Life insurance, financial planning and Catholic values

Originally posted on Rich Wesselt's blog.

When I say I went to Catholic school, I know what people think:

Scratchy uniforms. Severe nuns. Weekly confession followed by ten Hail Marys.

Sure, I experienced some of the idiosyncrasies of a Catholic education, but my experience at Bishop Kenrick High School in Norristown opened doors for me and shaped my values. I carry those values into my work as a comprehensive financial planner.

My Catholic values have taught me that we are called to take care of one another. Sometimes, that nurturance requires sacrifice, and I believe we should be proud to give our all for those we care for.

In my work, I often urge clients to consider life insurance as part of an overall financial model that protects their families. Particularlyfor those without a great amount of wealth, contributing to a life insurance policy often requires a bit of sacrifice.

In that way, including life insurance as part of an overall financial planning model, is one of the most selfless things you can do. You forgo money you could spend now to protect the people you love. That may mean driving an older car or skipping a vacation, but you have secured the future of your family.

In particular, whole life insurance (as opposed to term life insurance) is a long-term commitment. I think of it as a labor of love. Thiskind of plan is a good fit for people who receive joy from helping and protecting their heirs. I often work with them through the lens of what I callthe “family generational wealth model” (more on that in future posts). On the other hand, if a client believes people need to work hard to earn and should notinherit wealth, this model may not work for them. That’s okay—we can talk about other options.

That’s why I talk about moral values alongside financial value. It has helped me build a career I love, while serving my family and stayingconnected with my local community and the Catholic schools that helped raise me.

So, I’d like to leave you with a question:

Does your spending, investing, and saving align with your personal values? If not, why not?

About Richard Wesselt

With over 23 years of dedication to the financial services industry,
Rich brings a wealth of knowledge and experience in helping clients
plan for a secure financial future. As principal of the Wesselt Capital Group,
Rich uses a relationship driven, individual-based approach to macro
economic planning. Rich has a bachelor's degree in Economics from the
Wharton School and is a member of Top of the Table. He holds his FINRA
Series 6 Registration. Follow him on Twitter @RichWesselt.