Five Biggest Mistakes Families Make with Life Insurance

sponsored by Midland National The month of September is Life Insurance Awareness Month.  While it’s still a few months away, it’s not too early to start protecting yourself today. Most families are getting tons of information thrown at them around the topic of investing, far too often I see families make major mistakes when it comes to life insurance.   I had a widow come to see me just a few months ago when her husband had a tragic accident.   He left her with three young children and a $500,000 insurance policy.   With hardly any other saved money, she was left bewildered on how she would be able to make her bills, pay for her kids’ college education, and then also take care of her retirement.   While $500,000 seemed like a lot money at the time they applied for the insurance, in reality it was barely enough to get by given all of the family goals.  Here are the five biggest ...

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Which Term Insurance Is Right For Me?

If you are in the market to buy life insurance, you need to remember that not all term insurance is created alike. Here are some key items to remember so you can make a smart money move. 1) Renewable Term – Most often this comes in the form of yearly renewable term which your premium starts out incredibly low and increases every year you get older.  Sometimes you can get this renewable term in a 5 year increment, but most often it is sold one year at a time. Depending on the company, you may not have prove your medical status yearly as long as you pay the premium. 2) Level Term – This is the most popular option today.  You can essentially get a fixed premium with a fixed death benefit for a fixed period of time. The premiums on these policies are level for the length of time you have the insurance policy, and generally cannot be cancelled ...

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Top 5 Insurance Policies To Avoid

Doesn’t it seem like there is always an insurance decision to make? Whether it is from a new purchase you make, a decision at work, or someone calling you to buy something over the phone, insurance decisions are being made every other month in our financial plans. It is often confusing to figure out which insurance programs make sense, and which is just a waste of money. While hindsight is 20/20, here are five insurance policies you want to avoid in the future. Mortgage Insurance– When you buy a new home, you will typically get a mailer to buy an insurance policy that will completely pay off the mortgage upon your death. If you are reasonably healthy, buying a level term insurance policy through any of the major insurance companies will often be much cheaper than buying this type of insurance. Wedding Insurance- Isn’t there a big problem if you are buying insurance in the event your wedding doesn’t happen? ...

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