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Like I share with my clients, life insurance isn’t for you, it’s for the loved ones you will leave behind – to provide money to beneficiaries who would suffer a financial hardship upon your death.
While some of us are blessed to be able to afford life insurance, some are not or do not know the importance of it. You do not want to wait until the death of a loved one to learn that they do not have life insurance. If you are a first generation wealth builder, typically the financially responsible one of your family, then the financial responsibility may fall on you.
Let’s kick the taboo aside of not talking about finances or death and let’s be prepared.
Ask your parents and even your grandparents if they have life insurance. If they do not, understand their finances to see if there would be enough money to cover their final expenses, and if not, you may want to start saving or even obtain a life insurance policy on their behalf.
Listen, this is not an easy topic to discuss and understand it’s a part of life.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.