Buy Life Insurance
Increase Spendable Income
Have you ever considered that when you buy life insurance you increase
your spendable income?
We all have responsibilities that we pay special
attention to. We have to save for retirement. We must create an
emergency fund, just in case.
Surely we take care of our bills thereby
maintaining a decent credit rating. These needs don't go away because we
are no longer here. The survivors have the same things to think about
as we do now. Adequate life insurance can make it much easier on them.
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Should You Buy Life Insurance?
- The Family
If we are married and have young children the need is dire for adequate life insurance coverage.
The family is going to need the income that we will no longer be here
to earn. The mortgage or rent still has to be paid.
premium that you now pay to cover the house in case of a fire or may be a
hurricane still needs to be paid. The health insurance policy will
still be needed...
The surviving spouse and children still need to eat. They still
need to wear clothing. The children still need to participate in those
extra curricular activities that you so enjoyed paying for while you
were here earning the income.
They need a car and they will still have
all the expenses that this includes like monthly payments if money was
borrowed to buy this car. The car has to be insured and maintained. It
will need gasoline and oil to keep running.
- The Business
If you own a business whether a sole proprietorship, a
partnership or a corporation you need life insurance. The sole
proprietor and the owner are one in the same therefore all the debts
incurred by the business
are debts of the owner.
Life insurance is needed in partnerships and
corporations to fund buy sell agreements and for key employee insurance.
If we have all things covered we have a little less to be
concerned about. We have funds available that we could not touch if we
did not have that life insurance policy. Of course we need to invest and
we must plan for retirement.
We also need a fund that we have immediate
access to in case of an emergency but owning sufficient life insurance
coverage certainly frees up some of the cash that would need to be saved
for important needs after death.
Regardless of the type of policy you choose to buy, term or whole life, you are taking care of these things at a cost of just a few cents on the dollar. The least costly way to go is term insurance. Maybe you want to buy life insurance on the cheap. There are several types of term life insurance
The most popular are the level term policies...5 year term,
10 year term, 15 year term, 20 year term, 25 year term and 30 year term.
There are also variations of whole life...modified whole life, graded
premium whole life and variable life.
Select a carrier rated A or better by the A.M. Best company.
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