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Tragedy of 9/11 Revisited

September 12, 2012

As we reflect upon the tragedy of eleven years ago yesterday and the attack on the U.S. Consulate in Benghazi today, we are reminded that these events shape our lives on all levels including our views on personal safety and the well-being of our loved ones.  These current events serve as a backdrop to the subject of leaving the gift of a legacy when tragic circumstances occur.

September is Life Insurance Awareness Month and many assume that a catastrophe on the scale of 9/11 or the likes of the attack on the American diplomatic mission won’t happen to us – indeed, this is likely true for most.  However, many of us also live in the world of “it-won’t-happen-to-me” so much so that we forget that illness and death are an undeniable fact of life.  Additionally, many presume that disability plans and life insurance policies are either only for the young and healthy or are too expensive and unnecessary.

Depending on your stage in life, a life insurance policy can provide asset protection for young families, help bridge gaps in income for seniors, and be used as a financial planning tool for businesses.

Young Families

The goal of a life insurance policy for a young family is to implement a balance of the most insurance at the best possible price while parents are still young and healthy.  Typically, when we are younger we have higher expenses such as of mortgages, childcare, college savings, etc.  Should a young family lose income from the death of a spouse, the surviving family may be significantly impacted.  The good news is that when we are younger and healthier, life insurance is very affordable and attainable for most.  A good policy will help ensure that the surviving family members enjoy the life you and your spouse originally planned.


A benefit to purchasing life insurance as a senior or converting an existing term policy is to help provide for final expenses.  Another benefit is to help bridge any social security gap.  For example, should a spouse die prior to being eligible to receive benefits, the surviving spouse must wait for the “blackout period” – the years prior to turning 60 before receiving the deceased spouse’s benefit.  A life insurance policy can provide a source of income during this time.


As discussed in a previous blog, life insurance can be used as a business planning tool.  For example an LLC’s business succession plan can include a Buy/Sell Agreement, funded by a life insurance policy, to allow the business to continue with as little interruption as possible.  Because there are various ways to organize when starting a business, there are various ways to address life insurance funding and succession.

Nobody likes to think about dying but large-scale tragedies like 9/11 happen and so do the personal tragedies of losing a beloved family member to illness or simply old age.  Ask your trusted advisor about conducting a life insurance needs analysis so you can ensure that your loved ones will be taken care of in the event something happens to you.  George Manska, CLU, CFHC says “Make an investment in yourself; implement life insurance as a gift and a legacy to your family.”

Note, neither Avanti Services, nor its affiliates or representatives provide legal or tax advice. Please consult your tax advisor and/or your attorney for tax planning and/or legal counsel.  As always, we thank you for reading our blog.  To receive an automatic notification of our next post, just subscribe to the Avanti Reader via RSS or follow us on Twitter and Facebook.

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