Working with Widows 1 For Financial Professional Use

Working with Widows 1 For Financial Professional Use Only. Not for Use With Consumers. CLABD. 1080 (04. 20)

Important Company Information The content of this seminar is meant to be general information on the subject of widowhood and grieving, and should not be considered legal or tax advice by consumers. For information about Protective Life and its products and services, visit www. protective. com. Neither Protective Life nor its representatives offer legal or tax advice. Consumers should consult with their legal or tax adviser regarding their individual situations before making any tax-related decisions. Protective and Protective Life refer to Protective Life Insurance Company (PLICO) and its affiliates, including Protective Life & Annuity Insurance Company (PLAIC). PLICO is located in Brentwood, TN. PLAIC is located in Birmingham, AL. 2 For Financial Professional Use Only. Not for Use With Consumers.

Our Focus Today. . . } Why focus on widows? } How grief affects her decisions } Understanding the stages of widowhood } Help widows avoid pitfalls } What do you say, or NOT say? } Your next steps 3 For Financial Professional Use Only. Not for Use With Consumers.

The Shocking Statistics! � TRUE OR FALSE: There will soon be 12 million widows in the U. S. , 1 with nearing 1 million added each year. 2 �The mean age a wife becomes a widow is (select one) 59, 65, or 71? 3 �Half of women over age 65 live ___ more years after their husband dies. � � 4 TRUE OR FALSE: 70% of Baby Boomer wives will outlive their husbands; 5 80% of women will be single at death. 6 TRUE OR FALSE: Widowed female seniors outnumber widowed males by more than 4 to 1. 7 TRUE OR FALSE: Many women will be dual inheritors, receiving money from their deceased spouses and their parents. 8 � 4 For Financial Professional Use Only. Not for Use With Consumers.

Sources 11 U. S. Census Bureau, 2017, Historical Marital Status Table MS-1. Marital Status of the Population 15 Years Old and Over, by Sex, Race and Hispanic Origin: 1950 to Present. 2 Susan Goldberg, “Illuminating the Plight of Widows Worldwide, " National Geographic magazine, February 2017. 3 Kathleen Rehl, Carolyn Moor, Linda Leitz, and John Grable, “Widows’ Voices: The Value of Financial Planning. 3 Journal of Financial Service Professionals 70, No. 1 (2016): 53 -60 4 Kathleen Rehl, Carolyn Moor, Linda Leitz, and John Grable, “Widows’ Voices: The Value of Financial Planning. 4 Journal of Financial Service Professionals 70, No. 1 (2016): 53 -60 5 Kathleen 5 Journal of Financial Service Professionals 70, No. 1 (2016): 63 -72 6 Money 7 Rehl, Carolyn Moor, Linda Leitz, and John Grable, “Widows’ Voices: The Value of Financial Planning. Myths That Get Smart Women in Trouble, ” Women’s Institute for a Secure Retirement, 2018 U. S. Census Bureau, 2017, Historical Marital Status Table MS-1. Marital Status of the Population 15 Years Old and Over, by Sex, Race and Hispanic Origin: 1950 to Present 8 5 Avivah Wittenberg-Cox. Late Love: Mating in Maturity. Motivational Press. 2018 For Financial Professional Use Only. Not for Use With Consumers.

70% of widows fire the couple’s financial professional after their spouse dies. Karen De. Masters, “How Advisors Cab Tailor Their Service for Widows, ” Financial Professional, January 31, 2018. 6 For Financial Professional Use Only. Not for Use With Consumers.

Numb Lost Emotionally drained Abandoned Paralyzed Lonely Fragile Angry Weak Aimless Forgetful Helpless Frightened Overwhelmed Disconnected Vulnerable Relieved Pained Guilty Disoriented “My husband’s death was the most traumatic event in my life. ” - Claire 7 For Financial Professional Use Only. Not for Use With Consumers.

Stress and Her Brain NEOCORTEX THE REASON LIMBIC SYSTEM EMOTIONS REPTILIAN COPLE INSTINCTS 8 For Financial Professional Use Only. Not for Use With Consumers.

3 Stages of Widowhood 9 1 Grief 2 Growth 3 Transformation For Financial Professional Use Only. Not for Use With Consumers.

3 Stages of Widowhood Taking care of me 1. GRIEF – Numb Financial Triage Need to be heard and understood } Highly vulnerable time } NO big irrevocable decisions } Focus on immediate needs, settle estate, cash flow & asset review, file for benefits Breathe Feel Financially Secure Kathleen M. Rehl, Ph. D. , CFP®, Author of Moving Forward on Your Own: A Financial Guidebook for Widows 10 For Financial Professional Use Only. Not for Use With Consumers.

