We can all agree that it’s never fun to find out you owe money when filing a tax return. As a CPA, I hate sharing the bad news with my clients of a 4- or 5-figure tax bill, even if it was because they earned more money throughout the year. For some of my clients…
Other than being one of the most affordable types of coverage, term life insurance is a rather simple, straightforward product that provides protection for you and your family for a set period of time.
Let’s get something out of the way right up front: if you’re avoiding the chore of buying term life insurance because you expect it to be a major hassle, don’t. Times change and so has the experience of purchasing life insurance.
To get your child to bed it’s helpful to have a plan, by which I mean a series of things you consistently do together which the child will then associate with bedtime.
Okay, so you’ve figured out you need term life insurance (congrats, you’ve come to the right place.) But, what about your better half? If one spouse is covered, does the other also need to be?
Often, the answer is yes.
With marriage or a lifelong partnership comes a myriad of shared financial responsibilities and expenses times two – the mortgage or rent, utilities, car payments, and, eventually, the expenses that go hand in hand having children. Not to mention, most people would want to leave their partner in as good if not a better financial situation, if they could. This is where life insurance comes in.
How do you measure success?
For us, the answer is simple. We win when our policyholders win. And, last year they won big.
Life insurance often isn’t needed for a single person with no children. Some may say, “Buy it while you’re young and healthy.” The reality is that, if you don’t need coverage, the money toward a life insurance premium could be better utilized by contributing to retirement savings or building an emergency fund. But, all single people aren’t off the hook. There are still quite a few circumstances when you may want to consider purchasing a policy.
When it comes to insurance, most of us expect prices to increase over time. And we assume this for a good reason – they often do. We’ve all been in the situation where our auto, cable or internet “promotional price” is up, and we’re stuck with a bill that’s $20+ more per month. No matter our negotiating prowess, many of us end up with at least an incrementally higher payment each month.
Fortunately, we have good news for you. Life insurance doesn’t have to work that way.
Parent Brain: How to prepare your child for the world when you have no idea what that world will be like
Growing up is far from easy, and you have a long road ahead of you, but it is my job (as your parent) to set you up for success (however one defines that word) when you become an adult. Based on what I know of the world, here is my advice.
Sometimes more is better. Especially when “more” is more financial protection for those you love.