Dear Divas and Divos,

I know that quote is kinda morbid but it is at the absolute truth.  That time will come when it is time to move on to heaven. Are you ready for that? Have you thought about what your financial legacy will be?

Answer to question is LIFE INSURANCE!

You should invest in yourself and purchase life insurance.

Q: What is Life Insurance?

A: Glad you asked! Life Insurance is an insurance policy that pays out a sum of money at the time of your demise.

Q: I’m young! Why should I think about that?

A: Tomorrow is not guaranteed to anyone so you should prepare yourself and your family to be able to take care of your funeral expenses. Funerals can become costly so a life insurance policy will offset those costs. ALSO, the best time to buy life insurance is before you turn 30.

It is cheapest in your twenties because your life span is longer than someone trying to purchase life insurance at 50.

Q: What kind of life insurance is available?

A: There is Term, Whole, and Variable Life Insurance policies.

Term Life Insurance is a type of life insurance that pays a benefit in the event of the death of the insured during a specified term. It has a fixed payment during the duration of the insurance term. Most people select 30 or 40 years term. Yes, it is a renewable product. It is the cheapest insurance product but it does not accumulate cash value.

Whole Life Insurance is a type of life insurance that provides lifelong coverage and accumulates cash value. This insurance product will remain intact as along as the premiums are paid on time or up to its maturity date.  It is significantly more expensive than term life insurance.

Variable Life Insurance is a type of permanent life insurance, because the death benefit will be paid if the insured dies any time as long as there is sufficient cash value to pay the costs of insurance in the policy. There are 3 parts to variable life insurance: death benefit, cash value, and premium. This is probably the most expensive of the three but there is more opportunity to gain more returns on this financial products.

Q: What are some companies that offer life insurance?

A: There are many companies that offer life insurance. Here are just a few:

State Farm

Colonial Penn

AllState

Mutual of Omaha

Mass Mutual

 

Protect Yourself. Protect Your Family. Buy Some Life Insurance.

Sincerely,

Miss Diva Dollars