Monday, October 8, 2007

More Ideas for Long-term Planning

Last week I discussed a client who is trying to lessen his anxiety and paranoia. My task was to help him find some resources for dealing with long-term health care for himself and create an emergency kit. One thing he also asked me about that fits in with both of these is the idea about taking out life insurance. Now this is totally outside my realm, so I recommended that he research it himself and then if he wanted to talk about it more, we could do so.

I thought this would be simple and almost let it go. Second thoughts made me sit back down and look it up. It is a bit more complicated than I thought. Apparently, it is not a matter of just paying a monthly amount and then you are done. You have to chose between whole life insurance, term life insurance, universal life insurance, variable universal life insurance, to just name a few. Okay, we are now way out of my comfort zone. But I did find some helpful articles to help distinguish the different types at, which also offers free insurance quotes to give you an idea of what it all cost. But again, there is no substitute for speaking with someone who knows the ins and outs like an insurance agent.

It makes a lot of sense to add this to the roster of plans for what to do during the unthinkable (whatever that may be for you). Life insurance is a way to help take care of those you may leave behind or clear up personal debts so no one else has to be responsible for them after you are gone. But do the reading on it all. There are various ways to go about this.

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