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Will You Add? - Life Insurance - 5 Mistakes People Make When Purchasing A New Policy
We were all born with five senses, each one helping us to make generalizations about the world. You should engage all five sensations when trying to persuade an audience. However, keep in mind that there are three dominating senses we gravitate toward. They are sight, hearing and feeling, or, visual, auditory and kinesthetic.
Remedy: Designate back-ups to your beneficiary. If you have children, you can name them as back-ups to your spouse--especially if they are old enough to make good decisions. If not, turn to parents, siblings, or close friends.
5. Purchasing too little coverage. Some people attempt to minimize their premiums by purchasing very little coverage. Others underestimate future expenses that need to be covered b
My blog just turned two years old. I never knew that it would add so much to my career, but oh boy, has it. Following are some lessons I've learned from the past two years of blogging.1. Determine Why You Blog: I liken this to driving without directions. How do you know where you want to go unless you have a destination in mind? Having a purp
Remedy: Purchase sooner rather than later. The lowest price you will ever get is the one you qualify for now. To overcome inertia, set a deadline to buy insurance. You will thank yourself later.
2. Paying with after-tax dollars. Many people who can pay for life insurance with pre-tax dollars are not doing so. Instead they are paying with hard-earned, after-tax dollars. If you are self-employed, you might qualify to buy life insurance through your company with pre-tax dollars. The same is true if you are a partner in a business.
Remedy: Ask your tax advisor if you would benefit from paying for life insurance through your business or employer.
3. Designating an estate as beneficiary. Making your estate your beneficiary is a costly mistake. It subjects your death benefit to inheritance taxes it would not incur if it were paid to an individual. It also means the death benefit will end up in probate court to be settled along with the rest of your estate. That means the benefit will not be available to pay for a funeral, make a house payment, or cover any other immediate expenses.
Remedy: Designate a loved one as the beneficiary. If you are single, name a parent, sibling, or trusted friend. Discuss your plans ahead of time, so the beneficiary is prepared.
4. Naming just one beneficiary. Many people name only one beneficiary in their life insurance policies-usually a spouse. If your sole beneficiary dies before you do, the death benefit will be paid to your estate, subjecting it to all the problems outlined above.
Remedy: Designate back-ups to your beneficiary. If you have children, you can name them as back-ups to your spouse--especially if they are old enough to make good decisions. If not, turn to parents, siblings, or close friends.
5. Purchasing too little coverage. Some people attempt to minimize their premiums by purchasing very little coverage. Others underestimate future expenses that need to be covered by
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2. Paying with after-tax dollars. Many people who can pay for life insurance with pre-tax dollars are not doing so. Instead they are paying with hard-earned, after-tax dollars. If you are self-employed, you might qualify to buy life insurance through your company with pre-tax dollars. The same is true if you are a partner in a business.
Remedy: Ask your tax advisor if you would benefit from paying for life insurance through your business or employer.
3. Designating an estate as beneficiary. Making your estate your beneficiary is a costly mistake. It subjects your death benefit to inheritance taxes it would not incur if it were paid to an individual. It also means the death benefit will end up in probate court to be settled along with the rest of your estate. That means the benefit will not be available to pay for a funeral, make a house payment, or cover any other immediate expenses.
Remedy: Designate a loved one as the beneficiary. If you are single, name a parent, sibling, or trusted friend. Discuss your plans ahead of time, so the beneficiary is prepared.
4. Naming just one beneficiary. Many people name only one beneficiary in their life insurance policies-usually a spouse. If your sole beneficiary dies before you do, the death benefit will be paid to your estate, subjecting it to all the problems outlined above.
Remedy: Designate back-ups to your beneficiary. If you have children, you can name them as back-ups to your spouse--especially if they are old enough to make good decisions. If not, turn to parents, siblings, or close friends.
5. Purchasing too little coverage. Some people attempt to minimize their premiums by purchasing very little coverage. Others underestimate future expenses that need to be covered b
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3. Designating an estate as beneficiary. Making your estate your beneficiary is a costly mistake. It subjects your death benefit to inheritance taxes it would not incur if it were paid to an individual. It also means the death benefit will end up in probate court to be settled along with the rest of your estate. That means the benefit will not be available to pay for a funeral, make a house payment, or cover any other immediate expenses.
Remedy: Designate a loved one as the beneficiary. If you are single, name a parent, sibling, or trusted friend. Discuss your plans ahead of time, so the beneficiary is prepared.
4. Naming just one beneficiary. Many people name only one beneficiary in their life insurance policies-usually a spouse. If your sole beneficiary dies before you do, the death benefit will be paid to your estate, subjecting it to all the problems outlined above.
Remedy: Designate back-ups to your beneficiary. If you have children, you can name them as back-ups to your spouse--especially if they are old enough to make good decisions. If not, turn to parents, siblings, or close friends.
5. Purchasing too little coverage. Some people attempt to minimize their premiums by purchasing very little coverage. Others underestimate future expenses that need to be covered b
The world today is the world of internet and cyber trade. All the companies who have a certain market share in the product or service they are producing and selling now need a web interface. This has resulted in the need of having a web interface. The internet life style has changed the whole world. Now as the whole world is practically a village and the f
Remedy: Designate a loved one as the beneficiary. If you are single, name a parent, sibling, or trusted friend. Discuss your plans ahead of time, so the beneficiary is prepared.
4. Naming just one beneficiary. Many people name only one beneficiary in their life insurance policies-usually a spouse. If your sole beneficiary dies before you do, the death benefit will be paid to your estate, subjecting it to all the problems outlined above.
Remedy: Designate back-ups to your beneficiary. If you have children, you can name them as back-ups to your spouse--especially if they are old enough to make good decisions. If not, turn to parents, siblings, or close friends.
5. Purchasing too little coverage. Some people attempt to minimize their premiums by purchasing very little coverage. Others underestimate future expenses that need to be covered b
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Remedy: Designate back-ups to your beneficiary. If you have children, you can name them as back-ups to your spouse--especially if they are old enough to make good decisions. If not, turn to parents, siblings, or close friends.
5. Purchasing too little coverage. Some people attempt to minimize their premiums by purchasing very little coverage. Others underestimate future expenses that need to be covered by the death benefit. Either way, the amount they chose will not be enough to pay off a mortgage, fund an education, or replace missing income.
Remedy: Buy more insurance than you think you need. You have more insurance buying power now than you ever will again, so use it.
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