NOW SOON LATER ESSENTIAL IMPORTANT POSTPONED 1. Memorial service and family 2. Request leave of absence 3. Postpone Germany trip 4. Use yellow sticky notes 11 1. Pay bills 2. Self-care – yoga 3. Start financial next steps 4. Apply for company death benefits For Financial Professional Use Only. Not for Use With Consumers. 1. Sell second car; cancel insurance 2. Hire household help 3. Rollover Mike’s 403 b 4. Attorney – new will

3 Stages of Widowhood Taking care of business 1. GRIEF – Numb 2. GROWTH – Journey General Planning Cognitive functions normalized } Financial steps } Basic estate planning, investments and taxes } Pre or post-retirement issues and house decisions Balance Feel Financially Secure Kathleen M. Rehl, Ph. D. , CFP®, Author of Moving Forward on Your Own: A Financial Guidebook for Widows 12 For Financial Professional Use Only. Not for Use With Consumers.

Your Money Envelopes - $1. 5 Million Living expenses and emergency money $_____ Safe and secure money $_____ Money that grows $_____ Buy experiences and invest in memories money $_____ 13 For Financial Professional Use Only. Not for Use With Consumers.

3 Stages of Widowhood Taking care of more 1. GRIEF–Numb 2. GROWTH–Journey 3. GRACE– Transformation Advanced Planning New life evolves } Repurposing; independence } Advanced estate and charitable planning } Special family issues } Sharing stories, values and aspirations for future generations Fulfillment Feel Financially Secure Kathleen M. Rehl, Ph. D. , CFP®, Author of Moving Forward on Your Own: A Financial Guidebook for Widows 14 For Financial Professional Use Only. Not for Use With Consumers.

3 Stages of Widowhood Taking care of me Taking care of business Taking care of more 1. GRIEF – Numb 2. GROWTH – Journey 3. GRACE – Transformation Financial Triage Need to be heard and understood General Planning Cognitive functions normalized Advanced Planning New life evolves } Highly vulnerable time } Financial Steps } Repurposing; independence } NO big irrevocable decisions } Basic estate planning, investments & taxes } Advanced estate and charitable planning } Pre or post-retirement issues & house decisions } Special family issues } Focus on immediate needs, settle estate, cash flow & asset review, file for benefits Breathe Balance } Sharing stories, values & aspirations for future generations Fulfillment Feel Financially Secure Kathleen M. Rehl, Ph. D. , CFP®, Author of Moving Forward on Your Own: A Financial Guidebook for Widows 15 For Financial Professional Use Only. Not for Use With Consumers.

Help New Widows Avoid Pitfalls 16 Don’t Rush Housing Decisions Don’t be a Purse Beware of Financial Predators Face Reality Remember the ABCs For Financial Professional Use Only. Not for Use With Consumers.

Memorial & Funeral Services 17 For Financial Professional Use Only. Not for Use With Consumers.

What Do You Say? 18 For Financial Professional Use Only. Not for Use With Consumers.

What To Say and What Not to Say 19 NO He’s in a better place now. At least he’s no longer suffering. It’s all in God’s plan. YES Share a personal story about her husband. Keep happy memories alive. For Financial Professional Use Only. Not for Use With Consumers.

What To Say and What Not to Say NO YES 20 Call me if you need anything. I’ll call you on Thursday and. . . NO I know what you're going through. YES It’s normal to feel confused/angry/ stressed/distraught. . . For Financial Professional Use Only. Not for Use With Consumers.

What To Say and What Not to Say NO 21 It was God’s will. God needed another angel in heaven. YES It’s hard to understand why death happens. . . NO I know what you’re going through. My dad died last year. YES It’s normal to feel confused/angry/ stressed/distraught. . . For Financial Professional Use Only. Not for Use With Consumers.

What To Say and What Not to Say NO YES 22 You’re young. You’ll find someone new. You can remarry. You are so fortunate to have many good friends. They are there for you. . . NO You’ll be stronger after this experience. YES It’s really so difficult now because you loved your husband dearly… For Financial Professional Use Only. Not for Use With Consumers.

Meeting Recommendations 23 1 Location 2 Tears and emotions; listen 3 Talk about now, soon, later tasks 4 Don’t rush business 5 Set next meeting For Financial Professional Use Only. Not for Use With Consumers.

Remember! 24 1 Listen more, talk less 2 Be her new “thinking partner” 3 Encourage taking time with decisions 4 Help her feel secure and safe 5 Assist with overwhelming activities 6 Show compassion and care For Financial Professional Use Only. Not for Use With Consumers.

Resources for Working With Widows • Financial Professional Guide: Working Effectively with Widows • • Financial Professional Guide: Communicating With Widows • • Seminar support material myprotective. com/widows • 25 Client brochure to help her on her grief journey Educational seminar for widows, wives and friends • • What to say, what not to say, what to write, how to handle memorial services, the first meeting and continued care Three Stages of Widowhood • • Understanding grief and emotions of women in transition Materials, videos and recordings on grief and working with widows For Financial Professional Use Only. Not for Use With Consumers.

She has loved. She has lost. But she can move forward on her own with your help. She isn’t alone. 26 For Financial Professional Use Only. Not for Use With Consumers.

Q&A Learn more about the Working With Widows Program: myprotective. com/widows or contact your Protective Life Representative For Financial. For Professional Financial Professional Use Only. Not. Use for Only. Use With Not for Consumers. Use With Consumers.