Cheap Life Insurance
Yet everyone agrees it’s important to have. It exists to mitigate financial loss to a family when a "breadwinner" dies. But It can be used for so much more!
This is where you have to ask yourself "What is the bottom line? Is it price or cost?" "Same thing!" you say -- thinking "he's just trying to use words to trick me!" No I'm not it is a legitimate question and here is why. Term insurance has the lowest price. It is designed as temporary coverage and once you spend the money--it's gone and once the term is up the insurance is gone -- regardless of how much you paid. With "Whole and Universal Life" -- although the price is more at the end you will either get -- at a minimum -- all your money or if you die your beneficiaries will receive the insurance payout - tax free - guaranteed. So the cost is less. Subtract what you paid from what is returned to you and you will see the the cost is zero or you actually made money! When someone says "I want cheap life insurance!" You have to understand what they mean. To learn more about how this kind coverage can benefit you, your family and your estate ==> click on one of the links below.
After a time of seeing this bill each and every month. You begin to wonder. The Advisor seemed like a good person, but is she taking me for a ride? You think back to what the Advisor said about peace of mind, but holy cow! I have this bill every month and for what? 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.
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J C Mitchell Financial Services Inc. Phone: 866-721-7781 ext. 232 |
Terry Johnston CFP
