Don’t risk losing what you have.
- Your auto – including adequate medical
- Your home – including an umbrella policy to cover in case of a lawsuit
- Your business – If you are in a partnership, do you have insurance on each partner? What about key employees? Do you have survivorship agreements in place?
- Disability – Don’t make the mistake of relying on your employer. It’s almost never enough should you need it.
- Health – Are you paying too much for your coverage? It’s worth a free quote to find out. Every year, review your policies – even if you are covered at work. The number one reason for bankruptcy for the past 10 years was due to medical expenses and being underinsured.
- Life – Your family depends on you – whether you work inside the home or out. Where would they be if something happened to you. One of the most selfish things I can think of is not having a life insurance policy to ensure that if something happens to you, those you love won’t suffer hardship.
- You can purchase an inexpensive Term policy that can convert to something permanent, or you can use a Permanent policy as a vehicle to help you save with tax advantages.
- If you haven’t had your policy reviewed in the past few years, you are probably paying too much. Insurance companies responded to the fact that we are living longer and dropped rates. (It’s True!)
- The largest financial impact you can give your children or grandchildren is the gift of a permanent life insurance policy where their money can grow and be accessible later on with interest and tax advantages. In addition, they will spend thousands of dollars less on premiums as they get older.
- Long-Term Care – There is no saving or investing that can match the return on investment of what you will receive in exchange for your Long-Term Care Premiums. Knowing when it is appropriate is key. Not everyone is suited for LTC. Ask us for more details and check out this story…
I was at the Boys and Girls Club Annual Fundraiser Breakfast and was talking with a gentleman about what I do. He shared that just this past week he and his siblings were moving his mother into an Assisted Living Facility.
She hadn’t discussed her plans with them and he and his siblings were scrambling to figure out how much each of them could contribute to her care each month to keep her in the home she wanted to live in. He said they were all trying to figure how what they could do without, what they could sell, what they could liquidate to take care of their mom. The only question in their minds was how, not whether. They were going to take care of their Mom to the best of their abilities.
When they met with the case manager to arrange her care and find out how much they would owe, she informed them that their mother had purchased a long-term care policy. Because of their love for her, they were going to sacrifice whatever was necessary. Because of her love for them, they didn’t have to.
That’s why Long-Term Care is so important.
So, why don’t you have life insurance?
Top Excuses for not having Life Insurance.
It’s too expensive. Probably not. Look at your options. Talk to a professional (or two). If permanent insurance is too expensive, look at Term. Make sure it has the option to upgrade to Permanent (Universal Life, Indexed Universal Life, Variable Universal Life or Whole Life). Yes, there is a huge push to “Buy Term and Invest the Rest.” I can give you a compelling case that shows that might not be the best move for you. Love your family enough to take care of them if something should happen to you.
I’m young. I’ll buy it later when I am more likely to need it. This is one of the most costly mistakes people make. If you buy early, you can save a ton on premiums. Example. I am in my forties. When I was in my 20′s, I met with an insurance rep and I listened. I was able to purchase a $175,000 term policy for $15 per month and locked that rate in for 20 years! I went to sleep every night knowing that, at the very least, my husband would be able to pay off our home should something happen to me. The longer you wait, the more expensive it is and the greater the chance of not qualifying due to a medical condition.
I don’t work out of the home. We only need insurance on my spouse. Wrong – especially if you have kids! If something happens to you, your spouse should have the option to take additional time off from work to deal with your death. Your spouse will need to pay for things that you provided before: child care, potentially help with housekeeping, meals, transportation.
I already have a policy. I have it covered. Maybe. There are a few things to consider: 1) Did you know that less a few years ago, Life Insurance rates actually went down? They adjusted the length of time we are expected to live. That dropped rates substantially. If you haven’t checked your policy against current rates, you should. 2) Are you adequately covered? You may be under-insured due to life changes. 3) You may be able to pick up additional benefits such as Long-Term Care with some of the new policies available to you at little or no extra cost from what you are paying now.
