Comments on: 31 Days To Fix Your Finances, Day 17: Evaluating Your Expenses – Life Insurance http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/ Simple, applicable personal finance advice for the modern world Sat, 20 Mar 2010 02:05:28 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Cassarooni http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/comment-page-1/#comment-652716 Cassarooni Tue, 05 May 2009 15:06:01 +0000 http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/#comment-652716 Life insurance doesn't have to be an either/or question. I need $500K in coverage so have $400K in term and $100K of permanent coverage. One is nice and affordable and the other is building cash that I can tap if I need to -- such as during a layoff -- when other sources of ready cash may not be as readily available. Life insurance doesn’t have to be an either/or question. I need $500K in coverage so have $400K in term and $100K of permanent coverage. One is nice and affordable and the other is building cash that I can tap if I need to — such as during a layoff — when other sources of ready cash may not be as readily available.

]]> By: Hmileafs http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/comment-page-1/#comment-392989 Hmileafs Mon, 13 Oct 2008 20:04:17 +0000 http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/#comment-392989 Although I agree with the majority of the postings here, I take exception with this one in particular. In the long term, whole life insurance can provide a very lucrative benefit both to you and your family at less overall cost than term insurance. I'm a licensed financial security advisor and a Life Insurance Marketing Manager for one of the largest insurance companies in Canada. I've done many studies and comparisons between whole life and term insurance the the whole life always wins out. What the public doesn't know or understand is how whole life insurance works. It's a levelized cost over your lifetime that produces dividends from the company's participating account. These dividends are far greater than a "simple return of premium" as several term insurance only companies have claimed in the past. A person or couple must look at their own circumstances with the help of a professional to determine what works in their best interest with regards to life insurance. The professional brings ideas to the table that the couple or individual hasn't learned or been exposed to and can make recommendations based on the conversation and that person(s) value system. It's not simply a matter of "how much am I going to give my spouse when I die?' There's a lot more to the conversation than that alone. And way too much information for a simple blog on this website. My advice is to get a referral from a close friend or family member to a Certified Financial Planner who represents a reputable insurance company. More often than not, for a young couple, you will need a substantial amount of coverage and term fits the bill, but don't neglect whole life insurance as a way of enhancing your nest egg, later in life. There are ways of doing so, tax-free. Your life insurance should work for you today, absolutely, but it should also be working for you tomorrow. Although I agree with the majority of the postings here, I take exception with this one in particular.
In the long term, whole life insurance can provide a very lucrative benefit both to you and your family at less overall cost than term insurance. I’m a licensed financial security advisor and a Life Insurance Marketing Manager for one of the largest insurance companies in Canada. I’ve done many studies and comparisons between whole life and term insurance the the whole life always wins out. What the public doesn’t know or understand is how whole life insurance works.
It’s a levelized cost over your lifetime that produces dividends from the company’s participating account. These dividends are far greater than a “simple return of premium” as several term insurance only companies have claimed in the past. A person or couple must look at their own circumstances with the help of a professional to determine what works in their best interest with regards to life insurance. The professional brings ideas to the table that the couple or individual hasn’t learned or been exposed to and can make recommendations based on the conversation and that person(s) value system.
It’s not simply a matter of “how much am I going to give my spouse when I die?’ There’s a lot more to the conversation than that alone. And way too much information for a simple blog on this website.
My advice is to get a referral from a close friend or family member to a Certified Financial Planner who represents a reputable insurance company.
More often than not, for a young couple, you will need a substantial amount of coverage and term fits the bill, but don’t neglect whole life insurance as a way of enhancing your nest egg, later in life. There are ways of doing so, tax-free. Your life insurance should work for you today, absolutely, but it should also be working for you tomorrow.

]]> By: Leo http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/comment-page-1/#comment-3409 Leo Thu, 18 Jan 2007 05:39:59 +0000 http://www.thesimpledollar.com/2007/01/17/31-days-to-fix-your-finances-day-17-evaluating-your-expenses-life-insurance/#comment-3409 Great series. I started halfway through, so I went back and started from the beginning. Excellent fusion of other good ideas into one package. I wrote a <a href="http://zenhabits.blogspot.com/2007/01/31-days-to-fix-your-finances.html" rel="nofollow">post </a>about this series on my own blog, <a href="http://zenhabits.blogspot.com" rel="nofollow">Zen Habits</a>. Great series. I started halfway through, so I went back and started from the beginning. Excellent fusion of other good ideas into one package.

I wrote a post about this series on my own blog, Zen Habits.

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