With Halloween just around the corner, children's thoughts turn to candy and costumes. Their parents and grandparents should be focusing on more macabre matters -- like the life insurance policies they bought (or are thinking of buying) to secure the financial future of these little ghosts and goblins if a key provider dies.
Though life insurance can serve various purposes, for most people, it is a tool for income replacement -- to pay the mortgage or foot the bill for college if the unthinkable happens. Often a term-life policy, which provides a preset death benefit when the insured person dies, is all they need. Premiums for these policies, typically offered for 10- or 20-year terms, have fallen sharply in recent years.
But unfortunately it's not enough to stuff the policy in a drawer and forget about it. Term Life Insurance is an affordable option for many, but it comes with one spooky item in the contract- renewal date. You may remember your wedding anniversary, but will most likely forget when your 10 or 20 year Life Insurance Term will come up for a renewal. On that date your premiums change, and in most cases more than double. To avoid the shocking bill and ensure options for continuous coverage use a trusted Insurance Broker.
At Finkelstein Financial we will get in touch with you MONTHS before your Term Policy's renewal date. We will re-evaluate your Life Insurance needs, most likely they have changed in the past decade or two. We will then prepare several replacement plans for you to choose from, in accordance to your changed needs and health level. Trust us with servicing your insurance and you won't have to worry about the spooky renewal dates again.
Happy Halloween!