September 2, 2013
If you care about your family, you may be one of the thirty-three percent of the people who believe that they do not have enough life insurance to enable the family to continue their regular lifestyle in the event that their untimely death. Yet, some do not believe in planning for the family’s financial future. Because they live paycheck to paycheck, they do not have the extra money to purchase life insurance.
Approximately 25% of Americans do not have a savings account, For these people it may be difficult for them to set aside money for life insurance, since they do not have an emergency fund to carry them in time of need. If they are not accustomed to planning their household finances, then they will not be disciplined enough to pay for life insurance.
What needs to take place at this level is a serious examination into how money is being spent. This could result in a revelation of their spending habits. It helps to spend a week writing down each transaction that is being made with the budget. If couples or individuals could commit to doing this they would be surprised. After all is done, they should see where the budget could be trimmed
For younger couples in their twenties, thirties and forties, the Gen X and Y populations, life insurance is not as expensive as one would believe. It is actually more economical to buy life insurance at this age and hold onto the policies. However, priorities may be different. Younger people have difficulty believing that they could die ay such a young age, even though they may have experienced the death of a classmate or friend.
Many parents today would not like to think about the possibility of their children dying prematurely an, therefore, fail to purchase life insurance or accidental life insurance on their children.In 2010, 2700 teens between the ages of 16 and 19 were killed in motor vehicle accidents in the United States. Another 4400 teens died because of bullying and/or suicide. While suicide is not a covered event on life insurance or accidental life insurance policies, it is enough to make parents aware of the need to purchase life insurance on the children.
In conclusion, parents have a greater need today to purchase life insurance for all members of the family.
Technorati Tags: life insurance
September 29, 2012
Anyone who says they cannot afford life insurance has their priorities in the wrong place. If we really think about it, what is more important than the security of our families? The cost of living increases every year with inflation, but we still manage to purchase the things that we need, including food, shelter, and clothing. We also manage to spend money on entertainment and addictions such as cigarette smoking, alcohol, and a few choice addictions which I will not mention here. But, why not add to our necessities the need for life insurance to protect our incomes? Women continue to get their hair done and buy clothing and jewelry in any economic situation. With our new lifestyles in the digital age, we now pay for mobile phones, Internet access, and cable television on a monthly basis which could be very costly.
If we have families, we have an obligation to provide for their needs, including their needs after we leave this earth. In this way, they can continue to live their normal lives in the event of our untimely deaths. If we do not provide for them, they may end not being able to pay for our final expenses and may up homeless. It is estimated that ninety-five million people in the United States have no life insurance, which could cover final expenses and indebtedness, such as the mortgage or family business.
The nice thing about it is that the cost of life insurance is much less than the debt that it will cover upon your death. For instance, if you are paying fifty dollars a month for $100,000 of life insurance to cover the mortgage, you will pay a total of $18,000 over a thirty year period, if the premium is a level payment. If you should die at the during that thirty year period, your family gets $100,000 even though you only paid $18,000 for it.
Because most of the people who are raising families do not have savings to cover final expenses and mortgages upon their death, they have to purchase life insurance in order to have this protection. Only five percent of the people in the United States are saving money regularly and about twenty-seven percent have no savings at all. Paying into a life insurance policy is a wise decision to protect the family against loss upon your death.
December 5, 2008
There has been a lot of controversy over the problems with debt. Former bank employees are blaiming the banking indusrty for its deceptive practices with selling credit cards and cash advances on credit cards. The bottom line is that people are responsible for their own debt ptroblems. No one twisted their arm to incur debt. It all goes back to mankind’s basic nature of greed and lack of self control. It’s like having an additction to alcohol or drugs. Sooner or later it starts to control you.
Now is the time to review your money management and make a conscious decision to eliminate debt from your portfolio. If you are in the habit of buying things on credit, reduce or stop using the cards. Going back to the way you used to puchase merchandise before you had credit cards is helpful. If you do not need the item, do not purchase it.
If you must have it, save up enough money to buy the item with cash. This may require setting up a separate savings account specifically for this purpose. Be disciplined enough to deposit the money and do not withdraw it until you are able to purchase the item. This is going to cause a total change in lifestyle and may require patience on your part.