Wed, 11 Jan 2012 08:42:20 -0800WeeblyTue, 10 Jan 2012 21:43:39 -0800http://www.rayhodges.biz/1/post/2012/01/more-funerals-than-weddings.htmlNot long ago, my best friend shared some sobering wisdom with me that his father had shared with him.  His father said, "Michael, you're at an age where you will begin attending more funerals than weddings . . ."

Like it or not, sooner or later, that statement applies to us all.  Since this is an inevitable outcome, the question I always ask is, "Have you prepared for it?"   I know it's easy to put it out of your mind or to think ". . . My grand parents lived into their 90s so I know I'm not going any where soon . . ."  If only our longevity could be guaranteed, it would remove the uncertainty.  The reality is, none of us knows.  One of my friends and clients was recently diagnosed with a critical illness.  He never engaged in any detrimental behavior, but he couldn't escape the diagnosis.
 
Maybe you're one of my prospects who has told me ". . . I'll get around to buying insurance.  I don't have time right now . . ."  There are two realities that make that an unwise decision.  One is age.  While you're aging, the cost of insurance is increasing so the longer you wait, the more it's going to cost.  The second reality is your health.  The more we age, the more likely our health will deteriorate or worse, like my friend, you could be diagnosed with a critical illness.  If you are "fortunate", you will only have to deal with health issues which makes you more of a risk which will increase the cost of your insurance.  The worst case scenario is being diagnosed with a critical/terminal illness before you make time to put a policy in place.  I'll state the obvious.  At that point, it's too late.   What's the moral of this story?  Invest in life insurance NOW, while there is still time, while it's less expensive, and while you're still insurable.  No one needs to be reminded of how our economy is doing and how hard times are.  An unexpected or expected death is quite an emotional and financial blow.  Immediately, someone is responsible for upwards of $10,000 in burial expenses alone.  And that's not counting the outstanding debts that may have to be resolved.   Prepare for the inevitable, and do yourself and your family a favor.  Make it a priority to protect the ones you love from financial hardship that is avoidable.  If you love them, protect them. ]]>Mon, 28 Dec 2009 12:01:52 -0800http://www.rayhodges.biz/1/post/2009/12/top-ten-myths-about-life-insurance.html1.   I don’t have kids or a spouse so I don’t need life insurance.

Who will pay for your burial?  It will cost about $10,000 to give you a proper burial unless you were a scoundrel.  Don’t be a financial burden on your family.

 

2.   If we talk about life insurance, we’re speaking death into existence.

So, do you run from black cats and avoid stepping on cracks too?  Death is the end of the lifecycle.  Accept it.  How do you expect to get to heaven?  No short cuts.

 

3.   Someone has to die to reap the benefits of life insurance.

Not true.  Companies offer scholarships, critical illness payouts, loans against cash value all of which can be used while you’re still in the land of the living.

 

4.   If I die, all of my debts and bills will be written off.

Not necessarily.  Your spouse or loved ones could still be held financially responsible, especially for mortgages, auto loans, etc.

 

5.   The lump sum payment from life insurance will be taxed by the IRS.

False.  The death benefit paid out by the insurance company is 100% tax free.

 

6.   It’s too expensive.  It only costs what you can afford.

 

7.   The insurance company won’t be around to pay the death benefit to my loved ones.  Old Mutual in business since 1845.  Foresters in business since 1874.  Mutual of Omaha in business since 1909.  How long will your loved ones be here?

 

8.   I know all about life insurance.  Really?  Is that why you’re underinsured and exposing your family to financial heartache if something happens to you?

 

9.   People with poor health can’t get life insurance.  False again.  Depending on the insurer, a person with less than exceptional health may not even need a medical exam.

 

   10.  I’m the only breadwinner so only I need life insurance.
  Are you suggesting your spouse contributes nothing?  You’re brave
and short sighted.  How much would child care, housekeeping, school transportation, etc. cost you?]]>