life insurance

This is always a great question to answer.

If your family is well off and has plenty of assets, no debt, college is funded and the retirement is taken care of, your answer is "Not Much!" or perhaps "None"!

Of course, none of my clients starting out have large funds to draw off of or an inheritence waiting for them (or their kids, if they are not around) so life insurance is a reasonable and a very wise decision.

A standard rule of thumb is TEN to FIFTEEN times your annual income.

How Much Life Insurance Do You Really Need?

Some people equate life insurance with tragedy and death. In truth, life insurance is for the living. Without it, the sudden demise of a key breadwinner could leave a family stranded without the resources to maintain their lifestyle - or even retain their home.

Many times our clients will want to know who is most popular company that offers fixed index annuities. Of course we are glad to share that information. An independent third party report from annuityspecs.com Indexed Sales & Market Report 1st Quarter, 2010 shows that there were 6.8 billion dollars of index annuities purchased in 3 months from January-March of 2010.

If you haven't done any asset protection planning, your wealth is vulnerable to potential future creditors and, should the worst happen, you could lose everything.

Lawsuits, taxes, accidents, and other financial risks are facts of everyday life. And though you'd like to believe that you're safe, misfortune can befall even the most careful person. What can you do? First, identify your potential loss exposure, then implement strategies that are designed to help reduce that exposure without compromising your other estate and financial planning objectives.

Long term care is the type of care you may need if you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease) that keeps you from living independently.

Here are some very important things to consider when meeting with your financial advisor and planning you long term care:

• Two-thirds of people over age 65 will need long term care in their lifetime.
  

Many have heard the idea that term insurance is the only way to go. “Buy term and invest the difference” is the mantra of many financial planners and, “industry experts”. The, “buy term” marketing push has been so effective over the last 20 years that it is almost accepted as fact.

The reality is that life insurance is like everything else. You have different products available and each has its own place. My 7th grade shop teacher use to say, “Choose the right tool for the right job”. Life insurance is no different.

A local insurance agent has lost his license after failing to respond to an administrative complaint filed against him. James R. Fogle, 3108 S. Atlantic, lost his license after failing to respond to an Aug 23 complaint that he was misappropriating premiums, according to Mitchel McLawhorn, a spokeswoman in the office of State Insurance Commissioner Bill Gunter.
Fogle does not have a listed phone number and could not be reached for comment. A spokesman for the company he worked for, Security Life Insurance Co. Said he was not connected to the Daytona Beach office.

Everyone knows death is inevitable, but nobody truly lives like they believe it. If they did, they would live life much differently. Life insurance is for those of us who want the peace of mind knowing that when we die, our loved ones won't need to worry about paying the bills. Life insurance is for the benefit of others, not ourselves and purchasing it is the most unselfish thing that anyone will ever do for their family. Understanding life insurance can be complicated and sometimes overwhelming to figure out.

The Ins and Outs of the Life Insurance Purchase Process  - By Scott Whittemore, CFP® 

Why life insurance? 

Life insurance is a very useful both to individuals and businesses, but also to our overall society.  When would cash be more needed than after the premature death of the main bread winner of the family?  The family with life insurance will not suffer financially or be a burden on other people or the government. 

For the month of February, www.thewisebuck.com is going to focus on giving you tips about insurance. Life Insurance, Health Insurance, Auto Insurance, Home Owners Insurance, etc. And, while I know this probably isn’t your (or my) favorite or most exciting personal finance topic, it is very important in creating financial independence and safe guarding our financial world. How so?