Five Keys to Buying Life Insurance

Five Keys to Buying Life Insurance

  • 1
    Write down your current debts
  • 2
    Analyze your income and your partners income compared to expenses.
  • 3
    What lifestyle do you want for your surviving partner? Stay in family home?
  • 4
    Is your life insurance protection needed short term, long term or permanent?
  • 5
    Review your budget with both the amount and type of life insurance available.

Important life events that should urge you to review/update your life insurance

7 in 10 families with kids under 18 would have trouble paying their bills if their primary wage-earner died

  • 1
    New baby in the household. Responsibilities and priorities change overnight with the arrival of a beautiful new baby!
  • 2
    Purchase of a home. Easiest and least expensive way to protect your home is with a life insurance policy covering all or part of your new mortgage.
  • 3
    Wedding bells. Often new couples have combined salaries that cover their bills. The loss of your spouse may be financially devastating.
  • 4
    Divorce or separation. Remember, if children are involved in a divorce there are financial obligations due from one or more of the spouses. A loss of either spouse could result in financial ruin for the survivors.
  • 5
    Aging parents. Very prudent to talk to Mom and Dad about their life insurance program before they become too old to purchase or too unhealthy/uninsurable. Many times the children are the beneficiaries and have no idea what their parents have purchased nor for what reason (pay off debts, etc.).

Jack D Davis

Over 30 years in the life insurance industry offering innovative products ranging from tax-free retirement plans to term life insurance to final expense and mortgage protection insurance. Business solutions include advice on buy/sell funding and key executive "golden handcuff" program to retain your most valuable employees.

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