financial tip of the week...

by Genya Harley 

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House in order...

Hello All:
This tip of the week is brought to by Save as much as 27% on your bill EVERY MONTH!!!! It has been extremely HOT and your electric bill will be high this summer if you are running your AC!
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Hope you are having a great weekend.
I will be brief. You all know that in the last couple of weeks I have been talking to you about getting your or your families "house in order" regarding insurance and estate planning etc.
Today, I simply want you to have a conversation with your mother/father or even your grandparents and find out if they have life insurance. Please do not assume that they do.
Here is how we assume:
1. You know that your parents or grandparents worked on a job for 20, 30, 40 years and you know they had benefits.
2. They told you they have life insurance.
Why these assumptions are bad? Most people who worked on a job for 20 - 40 years may have had life insurance 1 times or more of their salary. Which would mean if they made $40k a year and they had 3 times their salary, they would have $120k of life insurance. Unless they were given an option to take the insurance with them after retirement, it is every likely the life insurance didn't transfer after they retired.
If they told you they have insurance, it might be good to ask them if they have had a review. I am learning from some of my clients that they are finding that their parents or grandparents only have $5k policies (whole life) or some people had term policies and the term expired or the policy lapsed or they may "outlive" the policy that is currently in force.
In any of these cases, it would be good to arrange a policy review. I would be glad to sit with you and your parents/grandparents and do a policy review. If it turns out that they do not have ANY life insurance, we can arrange for them to purchase a Final expense policy which will be amount of insurance that will cover burial expense etc.
Please contact me and let me know your questions or concerns.
As always - be safe, use wisdom!


Genya Harley
Financial Consultant
Mutual of Omaha
19255 Everett Lane, Suite C
Mokena, IL 60448

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