Money Expert Q&A: Replenish Savings with Life Insurance - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue

Gail Marquis says life insurance is not just for survivors of the deceased.

When most people think of life insurance, they typically see it as a way to be sure that their loved ones are taken care of in case of their death. This type of insurance can cover funeral expenses, help settle debt left behind, and supplement the everyday living expenses of beneficiaries, including children and spouses.

Gail Marquis, vice president and financial adviser at Element Financial Group, says life insurance can also be viewed as an asset to your retirement and other savings portfolios.

Q: How can life insurance be used to replenish savings and retirement reserves?

Marquis: The idea around life insurance is that it is only for when a person is dead. With my clients and myself, I use life insurance almost as a bond portfolio. In doing that, I am able to replenish my retirement [and other] savings.

Use life insurance to supplement retirement income and grow your retirement reserves. Deal with whole life products by mutual companies that are not beholden to their shareholders but owned by the policy holders. That way, when dividends are paid, they are paid directly to the policy holders. Not in the form of a check but in the form of reserves that go to your holdings. The value of the policy might be higher and the premiums might be higher, but there is a sense of flexibility around it. You can protect your principal. It is conservative but it is a fixed rate. You don’t see the fluctuation in a life insurance portfolio that you see in the stock market. The dividend is lower than the stock market but it is guaranteed. Plus, there is the added benefit of the actual life insurance.

Further reading: How to Calculate Your Life Insurance Needs

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.