Thursday, April 15, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Trade News Today
Advertisement
  • Home
  • Trade News
    • All
    • Business
    • Cryptocurrency
    • Dow Jones
    Ag markets trade mostly higher | Thursday, April 15, 2021

    Ag markets trade mostly higher | Thursday, April 15, 2021

    Bank of America Profit Doubles After It Releases Reserves for Bad Loans

    Bank of America Profit Doubles After It Releases Reserves for Bad Loans

    Bitcoin vs. Ethereum: Which Should You Invest in Now?

    Bitcoin vs. Ethereum: Which Should You Invest in Now?

    Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

    U.S. Industrial Production Rebounded in March

    Gold Trades Lower Within A Narrow Trading Range

    Gold Trades Lower Within A Narrow Trading Range

    Coronavirus live updates: Governments struggle to maintain vaccination drives as

    Coronavirus live updates: Governments struggle to maintain vaccination drives as

    Dogecoin is Worth 10 Cents. Is Elon Musk’s Favorite Meme Cryptocurrency the Next

    Dogecoin is Worth 10 Cents. Is Elon Musk’s Favorite Meme Cryptocurrency the Next

    Uber Eats Reunites ‘Wayne’s World’ for a Super Bowl Ad

    Dell Plans Spinoff of $52 Billion Stake in VMware — Update

    World of Asphalt Named to “Fastest 50” Growing Trade Show List

    World of Asphalt Named to “Fastest 50” Growing Trade Show List

    • Business
    • Dow Jones
    • Cryptocurrency
  • Investing
    • All
    • Automobiles
    • Diamonds
    • Gold
    • Oil & Gas
    • Real Estate
    Stocks jump, S&P 500 and Dow hit record highs after retail sales, jobless claims

    Stocks jump, S&P 500 and Dow hit record highs after retail sales, jobless claims

    Gold prices holding gains following strong rise in Philly Fed, New York Fed

    Gold prices holding gains following strong rise in Philly Fed, New York Fed

    with COVID-19 Impact Analysis – SoccerNurds

    with COVID-19 Impact Analysis – SoccerNurds

    Urban oil drilling harms lung function in L.A. residents living near wells

    Urban oil drilling harms lung function in L.A. residents living near wells

    U.S. Housing Market Is Nearly 4 Million Homes Short of Buyer Demand

    U.S. Housing Market Is Nearly 4 Million Homes Short of Buyer Demand

    A Time-Tested Active Approach to Capture the Growth of the Future

    A Time-Tested Active Approach to Capture the Growth of the Future

    Jim Cramer on DoorDash, Airbnb, Palantir and other top IPOs from 2020

    Jim Cramer on DoorDash, Airbnb, Palantir and other top IPOs from 2020

    Vaccine pause could worsen ‘hesitancy’ problem

    Vaccine pause could worsen ‘hesitancy’ problem

    MACKINAC INVESTOR ALERT by The Former Attorney General of Louisiana: Kahn Swick

    MACKINAC INVESTOR ALERT by The Former Attorney General of Louisiana: Kahn Swick

    • Real Estate
    • Diamonds
    • Gold
    • Oil & Gas
    • Automobiles
  • Forex Analytics
    • All
    • Central Bank Views
    • Market Overviews
    Monetary policy frameworks and central bank market operations

    Benjamin E Diokno: Philippines economic outlook

    Foreign Currency Exchange Software Market 2021 Predictable to Witness

    Monetary policy frameworks and central bank market operations

    Rethinking the ECB’s strategy in the world of low rates

    Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have

    Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have

    Kiwi Shoots Higher as RBNZ Appears Less Concerned about its Rise

    Kiwi Shoots Higher as RBNZ Appears Less Concerned about its Rise

    Monetary policy frameworks and central bank market operations

    Sabine Mauderer: Sustainable finance – political efforts and mature markets

    Jacksonville University Launches New Master of Science in Medical Sciences to

    Jacksonville University Launches New Master of Science in Medical Sciences to

    After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next

    After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next

    Webinar: Digital Marketer’s Dilemma: Find the Right Way to Balance Compliance

    Webinar: Digital Marketer’s Dilemma: Find the Right Way to Balance Compliance

    • Central Bank Views
    • Market Overviews
  • Politics
  • Business
  • Markets
  • Retail
  • Personal Finance
Trade News Today
No Result
View All Result
Home Personal Finance

