Life insurance is probably the most overlooked financial tool a family can have. Imagine if you woke up tomorrow and your spouse was no longer there. How would your life change? Could you still pay your bills and support your family on only one income? Most families could not, and unfortunately employer-provided life insurance is minimal at best--usually between $10,000 and $50,000 worth of coverage.Owning a personal life insurance policy is the best way to ensure that your family is completely protected should something happen to one or both of you. With personal insurance, YOU control every aspect of the policy, and can create a customized program that provides the coverage your family needs. Remember, life insurance isn't for the people who die--it's for the people who live.
The majority of financial experts and authorities agree that term insurance is the absolute best way to cover this temporary need. Yes, you heard it correctly--life insurance was not meant to be held for your whole life. You only need insurance if your loved ones would be financially harmed if you were to pass away prematurely. With the help of a competent planner, your life insurance program will most certainly be accompanied by a strategic investment program, so that as your investments grow, your need for insurance decreases. This concept is called the "Theory of Decreasing Responsibility," and is taught by many financial planners.
Term insurance rates are at their lowest in more than a decade. A 35 year-old non-smoking male could obtain $500,000 of coverage guaranteed for 20 years for as little as $35 a month. Your adviser can run a custom quote for you at no cost, and you can even obtain conditional coverage the very same day--even throughout the underwriting process.
source : pfscreationteam
