Once you have updated your will and executed a health-care power of attorney and durable power of attorney you must determine if you have enough life insurance.
One of the worst mistakes a person can make is underestimating the amount of money their families will need if the primary earner in the family should die unexpectedly. The bottom line is not to skimp on life insurance, especially young families who may need the financial help for many years.
When considering insurance there are basically two types –Term and Permanent.
Term life insurance expires after a certain number of years, can be attractive because it is typically less expensive and when coverage is only needed for a predetermined period. However, when the term expires, renewing may be very expensive.
Permanent insurance can be more expensive but is often the better choice where there is a long-term need for coverage. Typically, permanent life insurance builds up a cash value over time, which is different from term, which has no cash value.
It is very important to speak with a knowledgeable and qualified insurance professional who can provide you with an in-depth assessment of your financial needs and your long-term objectives regarding the need for life insurance.
We would be happy to help you find an insurance professional. Please contact our office for a great referral.
Interesting post. I really enjoy your writing. By the way, I run a Life Insurance Article Directory and if you have some articles for distribution, you are very welcome to post them.
Regards,
Alex
Posted by: Alex | August 31, 2007 at 08:02 AM