Life insurance is an important part of your financial planning toolkit. If you were to die, your loved ones would benefit from your smart planning steps taken now with a windfall to help ease the burden of life expenses such as being able to make mortgage payments, pay for utilities and have a more comfortable cushion of money to live on without your income.
In some circumstances, primarily for seniors, a life insurance policy may no longer be needed or desired. Before you cash out of your policy, you should investigate life settlements, selling your policy to a third party for more than the policy’s cash surrender value.
Contrary to many financial advice, there are times when you may want to continue life insurance coverage as you approach and enter retirement. There can be many reasons to keep life insurance coverage so don’t be too quick to pull the trigger on getting rid of your life insurance as you approach retirement.
Long term care insurance is a particularly important type of insurance. This type of policy is meant to provide for your personal care and wellness when you reach an age or health condition where you need assistance with the basic functions of living.
An umbrella insurance policy, sometimes known as excess liability, is additional personal liability coverage that supplements auto and homeowner insurance liability coverage and protects you from a wide variety of risks. Umbrella policies have been historically purchased by wealthy individuals with substantial assets to protect, but anyone with assets and a decent income can benefit from the extra coverage.
Is 20 times your annual income is a good starting point and is this the right number? Any rule of thumb as it relates financial planning is dangerous. Especially when it comes to life insurance, the strategy about how much life insurance do you need is individual specific. You need to decide what you would […]
Long term care insurance costs have gone up substantially in two years – why? There has been a huge increase in the cost in these policies, not just because of the function of age, but also because the LTC companies have underestimated morbidity costs. Some companies have stopped underwriting new LTC policies. Do you recommend […]
If you are joining a new company, you will be faced with selecting your benefits. Should you own a personal life insurance policy as opposed as to joining a group life insurance policy offered through your company? Listen to the advice https://tritonfinancialgroup.com/audio/group-life-insurance.mp3
Is there any real difference other than price as it relates to homeowners insurance? Financial stability, pay claims but asside from the usual, there are differences in homeowners insurance contracts as it relates to what they pay out in the event of a loss. Some will only pay up to the amount of the insurance […]
Listeners had a couple of interesting insurance questions. If your parent of in-laws come to live with you, will your homeowners insurance policy cover their belongings? If a teenager gets into a car accident, can your insurance company cancel your umbrella policy? Listen to the answers https://tritonfinancialgroup.com/audio/insurance-questions.mp3