Genetic testing has mushroomed over the past few years as the cost to have such a test has come down dramatically. For less than $100 you can find out where you come from, who you’re related to, and what your chances are of getting different diseases. One question most people aren’t asking is how will this impact your ability to get life insurance?
I talked with a young couple yesterday. They are in their 30s, have two kids, and are looking for life insurance on both spouses. They had reviewed their finances with their financial planner who’d recommended they purchase a life insurance for both them to augment their financial plan.
Are you financially prepared if your husband or wife dies? Based on the results of a study commissioned by New York Life, the answer is a resounding No! 68% of women survivors and nearly half of male survivors reported significant life changes following the loss of their spouse with financial concerns topping the list.
You’ve worked long hours to fulfill a dream and build your company from a surviving business to a thriving, successful business. Have you given any thought to succession planning; who will succeed you, and how it will be funded? Or maybe you’re a partner in a company and you want to protect the business you’ve helped build, but what if something happens to your partner?
Last week, the Bureau of Labor Statistics released the results of their annual study on families and how they’re doing economically. It wasn’t great news! Average household income for 2012 to 2013 is down by $103 to $65,069 before taxes, but their expenses increased by $777 a year to $51,408. Contributing the most to the increase in expenses were transportation costs ($8,999 a year on average) and kids.
A friend of mine is engaged and will marry soon. The fiancé’s dad passed away recently without any life insurance. This put the family in the position of having to pay for all of the funeral related expenses. With the average cost of a funeral running $10,000 or more, this can put a financial strain on the surviving spouse and adult children at a time that’s emotionally difficult
I met with a young couple six months ago. They were expecting their first child and the husband wanted to talk about life insurance. The arrival of a child is a time when many couples explore life insurance and I was honored and delighted to be consulted to assist them.
I’m helping a couple in the Southlake / Colleyville area with their insurance policies. We redid their home policy and are discussing options on the husband’s life insurance. We began the process by reviewing what he has now and discussing what he wants to accomplish. I ask three questions in all life insurance discussions (see http://50.87.248.161/~wiseinsu/shopping-for-life-insurance-answer-3-questions-first/):
N Money profiled a couple, Steve and Pam West, on December 13, 2012. Steve was diagnosed with ALS in 2008, a progressive disease that is always fatal. At some point, Steve will literally be unable to breath. As it was at the time the article was published, ALS had taken from Steve the use of his arms and legs.
I had lunch with a friend of mine the other day; we’ll call him Bill, not his real name. He needed someone who’d listen and provide some feedback to make sure he was on the right track. The conversation started with him letting me know he’d just gotten laid off from a managerial position he’s had for several years. The pain was obvious as we talked.
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