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Pros and Cons of Buying Life Insurance for Your Kids

Pros and Cons of Buying Life Insurance for Your Kids

The cost of raising a child doesn’t decrease, it only increases. Knowing it takes so much money to raise a child these days, it makes sense that people don’t want to spend extra money unnecessarily. In fact, frugal living has become something many parents are constantly working toward. Obviously, it’s a good goal to have. But, to achieve it, parents are cutting their budgets where ever they can in order to save the most money possible. This makes me wonder where life insurance fits into the picture. Should you buy life insurance for your kids? This is something my parents and I were discussing the other day as they took out insurance on my brother and I when we were little kits. Here are some of the pros and cons of buying life insurance for your kids. Pros: 1. It Can be Inexpensive You can purchase a term insurance policy for a child for only a few dollars per month. For instance, if you put a rider on your own life insurance policy it may only cost you around $5 to $10 each month. 2. You Will Have Funeral Expense Coverage Having life insurance is not a guarantee that all ...

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3 Insurances Everyone Should Have

insurances most people should purchase

  Insurance is one of those funny things that most people hate buying, try to never use, but are gloriously thankful for if the right situation comes along. There are some insurances that I believe we can do without, but I think there are 3 insurances most everyone should have; health, life, and disability. There are Still Tons of People without Health Insurance Despite over 11 million new signups for health insurance through Obamacare, there are still plenty of people who don’t have health insurance. The penalty for not having insurance is not enough of a deterrent for many people, and the list of reasons you can forgo the penalty due to a hardship exemption is broad enough to cover just about anyone who doesn’t want to purchase. For those of us who don’t qualify for a subsidy or for those who don’t want one, seeing premiums double or triple every year makes it tempting to go without, especially for the young and healthy. I had a patient just this week who was upset that her insurance didn’t cover eye care, despite a $700 a month premium. She said she was thinking about droping insurance and saving that money to ...

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When Being Cheap Costs A Fortune

being cheap costs a fortune

  In my day job, I’ve seen and heard some pretty amazing things. Some inspire me. Some make me smile. Some are down right tragic. It’s funny how a routine eye exam can bring up so many different topics of conversations, but one patient I saw last week was a sure reminder about spending money wisely. She certainly could be the poster child for when being cheap costs a fortune. I don’t claim to be an expert on health insurance, but I can usually look at a patient file and see when something doesn’t make sense. Most people over the age of 65 have Medicare Part A and B. Part A covers hospitalizations and doesn’t have a monthly premium if you paid Medicare taxes during working years. Part B covers doctor visits and outpatient care and costs $104.90 each month for people who are married and have family income less than $170,000 per year or for individuals making less than $85,000 per year. The $104.90 is deducted from social security payments unless you decline coverage. Medicare is the best deal going in health care if you ask me. The Cost of Being Cheap This patient was 71 years old, and ...

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Things Everyone Should Do Before Turning 30

Sunset at Ke'e Beach

I’m not sure when the feeling of invincibility we all have as teenagers and young adults starts to fade. I’ve never been one to test my boundaries too much, but I certainly did things in my 20’s that I wouldn’t dream of now. We had a family tragedy of sorts last week, and it has really caused me to think about life, youth, and all the things everyone really should do before turning 30, especially if you are a parent or are thinking about becoming one. Gone Too Soon One of my younger cousins passed away last week. He was 30 years old and died of a massive heart attack. We were not close, and I hadn’t seen him in over a decade, but his Mom is my aunt, so I’ve kept up with him over the years. At first glance, you would have thought he was the picture of perfect health. He wasn’t obese. He was apparently a genius with construction type jobs and did really well in his career. He looked handsome and strong, someone you’d think would have his whole life ahead of him. There was also a darker side. Without going into detail, I guess you ...

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Protecting Your Ability to Earn: Have You Got a Plan for Peace of Mind?

Having the right disability insurance

If you have a career plan and everything is on track with your personal finances with a regular income, that is obviously good news. Many of us have the ability to generate an income and build some wealth at varying levels but a good number of us simply rely on a regular wage to meet their financial targets and commitments and don’t have a backup plan in place to deal with a financial crisis if we are suddenly unable to work for a period of time. Financially savvy Many hard-working Australians can be considered financially savvy and have a good understanding of finance and know how things like a mortgage and investing for wealth work. The missing gap for some of these people is realization of the true financial impact that can be felt when your capacity to generate an income is suddenly and swiftly taken away from them on a temporary or long-term basis. Financial planning needs to include drawing up legal documents that provide a clear indication of your wishes and estate planning to ensure that your family are looked after as best as possible, but it should also include making arrangements to protect your income if you ...

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