Top 3 Reasons That I Love Term Life Insurance and You Should Too

Why I love term life insurance

I am a huge fan of term life insurance, and I do not favor whole life insurance or cash value life insurance. For most people, term life insurance is the best option. Very few consumers need permanent life insurance. There are many benefits to term life insurance that make it a great insurance product for people who are looking to protect their income and continue to provide for their families and loved ones in the event of their untimely death. Why You Should Love Term Life Insurance Term Life Insurance Is Cheap The best benefit of term life insurance is its price. Term life insurance is incredibly cheap when compared to whole life or cash value life insurance products. Whole life … Read more

9 Tips for saving $1,000 in 12 months

How to Save Money with Coupons

What would an extra $1,000 do for you? Whether you need to pay off a handful of bills, reduce debt payments or pay for a vacation, most people would agree that extra cash is helpful. Here are some great ideas to save money. Not all of these suggestions will work for you. Read through and check out the items that will help you the most.  If you need a little extra cash this year, here are a few ideas to save money that can save at least $1,000 this year. Top 9 Easy Ideas to Save Money Low Income Benefits If you are a low income earner really finding it difficult to get by…then get help! Did you know that there are … Read more

Are You Feeling Peer Pressure To Buy Whole Life Insurance?

Pressure To Buy Whole Life Insurance

When To Buy InsuranceA friend of mine recently complained about an old college roommate who was trying to pressure him to buy whole life insurance. He was having trouble figuring out how to tell him no, because they’d been so close back then.

This is an all-too-common occurrence for young professionals in their late 20s and 30s. This is the time when friends and family are test-driving new professions — like sales gigs, for example.

Many insurance brokers push whole-life policies because they provide them with the juiciest of commissions.

Several governmental surveys suggest that the average American will change jobs more than 11 times in his life. For many of us, it’s only a matter of time before we take a sales job that pays on commission.

Why They Peer Pressure You to Buy Whole Life Insurance?

For many people starting off in the financial services industry, the mantra is “you eat what you kill.” They have to sell their product, insurance policies, investments, brokerage services, etc., because the lion’s share of their paycheck comes from commissions on the sales they bring in.

But when people take that first sales job, they’re not likely to have a big, established client base to sell to. So they turn to the contacts they do have — friends, family, and coworkers — whom they bombard with pitches to buy products that might not always be the best fit for them.

Why Whole Life Insurance Gets a Bad Rap

Most Americans are just fine with a term life insurance policy — a relatively low-cost safety net to protect the people who depend on your income and other contributions should you die prematurely.

How much you need depends on the expenses you expect it to cover — if you’re responsible for mortgage payments, or expect your income to fund your children’s college tuition, you’ll need more. But when those needs are in the past, you often don’t need much life insurance.

A whole life policy is with you for your entire life as long as you make the insurance premiums. But what do you need that money for if your kids are grown and your mortgage is paid?

A 20- or 30-year term life insurance may be a better option for many families. And it’s a whole lot cheaper. A $100,000 whole life policy for a healthy 20- or 30-something may cost about $150 per month. But the same person can often get a 30-year term life insurance policy that pays out $500,000 upon death for as little as $20 a month.

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Is Life Insurance An Asset Like Your House, Cash, Or Gold?

Is Life Insurance An Asset?

There are many types of life insurance policiesIs life insurance an asset? Do you consider your life insurance policy to be an asset like your house, cash in your bank account, or the gold bullion bars under your bed? Is life insurance the new asset class?

Are our net worth’s about to skyrocket? It is an interesting idea that has been gaining in popularity in the personal finance circles.

There are several reasons that you may want to consider your life insurance policy to be an asset. But, there are also plenty of reasons not to think of it in that way.

Is Life Insurance An Asset? Maybe!

I will start by saying that I am not a fan of this new philosophy. I personally do feel that life insurance policies are an asset. They are simply a tool. They aren’t a tangible asset that you can touch.

With that being said, there are a few circumstances where I can see that people would include their life insurance policies as an asset. Most of them revolve around whole life insurance policies which are very expensive for people to own. There are much better uses of your principle payments than whole life insurance which is also known as cash value insurance policies.

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20 Things I Should Have Known Better About My Finances

Things I Should Have Known Better About My Finances

Should Have Known Better About My FinancesI should have known better about my finances in my 20s. Heaven knows that I have made a few financial mistakes along the way.

This list of what I should have known better about my finances in my 20s is an attempt to help others before they make some of the same mistakes. It is not too late though to recover from your errors though if you have made these listed below.

20 Things I Should Have Known Better About My Finances

1. Don’t borrow from your 401k retirement plan. Even though you are paying yourself back with interest, you are going to be forever behind the retirement savings power curve.

2. Invest enough to get the employer matching contribution to your 401k Retirement Plan.

3. Whole life insurance policies are a waste of money. Term life insurance is a much better use of your money.

4. Your children don’t need any life insurance policies. You should have enough to bury them with your emergency fund.

5. Maxing out a Roth IRA is one the best things we can do. This should be your goal as soon as you are financially able after you start working.

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