How did I pay for my life insurance?
The first step was to learn about life insurance and the different parts of it. Second, I did a financial analyst of where I was at with the help of someone, and this provided the opportunity to see how much life insurance I need. No need to pay for more then you need.
Through this learning process about life insurance, I soon realized it is better to set up life insurance at a younger age. I bet we all wish we could go back with some truths for our younger self.
Anyway, how did I pay for my life insurance? In my review, I found two products I was paying.
The first was credit insurance on my mortgage. If I died, this would kick in and pay off my mortgage. Great idea, but there is a better way. The second was insurance through my credit card that also paid off the balance in death and a little accident insurance. The cost of this would change each month based upon how much was on the credit card.
So looking at these two products, the combined cost would pay for my life insurance. What that means is month to month; my living cost did not change. I would get life insurance, which was a better option then what I was paying before.
Life insurance gives my family control of how the money will be used, which is important to me. The option I was giving up meant it just covered some debt and went straight to the creditor. Life insurance provides income protection and debt coverage, and my family benefits and gets control.
Now perhaps this is not an option for you. However, let’s do a finical review and see what kind of solutions we can provide for you?
If I can find a solution that is affordable and provides for your family, are you interested?
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