Financial Planning & Life Insurance

Life insurance has many purposes that could be business related or personal. We all understand that life insurance provides peace of mind by alleviating the financial loss or hardship of the passing of the insured.

Some may perceive life insurance as a waste of money. The attitude towards it varies widely across social class and culture. Many people feel that, “you can live without insurance.” However, the majority of us have life insurance but we’re simply under-insured. This means that not all the long-term family goals will be met. There is just not enough value placed in planning for life’s unpredictable events, especially in the Latino communities. This may be due to procrastination or fear, but regardless of the reasons an annual talk with a financial planner is a must. This can be the push that sets a plan in motion to ensure some fine-tuning is applied.

Within the Latino community -TIAA research continues to show that we are improving our financial situation. This can also imply that we are becoming more financially literate as the younger generation continues to age.

Now consider this, if all Latinos were a standalone country, our market buying power would be one of the top 20 economies in the world. That being said, about -33% of Latinos name ‘finances’ as their number one stress. This should tell us, yes, we’re heading in the right direction. But we should continue to learn and educate our communities to be better prepared in order to take control of their finances. We must start the conversation, the money talk.

At BMG, we work towards building strong relationships that are like extensions of family. We understand and asks the right questions in order to meet the objective.

-TIAA Institute is a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research, medical, cultural and governmental fields.

-The Nielsen report alleges that only one-third of Latino business owners or Latino High Net Worth Individuals have a financial plan or plan for retirement.