Do You Have A Plan In Place To Protect Your Family Assets
Do You Have A Plan In Place To Protect Your Family Assets
One of the central components of getting your house in order is to put in place protection for your family’s greatest asset. What is that? If you are the principal wage earner, it is you.
Yes, if by sickness or accident a family loses a principal wage earner, the family can be not only emotionally devastated, but also financially. Time may ease the emotional devastation. However, with certainty, adequate insurance will prevent financial devastation.
It may surprise you to know that a higher percentage of Black families (56%) purchase life insurance than white families (50%). However, Black families do not buy life insurance that provides adequate protection to cover the lose of a wage earner.
A word to the wise. Now is the time to buy life insurance to protect your family. Prayerfully, the life insurance you buy today to protect your family against the loss of your wages will stay in place for you to enrich in your retirement years. Yes, insurance is for the living, not to just bury the dead.
A rule of thumb to decide the amount of life insurance needed to protect your family is five to ten times the annual household income.
I am willing to bet that 80% of y’all spend more monthly on your cable and phones bills which only produce receipts and not on your life insurance premiums that will protect your family and help you in retirement. If so, decide now to get your house in order.
QUIZ:
-What is the difference between permanent and whole life insurance?
Answers to last week’s quiz: At death, the easiest ways to transfer the ownership of your real estate is to contact the Cook County Clerk’s Office for information on the “TODI.”
To get more detailed answers to last week’s QUIZ question or for general questions that you may have, please call me: 773-819-1700.
Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.
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