There are many good reasons to consider buying a life insurance policy, such as a recent marriage, a new baby, or taking on a large debt (like a house) loved ones would have trouble paying off if something happened to you. Or, perhaps you have witnessed first-hand the impact a death has on surviving family members’ finances.
The most valuable of my mother’s assets was her home — a modest, 1,225 square-foot bungalow on Chicago’s south side with three bedrooms, a single bath, a large backyard, and a one-car garage. My mother bought the house in 1986 for $55,000, the equivalent of $123,000 today. She paid off the mortgage in 2011, which
Business owners have a lot to keep track of every day, and it’s important to take the time to plan for the unexpected. In the unfortunate scenario that an integral employee passes away, a company can be left scrambling. Key person insurance is a valuable tool to ensure a business doesn’t fail after the unexpected
After the age of 60 or 65, many people think that life insurance is an expense of the past. Not only are most people able to cover basic funeral expenses at that time, but they’re usually more financially stable. In some events, people begin paying into funeral planning so their family simply won’t have the
At a meeting of financial advisors, I was recently asked, “do you actually think life insurance is an investment?” My inquisitor was making more of a statement than asking a question, so she was surprised by my answer: “I can tell you that life insurance was an investment for me; one that I’m benefiting from
You have heard the term, but you don’t know how it works. You may even be familiar with the strategy, but not aware of the nuances. How might this strategy benefit your clients? And which ones? Why should one use premium financing over other types of loan investment alternatives? Premium financing is a strategy whereby