Why Is Disability Insurance Important?

Why Is Disability Insurance Important?

Many unexpected life events can render consumers incapable of earning the income needed in order to provide for their family.

Purchasing life insurance coverage can protect against the financial consequences of a death, while disability insurance may help your income endure short- or long-term injuries. A recent report by research organization LIMRA indicated that many consumers are not taking precautions against the latter.

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How Much Life Insurance Should I Carry?

How Much Life Insurance Should I Carry?

The standard rules of thumb for purchasing life insurance policies – which tend to be based on income levels – may not be sufficient guidance in every case, according to a report in the Chicago Tribune.

Author and expert Tim Maurer told the Tribune that consumers should consider total life insurance needs by combining four main categories: Final expenses, mortgages and other debts, income replacement, and educational funds. These will vary wildly depending on the number and age of a family’s children, amount of money owed on a mortgage, and overall income level.

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Questions to Ask Before Buying an Annuity

Questions to Ask Before Buying an Annuity

An annuity is a life insurance product that pays periodic income benefits for a specific period of time or over the course of your lifetime. Annuities are long term investments. They can allow you to save money on a tax deferred basis or provide you with retirement income immediately, and they protect you against outliving your assets. There are several different types – some provide a guaranteed fixed income and others invest in the stock market and provide a variable income. While annuities can be a great choice, they are not for everyone.

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