On Life and Insurance

As we age, or as our family grows, the need for life insurance can become readily apparent. Do you have life insurance? I would admit that we currently don’t have any but we are planning to get one. Especially for us parents, we always want to secure the future of our children. Also, as our income grows while we work more years in our career field of choice, there is the need to replace that income if something unforeseen happens to the income source.

Life insurance isn’t some we like to talk about, but it has to be part of a financial plan. It should be a priority just like deciding how to invest your retirement funds or how to afford your child’s college tuition. Again, this is something I always hear from the experts like Suze Orman. There are various types of permanent life insurance; some are whole life and term. Whole life insurance earns a return, but normally the payout is lower. When requesting quotes for life insurance, remember that term life insurance pays no interest, but the payout is usually higher.

What are you thoughts about this especially for those who have this type of insurance?