Are You Burying Your Head in the Sand Regarding Your Life Insurance?
From the desk of Keith Argo, CFP®, CLU, ChFC
What do you really want for your family? For your business? For yourself?
Do you know the “status of your flocks” as Abraham did in the Bible?
Make sure you know the following:
The amount of coverage is correct.
After 27 years, I have never seen a situation where there was too much money, but have seen several where there was not enough – both while living and at death.
The type of coverage is correct.
Do you have “term” type coverage? If so, do you know how long you have left in the “term” of time? I guarantee if we read your policy from cover to cover, you will be surprised as to the future options.
Do you know the conversion clause?
Most carriers have a time limit to convert to permanent/lifetime coverage. Also, most limit the type of conversion policy to a very expensive one.
Term insurance is affordable now, but will end and/or get really expensive in the future.
I have never seen anyone tell their spouse at age 70 or later that they do not want to provide financial security.
Did you know:
Life insurance is one of only three things in the Internal Revenue code that provides tax free income. The others are ROTH IRAs and municipal bonds which have “market risk.”