We had an interesting day in San Francisco yesterday at the last Giants home game of the season at AT&T park. We spent time watching the game from the Gotham Club, a members only club, with great views of the field, game and the bay. I enjoyed a Gotham Club specialty of an old fashioned with their signature baseball ice cube. It was yummy and a good time was had by all…… AND, the best part is the Giants WON. Here is a photo from our day.
Have you ever wondered about the different types of life insurance policies and which one may be the best fit for you and your family. You’re not alone. If you need life insurance, or have a policy and need a review to understand what you have, let us know as we are connected with several stellar Life insurance agents who will happily meet with you to discuss your needs. Let us hear from you as we are always happy to help support you.
Until next time,
How to Buy Life Insurance Like a Pro
Life insurance is a purchase only made once or twice in a lifetime, so it is common to be unaware of the ins and outs of policy protection. The potential pitfalls are significant, however, so review the following tips before purchasing a life insurance policy.
Get the Right Type and Amounts
Life insurance policies are generally sold by highly commissioned sales people or by order takers. In either case, you need to be sure you are in the know, before you buy, lest you get sold a policy or amount you don’t need, or you overlook the types and amounts that are right for you. We can help you make objective decisions about your insurance needs, with no commissions payable to us, so you know you’re getting our 100% on your side analysis.
Don’t Name a Minor as a Beneficiary
If you’ve named a minor child as a beneficiary, or even a secondary beneficiary, after your spouse, you could be creating double trouble. First, your life insurance would have to go through a court process and subject to the control of a financial guardian, and then second, whatever is left would be distributed to your minor child when he or she turns 18.
You can easily avoid this by naming a trust as beneficiary of your life insurance, thereby keeping your life insurance out of court and ensuring your child doesn’t receive control until he or she is ready. Plus, then you get to decide who takes care of the life insurance money you are leaving behind, until it’s distributed to your child. And, you can even build in protection against your child’s future divorce, or any creditor issues.
Term Insurance to Fund Divorce Settlements
If you receive child support and alimony, insist that your spouse have a term life insurance policy to guarantee you are able to collect on your settlement, even if your ex-spouse dies while still paying out your divorce settlement.
Compare Quotes for Whole and Term
Experts suggest most people only need life insurance to cover their working years and while they raise a family. Term life insurance is typically affordable and covers you when you need it most. Permanent insurance is best when you know you will have estate taxes to cover OR if you want to use insurance as an investment vehicle with guaranteed returns, but often big commissions to make up in the early years of the policy. One of the services we provide to our member clients is to review all insurance policies, both in place and those being considered, to provide objective evaluation before you buy.
Don’t Overlook Living Benefits
A living benefits rider could allow you to access funds if you were diagnosed as terminally ill or with a chronic and debilitating condition.
If you are ready to purchase a life insurance policy that works for you, start by sitting down with a Personal Family Lawyer®. As your Personal Family Lawyer®, we can walk you step by step through creating a financial plan that will help you provide for your family no matter what. A Personal Family Lawyer® offers Family Wealth Planning Sessions that help you protect and preserve your wealth for future generations. Before the session, we’ll send you a Family Wealth Inventory and Assessment to complete that will get you thinking about what you own, what matters most to you, and what your wishes are when you die.