Life (Un)Expected

Losing a parent or spouse is one of the most difficult times in life. It’s even harder when it’s someone who is relatively young, and is the home’s primary source of income, which is what happened to my family when I was only 14 years old. My Dad was just 48 when he was diagnosed with lung cancer and only expected to live a few more months. In that instant, my family’s world was forever changed.

I could not imagine having to deal with anything that detracted us from spending as much time with my Dad, saying our goodbyes and then grieving his loss when he passed just three months later. It must have been even harder on my Mom. Prior to my Dad’s diagnosis, she had been a stay-at-home Mom, taking care of my younger brother and me and running the household. She needed to take on a second full-time job to support us financially as well.

Thankfully, my father had purchased life insurance, which helped provide stability and peace of mind that we could cover our expenses, mortgage and schooling, while we developed a new plan for the future.

Insurance for assurance

Watching my Mom adapt and unexpectedly acquire financial literacy, seemingly overnight, made me determined to leave nothing to chance and establish financial independence early in life. At my first job, I elected into my company’s life insurance offering at age 22, and purchased my first term policy at 27. As my family grew, so did the amount of protection I needed, so I also bought a variable universal life policy, which provided growth potential and added flexibility.

Having life insurance policies in place can make all the difference to a family if unexpected events occur, which is one of the reasons I’ve dedicated my professional career to financial services marketing. While my experience caused me to become familiar with financial products early, others may not acquire the information and products they need until it’s too late to be properly insured and prepared.

I believe life insurance provides a foundation of protection for my overall portfolio and financial plan, and for my peace of mind. It helps creates a sense of security and actual security and stability. My husband feels the same way and we both have policies in place so we can feel rest-assured knowing that our family will be protected if one or both of us are no longer here to provide for them. And today, life insurance provides more than just protection, as I have the potential to grow the value and access the cash value for other needs — which I have earmarked for my children’s higher education. My family teases me because I’m always asking our friends and neighbors if they have insurance. It’s in my nature to want to help others and share my knowledge and experience so they can be protected the way my Dad protected us.

Lincoln connects life

When you’re building your financial plans, leveraging the value of life insurance can help provide a foundation for financial security. Given the different options, having the conversation with your spouse can help guide you to the right solutions.

This financial literacy month, now is a great time to start discussions that can help provide financial security.

About the author

Erika McElroy is Vice President of Marketing and oversees the creation, strategies and success of both Lincoln Life and MoneyGuard? Solutions. Erika is an innovative leader who was recognized by LIMRA as a Rising Star in Marketing and Communications. She champions women and is focused on supporting financial professionals by helping them connect clients to financial solutions they can count on for life. Erika has more than 20 years of proven success in formulating, planning, developing, and executing strategic and tactical initiatives that tie directly to sales. She is a graduate of Penn State University and a Registered Representative of Lincoln Financial Distributors. Along with staying ahead of trends in the financial industry, she is kept extremely busy by her children (Declan and Maeve), her husband, Dave, and her dog, Brittany.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products distributed by broker-dealer/affiliate Lincoln Financial Distributors, Inc., Radnor, PA.

The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.

All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

Products, riders and features are subject to state availability. Limitations and exclusions may apply.

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