Life Insurance #1

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money

M One wise financial purchase is life insurance.  Easy to decide, challenging to choose.  Guideline:  decide what life insurance is to accomplish for you in this season of life and later.

V To simplify, whole life is a contract where you pay regular amounts over a prescribed limited period of time for coverage for a lifetime.  Upon completion, death means that amount is paid to beneficiaries.  Term means payments (much cheaper than whole life) over a limited amount of time, (coverage only for a limited time).  Benefits are only paid if death occurs in that period. 

M Many families benefit from variations that offer more coverage while children are dependent and mortgage that’s owed depends on the income of the covered.