I HATE WHOLE LIFE INSURANCE
I HATE UNIVERSAL LIFE INSURANCE
I HATE VARIABLE LIFE INSURANCE
THE ONLY TYPE I LIKE – FOR THE PURPOSES FOR INSURING YOUR LIFE – IS TERM INSURANCE!
If you are smart with the money you have today and you get rid of your mortgages, car loans and credit card debt and put money into retirement plans you don’t need insurance 30 years from now to protect your family when you die.
Thursday, November 19, 2009
Friday, November 13, 2009
The Cost of Convenience
How much do you pay for convenience? When you put a purchase on your credit card, you may think that’s the easiest, most convenient way to pay. But think again. The interest that you could end up owing on that credit card could be a lot more than you originally thought!
You end up paying hard-earned money just for the convenience of saying “charge it." That’s why it’s so important to build up savings for purchases and avoid The Cost of Convenience.
$1000 on credit.
Interest in 1 year approx. $170
Interest in 3 years approx. $414
Interest in 5 year approx. $550
You would have paid back approx. $1550 in this hypothetical example in less than 6 years.
You end up paying hard-earned money just for the convenience of saying “charge it." That’s why it’s so important to build up savings for purchases and avoid The Cost of Convenience.
$1000 on credit.
Interest in 1 year approx. $170
Interest in 3 years approx. $414
Interest in 5 year approx. $550
You would have paid back approx. $1550 in this hypothetical example in less than 6 years.
Thursday, November 12, 2009
Income protection
According to the Theory of Decreasing Responsibility, your need for life insurance peaks along with your family responsibilities.
When you’re young, you may have children to support, a new mortgage payment and many other obligations. Yet, you haven’t had the time to accumulate much money. This is the time when the death of a breadwinner or caretaker could be devastating and when you need coverage the most.
When you’re older, you usually have fewer dependents and fewer financial responsibilities. Plus, you’ve had years to accumulate wealth through savings and investments. At this point, your need for insurance has reduced dramatically, and you have your own funds to see you through your retirement years.
When you’re young, you may have children to support, a new mortgage payment and many other obligations. Yet, you haven’t had the time to accumulate much money. This is the time when the death of a breadwinner or caretaker could be devastating and when you need coverage the most.
When you’re older, you usually have fewer dependents and fewer financial responsibilities. Plus, you’ve had years to accumulate wealth through savings and investments. At this point, your need for insurance has reduced dramatically, and you have your own funds to see you through your retirement years.
Wednesday, November 11, 2009
When it comes to finances, how much do you know?
If you’re like most people, you probably know little about personal finance. Perhaps you think long-term security is impossible on your income. But, the truth is, no matter what your income level, you can achieve financial security. You just have to take the time to learn a few simple principles about how money works.
Do you know when you need life insurance the most? How about saving for retirement? Do you know how much something really costs when you put it on your credit card? Taking a few moments to learn some simple concepts about how money works can save you from financial headaches later. Learn more about how money works with the financial concepts to your right —they’re simple!
We strongly agree with Suzie Orman and the Wealthy Barber book that Buy Term and Invest the Difference philosophy encourages families to purchase affordable term life insurance. They can then have more money to invest in their family’s future.
Instead of cash value policies that bundle together investments and life insurance, many experts believe in keeping investments and life insurance separate, so families can have a clear picture of where their financial future stands.
So in short, 100% term life insurance 100% of the time.
Today, an idea that once seemed revolutionary is now widely accepted as the standard for life insurance.
More information to come.
Do you know when you need life insurance the most? How about saving for retirement? Do you know how much something really costs when you put it on your credit card? Taking a few moments to learn some simple concepts about how money works can save you from financial headaches later. Learn more about how money works with the financial concepts to your right —they’re simple!
We strongly agree with Suzie Orman and the Wealthy Barber book that Buy Term and Invest the Difference philosophy encourages families to purchase affordable term life insurance. They can then have more money to invest in their family’s future.
Instead of cash value policies that bundle together investments and life insurance, many experts believe in keeping investments and life insurance separate, so families can have a clear picture of where their financial future stands.
So in short, 100% term life insurance 100% of the time.
Today, an idea that once seemed revolutionary is now widely accepted as the standard for life insurance.
More information to come.
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