Posted on Fri, Jun 20, 2008
You’ve probably heard about the bumper sticker, even if you haven’t seen it. It’s the one on the backs of Cadillacs in Florida and on Lexus bumpers in Arizona that reads: “I’m spending my children’s inheritance.”
While this may cause a chuckle, sadly it is not far from the truth in many cases. Worries about the economy and the rising costs of health care are causing many to fear that they will either receive little to no inheritance or that they may not be able to hand down some of the wealth they have created.
There are several reasons why the wealth of our nation’s senior citizens is depleting. Amongst these are the staggering costs of health care for the elderly. Mutual Fund Broker Fidelity figures they will need $225,000 to cover their health care costs in retirement, though that doesn’t include over-the-counter drugs, dentistry or nursing home expenses. This drain is something few people could have expected, and most are not prepared for.
In addition to health care costs, fewer and fewer people who retire do so with pensions. This not only hinders a person’s ability to pay for health care (since some pensions have health care benefits) but also means our nation’s elderly have to go to more volatile means for ensuring income after retirement. As large numbers rely strongly on stocks to finance 20-plus years of retirement, vacations, Cadillacs and other supposed luxuries of old age, many will inevitably lose big. Considering the state
of the economy now, unstable investments is a risky way to go.
This leaves many Americans in sticky situations. How can they help their children in the future with these hurdles in place? One method, which many people have successfully turned to, is buying term life insurance. Life insurance allows for a small investment on the retirees part, and ensures a minimum level of security for their loved ones down the road.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Jun 13, 2008
For the past seven years, insurance companies in the United Kingdom have voluntarily chosen not to genetically test 97% of potential clients. As of today, these insurance companies have agreed to extend their voluntary freeze until 2014. This is in order to ensure that people can receive health and life insurance without having to disclose potential genetic diseases, at least for the time being.
The ability to genetically test patients for diseases is a controversial topic, especially as a means of deciding premiums or acceptance to an insurance program. The controversy has been the source of much debate both in the UK and the US. In fact, earlier this year, the United States banned discrimination based on genetic information. While Britain has not had such a legal ban, the insurance companies have put a moratorium on its use.
Some have argued that a ban on genetic testing should continue until the testing is proved to be used responsibly and effectively. Conversely, many claim that genetic testing is no different than looking at family histories or revealing past medical conditions.
With the possibility of lifting this ban in the future, those looking to buy insurance should take action sooner rather than later. Both in England and the United States, the debate rages on and as long as nothing has been decided, the best time to buy insurance is now.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Jun 06, 2008
As Chicago Bears Hall of Fame running back Walter Payton once said, “Remember, tomorrow is promised to no one.” Payton died at 45 from a rare liver disease. It is always a tragedy when life ends short. It is comforting to know that Walter Payton’s family will be financially secure despite his passing on. What would happen to the average man though? Brad Cunard was one of those unfortunate stories. While stuck in traffic with his wife Lisa and two boys, Max and Owen a violent thunderstorm hit. “Nothing could have prepared Brad for what happened next. A tree fell on their car with horrible precision, instantly killing Lisa, 38, and their boys, who were three years old and five months. Brad had always believed he and Lisa would live to enjoy Little League games, proms and grandchildren. Now he found himself alone, not sure how he’d pick up the pieces.” Luckily, Brad and his wife had purchased life insurance, which gave him the financial security to grieve. “The money won’t bring Lisa, Max or Owen back, but it makes the existence I find myself in easier. I don’t have to work while I’m not ready, or sell my house because I can’t afford the mortgage. I’ve been able to think slowly about my future,” Brad says. The insurance money also helped keep Brad’s business running while he was home. Brad says because of financial planning, “I know I’ll do better than survive. I’ll live and succeed in the second chapter of my life and make my family proud.” Credit: PoliticsInColor.comTo get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com