3 people you should talk to before buying life insurance

March 2, 2021
in Personal Finance
4 min read
3 people you should talk to before buying life insurance
Share on FacebookShare on Twitter


Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Many people treat life insurance as completely separate from financial planning and budgeting. Maybe it is because of the myth that life insurance is only for burying the dead. However, as Rosalyn Glenn, a financial advisor with Prudential, told Insider, “Life insurance is for the living, not the deceased.” In addition to providing a death benefit for your beneficiaries, a life insurance policy can grow wealth over time, and it has tax-deferred benefits.

Purchasing life insurance without talking to a financial advisor, accountant, and estates lawyer is like Michael Jordan before the triangle defense — you’ll do okay, but you aren’t maximizing performance.

In order to leverage life insurance for your financial goals and build wealth, you should talk to three people to make sure you’re choosing the best policy for you. To continue the basketball analogy, you need the Michael Jordan, Scottie Pippen, Dennis Rodman triangle defense that made the Bulls a basketball legacy. 

Your life insurance needs change as you age, and you’ll need to consider children, marriage, divorce, retirement, and caring for aging parents. By consulting the following three experts, you can ensure you have the proper coverage you need for your goals and for life changes down the road.

You can use online calculators to get an estimate of how much life insurance you will need, but an online calculator doesn’t replace the comprehensive advice you’d receive from a financial advisor who looks at your financial situation, goals, and estate planning.

A comprehensive assessment with a financial planner will include whether you need long-term care life insurance, disability insurance, and a combination of permanent and term life insurance. 

Related

The best life insurance companies of 2021

“No matter your level of income or socioeconomic status, you will need a financial advisor or planner at some point in your life as you are accumulating savings into an income stream,” said Glenn. (Financial advisor is a broad term that applies to most experts who advise on personal finance, while a financial planner is usually a CFP, which requires specific certification.)

Glenn said the benefit of working with a planner is to “think strategically about what you’re trying to accomplish and plan for possible market downturns to help you ride through the storms.” 

Think of a financial advisor as your primary care physician who has you check in with specialists (like an accountant and estates attorney) to make sure you are getting comprehensive and individualized care based on your finances, budget, goals, and risk tolerance.

One unsung advantage of life insurance is the tax-deferred benefits. You do not have to pay taxes on proceeds from a life insurance payout. This is why permanent life insurance is popular among the wealthy. High-net-worth wealth individuals — those with at least $1 million in liquid assets — typically have permanent life policies for tax benefits.

“Permanent life insurance is the only product that combines every tax favor benefit in the tax code,” said Mike James, head of individual solutions and president of NFP Life Solutions. “You can put your money in and take your basis out without paying taxes. No other financial instrument does that.”

There are several types of permanent life insurance products that invest in the stock market and other sophisticated investment vehicles. An accountant can tell you which permanent life insurance product can best maximize your tax benefits, while a good financial advisor can help you pick the one best for your financial risk tolerance.

Most people have a term life policy to provide for their family in the event of their death. But according to a study, 78% of millennials and 64% of Generation X don’t have a will, living trust, or any estate-planning documents. 

Having life insurance without a will can cost…



Read More: 3 people you should talk to before buying life insurance

Tags: BuyingInsuranceLifepeopletalk
Previous Post

Why in a post pandemic world we need to recognize the trade world’s

Next Post

Ant Group Boss Tries to Quell Employee Discontent With Promise of Eventual IPO

Related Posts

3 Obstacles Getting in the Way of Your Financial Independence

3 Obstacles Getting in the Way of Your Financial Independence

by Trade News
April 15, 2021
0

Struggling to chart a course to financial freedom? These three obstacles may be getting in your way. Here's how...

