The Life Insurance Policy that could have saved the family business: My personal journey in comprehensive planning

The sun was beginning to set, casting long shadows over the family business my father had spent years building. I still remember that day, standing outside, realizing that while buildings have sturdy foundations, financial futures aren't always as resilient. The foundation of our family's financial stability was shaken the day my father passed away. His untimely demise didn't just rob us of a loved one, but also threatened the legacy he'd built.

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Growing up, I had always been surrounded by ledgers, numbers, and passionate discussions about growth and keeping the family retail business alive at a very young age. It was in the air I breathed, as vital to me as the family business was to my father. But when he passed, an unexpected void emerged, not just in our hearts, but also in our financial security. While he had always emphasized the importance of building a business and taking care of the business, a crucial aspect was overlooked: life insurance.

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As I ventured into financial planning, my passion for investments was evident. They were, after all, the "sexy" part of the business. People's eyes light up when you discuss the rollercoaster of the stock market. There's excitement in risk, in watching numbers soar, dive, and soar again. But while investments might be the thrilling aspect, I soon recognized that life insurance was its solid bedrock.

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It's ironic how the most crucial tool in financial planning is often the most misunderstood. People dismiss life insurance, relegating it to the 'too safe and boring' category, not realizing its profound impact. What they don't understand is that life insurance isn't just about death; it's about life, about ensuring that what you build thrives beyond you.

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My mission became clear: to demystify life insurance for the masses. In a world that's enamored by the highs and lows of the stock market, life insurance's consistency seems lackluster. But having experienced the repercussions of neglecting it firsthand, I realized its indispensability. While managing assets and guiding clients through investments, I weave in the narrative of life insurance, drawing from personal experiences and lessons learned the hard way.

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In my quest to educate, I often recount the story of our family business, which struggled to find its footing after the backbone of our financial structure, my father, was no more. It's a story of caution but also one of hope. Through my experiences, I aim to illustrate the importance of a balanced financial plan—one that thrives on investments but stands strong on the foundation of life insurance.

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Today, as I pen down these memories and insights, it's not just as a wealth advisor, but as a son who witnessed the unravelling of a legacy due to an overlooked detail. My journey is a testament to the significance of life insurance in wealth building and financial planning. In this rollercoaster of financial strategies, while investments might provide the thrill, life insurance ensures a safe landing, no matter what twists and turns life throws your way.

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Tony Sablan, MBA |?Wealth?Advisor*?

www.ultimatewealthstrategies.com ?

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We do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.

*Financial Adviser offering investment advisory services through Eagle Strategies LLC, a Registered Investment Adviser. ?Antony (Tony) Sablan is also a?Registered Representative offering securities through NYLIFE Securities LLC (member FINRA/SIPC), A Licensed Insurance Agency and a Financial Professional of New York Life Insurance Company. Eagle Strategies and NYLIFE Securities are New York Life Companies. Ultimate Wealth Strategies, LLC is not owned or operated by NYLIFE Securities LLC or its affiliates.

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