Publish Date June 2020
Jay Jackson, CEO of Abacus Life, and Dennis Martin, President of Individual Life and Financial Services, OneAmerica, answer questions about financial security during an unstable economic climate and what people can do to protect themselves. This content was featured in A Guide to Financial Planning and Senior Care. Click the image above to enter full-screen mode or read the transcript below.
Question: How can people in this financial climate make the most of their money and be prepared for uncertainty in the future?
Dennis Martin “Though this type of uncertain financial climate increases the focus on finances, it doesn’t change the principles that should guide decisions. Just like in any climate, it’s important to look at your overall picture. Having a trusted financial professional who can help you build and understand your plan for the long term is perhaps the best way to navigate the uncertainty in the near term. Know your plan and the principles that are guiding you. Stay the course or adjust in measured ways with your financial professional.
Jay Jackson “The recent financial climate has created a vacuum of fear and uncertainty forcing all of us to rethink our financial allocation sand cash reserves. The volatility in today’s market has our seniors questioning how long their hard-earned savings will last, reassessing where their future cash needs are going to come from.”
Question: What are some ways that people can invest their money wisely and safely during this time?
Dennis Martin ” In my view, savings become even more important in times like these. It’s important to have short-term savings that can help cover cash needs in cases of income disruption. Doing so can ensure you don’t have to make rash decisions with respect to investment,s as those are more long-term decisions. These times certainly test our investment risk tolerance. It seems as if we all like risk when it means higher return, but less so when we experience volatility or losses.
Jay Jackson “Investors need to understand their financial options and liquidity needs. It is wise to understand all of your financial options related to your investments (including your life insurance policy) and ensure they are suitable for both your immediate needs and long-term financial goals. Awareness that you own your life insurance and can sell it amongst financial advisors and broker-dealers should be a tool they use to help their clients address financial difficulties.”
To learn how selling your life insurance policy can put cash in your pocket, visit Abacus Life, or call 800-561-4148.