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Offers Tips to Help Get Planning Process Started
SPRINGFIELD, Mass., Nov. 1, 2013 /PRNewswire/ -- As South Asians in the U.S. prepare for the Diwali Festival of Lights, Massachusetts Mutual Life Insurance Company (MassMutual) wishes them a "Happy Diwali" with a festive calendar, a traditional video with holiday greetings and offers some considerations to help build prosperity and prepare a future legacy, as the holiday signifies.
The company has prepared a festive calendar and a video that features traditional music while five South Asian women are preparing for the calendar's photo shoot. Each is dressed in a way that is significant to her culture, state of origin, as well as nuances specific to her state and unique heritage. A colorful infographic further spreads the tradition of the holiday with fun facts about the celebration and significance of Diwali.
In recognition of the significance of this celebration of light over darkness, MassMutual's Executive Vice President Mike Fanning will be present at Diwali in Boston on Nov. 4, alongside Massachusetts Governor Deval Patrick. "The Asian-Indian community is fast-growing, successful and has maintained its vibrant and unique cultural identity," Fanning said. "The festival of lights is a key cultural celebration to remind us about the light that empowers us to commit ourselves to good deeds and reinforces the importance of families."
"In today's struggling economy, Diwali lets us look ahead to better times and commit ourselves to hope, prosperity, peace and generosity," said Nimesh Trivedi, head of Asian-Indian Market Development at MassMutual. "It is a time of new beginnings, perhaps even to start planning for their and their families' financial future," he said.
MassMutual's proprietary 2013 State of the American Family Study* points to the strong tendency that South Asians have to put family first. Sixty-seven percent of the respondents from this group think about what is best for their family when making financial decisions, and their top two financial priorities are saving for children's college education and keeping the family financially shielded.
With such a strong desire to assure their family members' futures, here are some tips to help South-Asian families get started with their Diwali planning for financial well being:
1) What is important to me?
Before even thinking about the right financial products for your needs, clarify what's truly important to you – the people you care about, the aspirations you have, the things you want to protect, and the support you'd like to give to others.
2) Who depends on me today, and who might depend on me tomorrow?
This question should be at the heart of your decision-making process, and is one that should be answered well before you answer those more traditional questions of "what kind" and "how much."
3) Who is providing for my dependents now?
Have you considered if there is someone in your family who provides non-financial, but invaluable, support to those you care about? Think of stay-at-home parents; they may not support their families with earned income, but if that parent were unable to provide support, it would surely be expensive to replace.
To download MassMutual's Diwali calendar and infographic and find more tips and tools to help Asian-Indian families evaluate their financial well being during this holiday season, visit MassMutual.com/asianindian. For information about a career in financial services, visit massmutualcareers.com or call 413.744.4748.
*The State of the American Family Study (February 2013)
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
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