In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money! This five part series will share the top five ways that we see people saving lots of money.
I believe that if you apply these five items, you will save over $1,000 a year. Don’t believe me? Try them out!
Part Two Life Insurance
It is incredible the number of people who have dependents reliant upon their income yet do not have life insurance. J.D. Power and Associates has determined that over 50 MILLION Americans have inadequate life insurance coverage.
As a teacher and speaker on the subject of personal finances, I have seen many examples of inadequate/no life insurance. The impact that it has on the surviving dependents is devastating. I have also seen instances where there was adequate insurance. The result is much different!
I have also seen a lot of people who are paying way too much on life insurance. I have seen people who are paying thousands of dollars a year in life insurance premiums who tell me that the cash value will be worth $1,000,000 when they retire. I tell them that this is great, but if they would have term life insurance and invest the difference in cost, they would have $10,000,000.
I recommend term life insurance equal to eight to ten times one’s annual take-home pay. For healthy people term life insurance is SO CHEAP. I personally carry thirty year level term policies on my and m y bride.
You can obtain on-line quotes without speaking to anyone HERE
Go ahead and check them out. If you do not have life insurance and you have dependents who are reliant upon your income, purchase a policy ASAP. If you already have life insurance, compare the costs.
My bet is that you will save a ton of money.