financial tip of the week...

by Genya Harley 

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Cure for Stress Paying for College

Hello All:
Hope all is well with you and your family.
Recently, I have received several calls and emails from people aged 40 and older and 55 and older, wanting to either obtain more coverage or change the policy they currently have. I am separating these age groups into 2 purposely.
The age group that is age 40 to 55 is the group where most people are still earning a living and going to work. Many of the people in this category have life insurance with their jobs. The group 55 and older are people who are close to retirement and "hopefully" slowing down in their work.
Some in the group 40 and older have purchased life insurance outside of their employment, if they own a home or have children, most in this category may have purchased term life insurance in their 30's or even 20's. It allows you to be covered for a larger amount for less money.
Now, in the group age 55 and older, if they purchased term life insurance, outside of their employment, let's say when they were 30, that term life (for 20 years) insurance policy may have come to term or is going to. What are you going to do now?
If you or a loved one falls into either one of these age groups, I want you to take a moment and ask yourself, "When was the last time I pulled my policy out of the cabinet to review it? Do I remember what are the terms of my policy?"
I am getting these calls and emails because the closer a person gets to age 60 the harder it is to obtain affordable life insurance. You can get life insurance when you are 60 and older, but depending on how much you are trying to purchase and what type of policy, it gets harder, real talk. Most people over age 70 can only afford a "burial policy"...coverage amount is usually about $10k.
There are 2 main reasons why life insurance gets more expensive when you become older than 60, every year you get older, insurance gets more expensive. If you have some major health issues now that you are over 55 or 60, that you didn't have when you were 30 or 40, that will effect how much insurance a life insurance company will give you in coverage and the type of policy you will receive.
Do yourself a favor and contact me to do a insurance review. It is no cost or obligation to you and you might be amazed to see that where you are now, will look very different in your and your families future.
You can contact me at 773-251-1865 or or or inbox me on Facebook - Harley, Genya.
In the meanwhile, be safe, use wisdom.
Until next week.


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

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