The president and CEO of Total Financial Solutions believes that getting life insurance for yourself and your spouse should be considered a moral obligation to the entire family.

“Make sure that you properly insure your family,” said Arif Halaby, a Certified Estate Planner. “I think there is a moral obligation that you have if you’re a husband or a wife.”

This obligation not only applies to the breadwinner of the family, but often to the stay-at-home spouse who acts as primary caregiver of the children as well, according to Halaby.

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Fathers who financially support their wife so she can be a stay-at-home mom usually don’t realize the value in getting life insurance for her too, but Halaby believes it can be incredibly valuable in the case that she passes away.

“You realize everything that your wife does, you’re going to have to pay somebody for? Dinner, cleaning the house, taking care of the children,” Halaby said. “In my opinion and in my experience, (life insurance coverage for) the stay-at-home spouse is almost as important, if not more so, than the working spouse.”

Halaby advised putting together a team of financial and insurance professionals to address the variety of components of your financial plan, warning about using one person for everything.

“One of the worst things you can do is go to that same person who handles your auto insurance and insures your RV and your motorcycle and your home and say, ‘Oh by the way, I want a life insurance policy,’” he said. “It’s very difficult to find somebody who’s great at life insurance and great at property stuff, because they’re not the same.”

In addition, an insurance company that offers the lowest rates on auto insurance or homeowners insurance probably can’t guarantee the same for life insurance as well.

“There’s a place that they’re going to make money,” Halaby explained. “They’re going to draw you in with one and they’re going to make a profit on the others — that’s business.”

Instead, a financial team that coordinates with each other on their individual specialities is often the best decision, Halaby said, adding that Total Financial Solutions can be a valuable part of that team that integrates your life insurance and retirement strategies.

“When you sit down with us, our job is to help you eliminate risk and fees in your retirement accounts, almost on a set-it-and-forget-it type thing,” he explained. “In the idea of your financial life, in my opinion, it’s better to have a small group put together.”

Total Financial Solutions offers assistance with preparing for retirement in Santa Clarita and the surrounding valleys. Santa Clarita financial professional Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial professional, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners retirement planning tips and guidance for dealing with today’s ever-changing financial needs.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344

Total Financial Solutions – Newhall

https://www.youtube.com/watch?v=Mr_ZM6zgZY0

Arif Halaby, Total Financial Solutions, Financial Planning, Planning for Retirement, Retirement Planning