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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
Please contact me and let me know your questions