When you purchase insurance, you take the risks that we all face and, for a premium, transfer these risks to an insurance company. As the new year approaches, it is always a good time to review just what risks you may have that you haven't thought about and the best way to take care of them. Since most of my posts deal with your auto or property, I'm gong to take this post to discuss just a few of the most important  insurance solutions to your personal risks.

Financial security is built upon a life insurance foundation. None of your future goals will be completed unless you live to achieve them. Taking care of the folks who depend on you-- your wife and children should be at the top of your list. Most families depend on two incomes to make it these days. So if you die too soon, how could your spouse continue to live in the lifestyle they are accustomed to? How would they pay the mortgage? What about the dreams you have for your children's future education? A wise old insurance agent told me many years ago that you have to love someone beside yourself to buy life insurance.

 There are a many life insurance options available to you. All of them offer protection but some offer much more. Let's list a couple of them.

1) Term Life. Just as the name implies it is for a set term of years: 10, 20 even 30 years. Protection costs are low because the insurance company is only on the risk for a defined number of years. Term life is especially suited to young families who have much to protect but limited funds. A healthy person around 30 to 40 may be able to purchase $500,000 to $1,000,000 of protection for $50 to $100 a month! Plus you can make sure to have this protection until all the kids are grown!

2) Universal Life-- This product uses term life and a cash pool to accumulate money for future needs. You can put additional funds in the policy that grow tax free and can be withdrawn or borrowed for needs tax free as well!. For example, you can use funds for education, for emergencies , for any reason you'd like, say a down payment on a new home. The death benefit can continue to grow with the accumulating money! Many of today's policies also offer enhanced benefits such as a terminal illness rider which will allow you to receive a large portion of your life insurance  while you are alive if you a terminally ill, say with cancer or some other dread disease. This could be extremely helpful if you needed cash for medical bills. Also the policy can provide for long term care needs so that if you need assistance such as assisted living, home care  or even nursing home care you will be taken care of. These are just a few examples of how flexible and comprehensive life insurance really is!

Life Insurance is bought with two things: Money AND Health. You may have one but not the other! The time to buy life insurance is while you are healthy. None of us know what our health may be like tomorrow. It is important to act while you are healthy. Life insurance prices increase by age. Makes sense. The older you get, the close you are to dying. Sometimes folks don't want think about dying but we all have to face our mortality. If we plan properly NOW, we will avoid failure tomorrow.

I hope this helps you in a small way to plan in a BIG way. As always, we are here to discuss all your insurance needs with you. 

Best Wishes for a Happy New Year!!

Mitchell Beene