- How Can You Insure Your Future?
calamities — including financial troubles.
The theory behind insurance is simply that if enough of us can bring together our money to form a large enough store house of money,
then together we can handle almost any financial misfortune. Our driving force for contributing to this supply of money is our own
eligibility to draw from it in the event of a misfortune.
Nearly all providers of families today should carry life insurance. Most financial advisors also recommend health, disability, and long-
term-care insurance.
Purchasing individual or family insurance coverage is probably one of the most important financial decisions you will make. Study and
advice is needed to choose wisely. A few basic guidelines can safely be applied to most consumers. Beyond these, each individual’s
needs are different and should be carefully assessed by an expert.
1. How much life insurance do you need?
A good rule of thumb is: Don’t insure yourself against misfortunes you can pay for yourself. Insurance is there to protect you in case of an
event with overwhelming expenses. If anything short of a calamity does occur, it will usually cost you less in actual costs than the
insurance premiums you would have paid.
2. What would be the best policy?
An insurance that will cover as many misfortunes as possible with a single policy is usually better; for example, term life insurance is less
expensive then whole life insurance and can provide more of a benefit for your beneficiary within the term length. To get a better
understanding of term insurance go here.
3. Were should you buy?
Always buy from a financially strong company. Take the time to talk to an independent life insurance agent who can shop around for the
best prices with the most coverage for your specific situation. You may be able to save money by buying multiple policies from the same
agent.
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Note: The information provided here is to assist you in financial planning and understanding types of life insurance. The
information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any
federal tax penalties. You are encouraged to seek tax or legal advice from a professional and licensed tax or legal advisor.
As with most financial decisions, there are associated expenses with the purchase of life insurance. Policies commonly have
contract limitations, fees, and charges, which can include mortality and expense charges. Most have surrender charges that
are assessed during the early years of the contract if the contract owner surrenders the policy; plus, there could be income
tax implications. Any guarantees are contingent on the claims-paying ability of the issuing company. Life insurance is not
guaranteed by the FDIC or any other government agency; they are not deposits of, nor are they guaranteed or endorsed
by, any bank or savings association.
information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any
federal tax penalties. You are encouraged to seek tax or legal advice from a professional and licensed tax or legal advisor.
As with most financial decisions, there are associated expenses with the purchase of life insurance. Policies commonly have
contract limitations, fees, and charges, which can include mortality and expense charges. Most have surrender charges that
are assessed during the early years of the contract if the contract owner surrenders the policy; plus, there could be income
tax implications. Any guarantees are contingent on the claims-paying ability of the issuing company. Life insurance is not
guaranteed by the FDIC or any other government agency; they are not deposits of, nor are they guaranteed or endorsed
by, any bank or savings association.
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