PROTECT YOUR GROWING FAMILY WITH LIFE INSURANCE

2

A Life insurance policy is one of the best gifts you can give your new child. If you die suddenly, the policy will become a wellspring of cash for your kid when he or she needs it most. However, Life insurance isn't free. Check out these proven ways to get the best value for your premium dollar:

  • Choose a Blended Whole Life policy. This type of coverage combines elements of Term and Whole Life insurance. Essentially, it's priced like a Term policy, but offers the cash value of Whole Life. When you no longer need coverage, you can cash in the value of the policy and receive all your premiums back (as long you've held it long enough for the cash value to equal your total premium payments) or transfer it to your child.
  • Raise deductibles on your other policies. Although this isn't without risks, it might be worth increasing the deductibles on your Automobile and Homeowners policies and use the savings to buy more Life coverage.
  • Adjust your withholding. Many people receive a refund check at tax time. Surprise - the IRS doesn't like doling out these checks; it would prefer you to optimize your withholding. By using the IRS withholding calculator (www.irs.gov/Individuals/IRS-Withholding-Calculator), starting with your next pay period you can receive more money, which you can invest in additional Life insurance coverage.
  • Refinance. If you have a home or car loan, consider refinancing it. If the principal on your loan is low enough, you can reduce your monthly principal and interest payment. Don't roll your eyes. The difference might be substantial - several hundred dollars a month –more than enough to finance Life premium payments.

To learn more, just give us a call.

Need insurance for You, Your Family or Your Business?
We can match you to a qualified, local insurance expert!
Further Reading
If you are expecting Life insurance to fully provide for your family's financial security, then you should think beyond the Group Life insurance that may be provided by your employer. A group policy might give you a false sense of security in believi...
Just as one might use a CPA to prepare their income taxes or an attorney to help them with their estate planning, many choose to use an insurance agency to write their insurance policies. This choice is mainly made because a person feels they need pr...
Almost everyone needs Disability insurance. Think about it. Your capacity to earn a living is crucial. Your income makes it possible to buy food, make mortgage payments, provide for your children, take a vacation, and countless other things. Many fai...
Almost everyone needs Disability insurance. Think about it. Your capacity to earn a living is crucial. Your income makes it possible to buy food, make mortgage payments, provide for your children, take a vacation, and countless other things. Many fai...
Contractors like you rely on a variety of tools and equipment as you perform your job. Make sure you have adequate insurance as you protect your tools, equipment and livelihood. What is Contractor Tool and Equipment Insurance? Contractor tool a...