our clients. To make sure you have the coverage you need, feel free to call us at (650) 336-0598. You can also fill out a contact card here, and we’ll reach out to you. 

* Please Note: Certain details of this case study have been changed to protect client anonymity.

Investment Advisory Services are offered through Crafted Finance, LLC, a registered investment adviser. Please remember that securities cannot be purchased, sold or traded via e-mail or voice message system. This advertisement and any documents, files or previous advertisements may contain information that is confidential or legally privileged.  If you are not the intended recipient, you are hereby notified that you must not read this transmission and that any disclosure, copying, printing, distribution, or any action or omission of this transmission is strictly prohibited.  If you have received this advertisement in error, please immediately notify the sender by telephone at (650) 336-0598 or return and delete the original advertisements and its attachments without reading or saving in any manner.

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Joe Wride CFP®

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Meet Joe Wride, the president and founder of Crafted Finance. With a knack for pension and investment management, insurance, and financial planning, Joe’s all about offering top-notch services without breaking the bank. That’s why he started Crafted Finance!

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When he’s not crunching numbers, you’ll find Joe enjoying the Seattle life. He’s into skateboarding at Alki beach, biking, golfing, snowboarding, hiking, and camping. Sports fan? You bet! Joe’s a die-hard supporter of the Cougars, Mariners, Seahawks, and Sonics. But what really matters to him is family time with his wife Jessica, daughter Ocean, and dog Kanga. Joe’s excited to welcome more kiddos into their home through foster care and adoption in the future.

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