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November 1, 2014 / 8 Heshvan, 5775
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The Greatest Gift You Could Leave Your Family

Do you ever read those heartrending flyers that appear in your mailbox, telling you terrible stories of how a family was left totally financially bereft when one parent died or became permanently disabled? Each story is a tragedy in itself. A parent died in dreadful circumstances, maybe from an accident or due to a serious illness, and now the remaining spouse and children are left broke, with no means of financial support. It must be truly very painful for each family to have to rely on the mercy of the public to be able to survive.

Of course, the stories are not only about the financial disaster that is left behind. The strains of getting over such a bereavement, caring for a large family all alone, and maybe dealing with the trauma of a sudden, unexpected death or injury all have their effects on a family. Many of these effects are unavoidable and inevitable, but there are some parts of these stories that could be alleviated to a certain extent.

No one ever knows what is going to happen in life. When you get married, for example, you hope that the marriage will last, that both of you will always be healthy and able to support your children for as long as necessary, and that no one will ever be the victim of a serious accident or disability. However talented we may be, prophecy is not a common talent, and the future remains an open book. While you can’t plan the future, there are certain measures that you can take that will alleviate the effects of a possible disaster.

I can never stress more the importance of taking out life insurance, especially if you are supporting a spouse and children. Although it may not cover all of your bills, the payout from a life insurance policy can at least provide some kind of income until the family can work through this difficult time and start to rebuild.

Obviously, a tragedy will always remain a tragedy, and the grief and pain that a family suffers can never be diminished. However, if there is food on the table and a roof over everyone’s heads, it can make the healing process easier.

Call your financial planner or insurance agent today, to find out the best kind of life insurance that you can take out for your family. It is better to spend the money on a plan and never have to use it, than to be left in the aftermath of a tragedy to survive on the goodwill of public charity.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


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