If you have ever shopped for life insurance, then you know it can be quite overwhelming. There are many different options. Two of the most popular are term insurance and whole life, both of which you have likely heard of. However, today, I’m introducing you to another type of life insurance policy. The second-to-die life insurance policy is a policy which is often employed as part of an estate plan.
No matter what your religion is, you have probably heard the Bible verse, “Love thy neighbor as thyself.” Or what many refer to as the Golden Rule, which can be found in many religions. That’s exactly what happened in Houston, TX after Hurricane Harvey made landfall in 2017. Millions around the country showed up to help with relief efforts. With the amount of devastation, all these efforts were great. Sadly, Texans will be cleaning up long after the good samaritans that came to their aid are gone.
RAs a business owner, you know there is a litany of insurances you need to protect yourself and your business from various mishaps. There’s home, auto, life, disability, business overhead, general liability, you get the point. We are insurance poor (business owner’s especially). However, there’s likely one insurance in particular that you may not realize you need. Most business owners tend to overlook this particular policy. Some may even dismiss it as an unnecessary expense. In spite of that, I’m going to tell you today that just isn’t true. It’s vital for your security. What insurance am I alluding to? Umbrella policies.
Preparing for hurricanes and other natural disasters, before disaster strikes, can reduce stress when it comes time to file claims or rebuild after the catastrophic event. Here are some disaster preparedness tips to consider: Update Emergency Plans — Because a disaster can strike anytime, be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. Make plans ahead of time and be sure to practice them. Create Electronic Copies of Documents — Taxpayers should keep a duplicate set of key documents. Keep documents including bank statements, tax returns, and insurance policies in a safe place. Doing so is easier now that many financial institutions provide statements and documents electronically, available on the Internet. Even if original documents are available only on paper, scan them into an electronic format and store them on DVD, CD or cloud storage. Document Valuables — It’s a good idea […]
Did you know that even with the skyrocketing costs of medical care, there are ways you can reduce those out of pocket expenses? And if saving money sounds like something you want to do then you’ll definitely want to look into a Health Savings Account (HSA). These accounts are tax-exempt trusts that are set up to help with qualifying medical expenses…in other words, you can pay yourself back for those doctors visits. However, there are some guidelines you have to follow in order to obtain one.
When it comes to preparing for the future, most people are ready to make a plan for retirement, but 4 out of 10 Americans fail to even think about life insurance. While no one wants to plan for their demise, it’s just as important as retirement. What will financially happen to those you leave behind? Will they be left with a solid future or scrambling to make ends meet while also trying to pick up the pieces of their life? Even if you have made the effort to implement some sort of arrangements for those you cherish most, is it enough? Can you really know how much life insurance you need? There are a few ways to look at it.