Updated: May 21, 2019
Insurance can be tricky. It’s set up that way. The average person couldn’t tell you what on their home is covered AND DEFINAITLY can’t tell you what THEY are covered for. You don’t need to know EVERYTHING, but you need to know enough to ask the right questions
Don’t fall asleep or click away quite yet! Stay with me on this one. I will be brief-ish
Term, Cash-Out, Universal – what’s best????
Before we figure out what you need, let’s talk about WHY you need it. Insurance isn’t a bonus at the end of your life for your loved ones, it’s an insurance on your life-style until you no longer need it.
Who needs Life Insurance:
· If you have young kids/dependents, ya need it
· If you’re a two-income household and far from retirement, ya need it
· If you have a large amount of debt, ya need it
Bullet 1 is totally out of my control. I can’t take your dependents away … even if they have sticky fingers and snotty noses and you are over them most of the time
Bullet 2 is really to make sure your partner is covered if something were to happen to you. Nothing worse than when you hear that someone lost their loved one AND they are having to deal with the financial stresses at the same time. Save them from the stress, cover them in case that happens
Bullet 3 you need to deal with lickety-split. You have your mortgage, car payments, 5 credit cards, student loans, etc. Don’t leave your family with your problems. Pay this stuff down. Get rid of it. Until you do, you need a policy that would cover all this debt.
Side note: How much – obvi this varies but a general rule of thumb is 12 times your annual income
Now imagine this – Your kids are grown and out of the house, you and your partner-in-crime have just retired, you have paid off the home, car, have no credit debt and paid off those annoying student loans…now what… what do you need to insure? Do you need that BIG life insurance policy? For what? You don’t need to provide for your kids, your spouse doesn’t need it because you don’t need to replace your paycheck, and you have no debt….
FREE AT LAST, FREE AT LAST!!
Now, obviously life looks different for everyone and some may find that they need more insurance than others. This is a conversation you should have with a professional (I’m happy to help guide ya in the right direction, just email me). But for a large chunk of us out there, we can control this situation.
I want to have a life like I see in the commercials! We CAN have that!!! Carefree and not a worry in the world…financially lol. Let me help ya get your commercial moment!