God Bless the Child
God Bless the Child
Life insurance is a crucial financial tool, but many people misunderstand its purpose and use. It is my intent to help bring the truth to light when you examine your policies or consider purchasing a life policy.
If you purchased a life insurance policy for yourself or for others you were probably motivated to do so for one of the following reasons.
-income replacement
-debt coverage
-estate planning
-legacy gifting
Now there are some of you that have never purchased a life policy but have life insurance coverage as a benefit from your employer or union. If so, did you know that in most instances you are not able to keep that life insurance coverage if you should leave your job or union?
If the only life insurance coverage that you have is from your job/union, you may want to consider the following:
-How many years of lost income does it provide for my family?
-What happens if my employer goes out of business?
-Am I covered if I become disabled or retire?
-What happens if I change employers?
Billie Holliday once sang, “God bless the child that’s got their own.” This is great advice, remember it is always better to have insurance and not need it, than need it and not have it, which is too often the case.
Bye for now,
Bren
QUIZ: What is the best reason to purchase a term life insurance policy?
Answer to last week’s quiz: Long term disability insurance not only provides protection of income due to illness/accident, but it can also have a rider that allows for the payment of a death benefit.
Get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please call me: 773-817-0601 or 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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