Cheap Life Insurance
Cheap Life Insurance coverage is what we want and it's the last thing we buy and the first thing we cancel when times get tough. Yet everyone agrees it’s important to have. It exists to mitigate financial loss to a family when a "breadwinner" dies. Cheap doesn't mean poor quality. When people say they want cheap life insurance most of the time they are talking about cost not quality. What they mean is low cost life insurance. Life Insurance policies come in 2 distinct categories: temporary or what is known as Term Life Insurance Term life insurance can have many different permutations, and still be only term insurance. The second category is permanent life insurance. Which has two main types
Whole Life
and a second type known as
Universal Life Insurance
or U/L and of course the famous
Mortgage Protection Insurance
Buying Life InsuranceCan be quite the experience with some folks believing:"I think I have too much coverage!""Too much coverage means you have more protection than you are entitled to. That can’t happen and here's why!" Insurance companies will only allow you to have as much coverage as you are entitled to and not a penny more. You can’t protect your $400,000 house with $800,000 replacement coverage, but you can hedge against inflation by having the house covered for the cost of replacement. So how do you determine much coverage you are entitled to? The answer to that question is the key to obtaining the proper coverage for you. Many of us feel the same way about protection. I had a very negative opinion about it, until I became a Certified Financial Planner. I had always done reasonably well with investing, but it wasn’t until I thoroughly understood the power of Insurance to provide solutions to seemly insurmountable problems. That I gained a respect for life coverage. It was then I really understood what this stuff could do for someone. Some types of coverage are a straight forward, but necessary expense, other types are not only cost effective, but they can create a legal tax-free income. As in all products there are inferior and superior versions. You should always speak with an insurance professional about your needs. Return from Cheap Life Insuance to Insurance
Terry Johnston CFPJ C Mitchell Financial Services Inc. Phone: 866-721-7781 ext. 232
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