Archive for the ‘Life Insurance’ Category
As the old cliché goes, life is tough, and then you die. It is a bit maudlin, but it has a basic, inescapable truth. Another clever old saying is that there are only two certainties in life: Death and taxes. That one is so true that it is almost depressing when you think about it. The moral of the story is that you never know what is going to happen, and if you are lucky, you will get old and die without too much excitement in the process. You know it is going to happen, so you have absolutely no excuses for not being prepared.
The first step for preparation is making sure that your life is covered if you happen to keel over dead tomorrow. This is especially necessary if you have a family and live on limited means (a subjective term that most of us can relate to). Life insurance is a must to protect your family in the present should the unthinkable occur. While you are young, you should have at least a term life insurance policy. This is the most basic type of insurance with a low premium that pays off if you die. You buy a policy that corresponds with your age group and then your family can expect a payment if you pass away. These policies only offer insurance and have no cash value. If you are a little older and want to combine insurance and savings, a whole life plan is what you need. These policies have higher premiums, but the money goes into an interest bearing account that you can cash in when you are older if you do not pass away early. Insurance protects your family from life’s most permanent uncertainties.
Once you have an insurance policy to take care of your family if you expire early, you need to think about your financial future. Saving money now is the only way to ensure that you will have money later. Unless you have an inside track on the lottery numbers, you are not going to have anything waiting for you unless you start saving now. Most employers offer a 401K plan. This is an investment plan that allows you to send money from every paycheck into a fund. You can allocate the money to different investments inside of the fund. You can select stocks, bonds, growth funds, income funds, and cash funds. Your investment is taken from pre-tax earnings. When you collect, you are taxed on the withdrawal. Many employers match funds to help you grow the 401K account. You should take advantage of that free money if it is available. An IRA fund is also a smart move. Like a 401K, you can allocate your money in different areas. You can get a pre-tax or post-tax IRA if you want to pay taxes now or when you withdraw. The money will compound over your lifetime to leave you with something to live on in your old age.
As you prepare yourself for that inevitable march towards death, life insurance and investments will make sure that your family is taken care of if you die early and that you are taken care of if you don’t.
Term Life Insurance Quotes Universal Life Insurance Quotes Whole Life Insurance Quotes Permanent Life Insurance Palm Quotes Final Expense Insurance Quotes Affordable Insurance