The 4 Best Habits You Can Start Now to Build Wealth for a Lifetime

The 4 Best Habits You Can Start Now to Build Wealth for a Lifetime

by Trade News
April 15, 2021
0

If you buy through our links, we may earn money from affiliate partners. Learn more. Financial planner Nickolas P....

5 Reasons to Refinance Your Auto Loan

5 Reasons to Refinance Your Auto Loan

by Trade News
April 14, 2021
0

Why wouldn't you refinance your auto loan if it saves you money?The moment interest rates drop, the mortgage refinancing...

5 Signs You’re Not Ready to Own a Home, According to a CFP

5 Signs You’re Not Ready to Own a Home, According to a CFP

by Trade News
April 14, 2021
0

If you buy through our links, we may earn money from affiliate partners. Learn more.The housing market has boomed...

COVID-19 Super Savers Need to Carefully Navigate in a Post-Pandemic World

COVID-19 Super Savers Need to Carefully Navigate in a Post-Pandemic World

by Trade News
April 13, 2021
0

A little over a year ago, COVID-19 hit the United States, altering the fabric of our daily lives and...

Next Post
Ant Group Boss Tries to Quell Employee Discontent With Promise of Eventual IPO

Ant Group Boss Tries to Quell Employee Discontent With Promise of Eventual IPO

0 0 vote
Article Rating
Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Today Trend News

Juyeol Lee: New Year Speech

FinTech developments, challenges and supervision in China

March 4, 2021
City council receives federal grant, plans Centoba ballpark renovation

City council receives federal grant, plans Centoba ballpark renovation

August 27, 2020
Boston Dynamics unveils Stretch: a new robot designed to move boxes in

Boston Dynamics unveils Stretch: a new robot designed to move boxes in

March 29, 2021
Bitcoin soars, nearing $50,000 for the first time

Bitcoin soars, nearing $50,000 for the first time

February 14, 2021
Can Ethereum Overtake Bitcoin As A Better Store Of Value?

Can Ethereum Overtake Bitcoin As A Better Store Of Value?

April 10, 2021
MACKINAC INVESTOR ALERT by The Former Attorney General of Louisiana: Kahn Swick

MACKINAC INVESTOR ALERT by The Former Attorney General of Louisiana: Kahn Swick

April 15, 2021
Russian Diamond Giant Follows De Beers With Price Cuts By Bloomberg

Russian Diamond Giant Follows De Beers With Price Cuts By Bloomberg

August 27, 2020
Tom Holland teases next ‘Spider-Man’ film and title with new photos

Tom Holland teases next ‘Spider-Man’ film and title with new photos

February 24, 2021

Don't miss it

Monetary policy frameworks and central bank market operations
Market Overviews

Benjamin E Diokno: Philippines economic outlook

April 15, 2021
Fear year: Pandemic politics made us anxious, but hardly safer
Politics

Fear year: Pandemic politics made us anxious, but hardly safer

April 15, 2021
Recovered paper markets approach equilibrium
Markets

Recovered paper markets approach equilibrium

April 15, 2021
Luxury Fitness In A Post-Pandemic World: Retailing The Workout Experience
Retail

Luxury Fitness In A Post-Pandemic World: Retailing The Workout Experience

April 15, 2021
Citigroup to exit most of its Asian consumer business
Business

Citigroup to exit most of its Asian consumer business

April 15, 2021
3 Obstacles Getting in the Way of Your Financial Independence
Personal Finance

3 Obstacles Getting in the Way of Your Financial Independence

April 15, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 NewsForTrade.com

No Result
View All Result
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 NewsForTrade.com

wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply