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.
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.
Sheri and I have been married for about 5 ½ years. Ours is a blended family, this is our second marriage. I have 3 sons and Sheri has a daughter and 3 sons. We’re not quite the Brady Bunch; all of our kids are adults, live on their own, and there is no “Alice.” We’ve been blessed with 4 grandchildren, so far, and look forward to more!
Every 43 seconds a vehicle is stolen in the US. That works out to about 3,000 vehicles a day or almost a million every year. Many of the cars stolen are older car models made in 1990’s through early 2000’s. That’s changing as crooks become smarter and use technology enabling them to defeat electronic locks and anti-theft measures. Some of the technologies even allow them to start your car without a key by using an electronic device that interacts with your car’s computer and start it tapping a screen.
You’re driving your new car on LBJ freeway in Dallas, headed to D/FW Airport to catch a flight out of town. You smell smoke and notice people are looking at you funny and maybe even waving as they pass. Your car loses power but you’re able to locate a safe place to pull over. Your car’s on fire! You grab your cell phone, dial 911, and wait for the Dallas Fire Department to arrive.
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.
There’s one option no term life policy should be without and I didn’t mention it in last Friday’s post: 4 Term Life Options Worth Exploring (http://50.87.248.161/~wiseinsu/4-term-life-options-worth-exploring/). No, I wasn’t sand bagging, but some term life policies automatically include this as a “feature” of their term life policy while others add it as an option. What is it? It’s usually referred to as the Accelerated Death Benefit and what it does can be profoundly important.
All insurance policies have options: home insurance, car insurance, umbrella policies, health, and commercial policies. Every one of them has options. Even life insurance has options available to anyone who’s interested. Most people are surprised to learn this, but I believe it’s important to cover each one when I discuss life insurance. There are 4 primary life options including …
?I’m currently working with three different Dallas area clients on life insurance policies. They’ve answered the 3 questions that need to be answered before shopping for life insurance (http://bit.ly/XDHoGu) and we’re in various stages of the application process; completing applications, reviewing options, submitting applications, and waiting for underwriting.
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