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Shifting from Protection to Estate Planning

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Gary Goldfaden, MD, planning his estate

My Financial Professional:
Arthur A. Finkle, CLU, ChFC
Finkel Financial Planning, Coral Gables, FL
Registered Representative of Hornor, Townsend & Kent, Inc.

Learn from Gary

  • Understand that priorities change over time
  • The value of life insurance extends across life's many stages
  • Think about estate planning early on
  • Work with financial professionals who you would recommend to others
  • Invest with companies that will be there for the long haul

A young, confident, up and coming doctor starts a long, successful journey of life.
“I first purchased life insurance to protect my family…well, my future family. I was young, had just finished medical school, was newly engaged and knew I wanted kids. I was confident in what I could achieve but not yet thinking about estate planning. I just knew it made sense to get started. As I built a successful dermatology practice and accumulated assets over the years, my focus shifted from protection to estate planning.”

Decades of success made possible through the complete value of permanent life insurance.
“From the beginning, I was never a fan of term insurance. I always thought it was better to buy permanent insurance so the cash value would be there if and when I needed it. Personally, my parents died without insurance and I saw early on the value of leaving something behind for my kids. Professionally, I realized that running my business required protection of assets and investments and a complete financial and tax strategy. Life insurance has played a key role in my financial planning over the decades and continues to today.”

A few thoughts from Dr. Goldfaden for the next generation just starting their careers and families.
“You never know your health…I’d tell the next generation to start life insurance when you are young and healthy. Depending on how fast you accumulate assets, you’ll want to protect what you have and life insurance can be a great solution. I’d also remind them to think about estate planning if they are married and have children…and consider life insurance for your kids so they can potentially leverage the cash value build up in the future. ”

Perhaps the most telling trust criterion: a financial professional you recommend to your kids.
“Art Finkle is a good friend…someone I’ve known since college…someone I trust. He is honest and doesn’t put pressure or push anything. He uses his extreme knowledge and experience to understand what I need. That’s always been the nature of our relationship. I feel lucky to have met Art. His integrity, foresight and intelligence make it easy to recommend him to anyone looking to plan correctly…including my kids.”

Financial strength, transparency and a personal touch that extends all the way to top management.
“I’ve been a client of Penn Mutual for a long time. Art educated me about the strength of being a mutual company…I like that aspect of Penn Mutual. I also like their longevity…plus they have proven to be strong in a financial crisis. During the market crisis a few years ago, I was even able to have a financial conversation with top management…that’s the service I’ve appreciated for 40 years.”

Accessing policy cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values.

Finkel Financial Planning is independent of Hornor, Townsend & Kent, Inc.

Contact a Penn Mutual Adviser who can help you determine your needs and choose the right products for you. All information will remain strictly confidential.

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