William Penn Life, 2015 (50. évfolyam, 1-12. szám)
2015-09-01 / 9. szám
Moneywise unfortunate occur, but also guarantees the child's future insurability by providing them with options to convert to a permanent plan of insurance in the future. Every parent or grandparent should consider purchasing this policy for their child or grandchild. As your life changes, so do your insurance needs. That's why having an annual review with a qualified professional makes a lot of sense. Young adults just starting a family can use the DIME formula to determine their needs: Death, Income, Mortgage and Education. (See the July issue of William Penn Life for more details on the DIME theory). Your needs are directly proportionate to the financial obligations that you establish. Most young adults need more insurance than they can afford, so term insurance (or a combination of whole life and term) should be considered to provide for their financial needs as the family grows. Once your children are grown, your insurance should be reviewed again. The same holds true for when you satisfy your home mortgage or begin nearing retirement. Any major life change will change your life insurance needs, so your insurance should be adjusted accordingly. Generally speaking, as you move forward in life, you should reduce the amount of term insurance and increase your permanent or whole life insurance to provide permanent coverage for final expenses. Early in my career, I heard a story about a man who was crossing a desert. As he crossed the desert he heard a voice telling him to gather stones along the way. He began to gather stones, but about half way through his journey, the burden became too great. So, he started to discard some stones along the second half of his trip. When he reached the other side of the desert, he reached into his pocket and noticed that the few stones he kept had turned to gold. The man found himself both happy and sad: happy that he had kept some stones, but sad that he didn't keep more. So it is with life insurance. In my 37-plus years in the insurance business, I have had the opportunity to deliver on many of the promises that were made by the insurance companies I represented, and not once had a widow, widower or grieving child told me that the check was too large. Most of the time they wished they had purchased more. Yes, September is Life Insurance Awareness Month. Maybe it's time you call your WPA agent and consider having your needs reviewed. Build your foundation and gather stones while you can, for they will turn to gold for your loved ones when they need it most. □ WPA is looking for a few good agents who want to grow with us William Penn Association is looking to grow and expand its reach in current and possibly new markets. To do this, we are seeking to add highly motivated agents to our list of over 800 existing agents. WPA currently writes insurance and annuity products in 20 states. The states include: CA, CT, DC, FL, IL, IN, KY, MD, MA, Ml, MO, NC, NE, NJ, NY, OH, PA, VA, WV and Wl. To grow, we need both full-time and part-time agents. Good agents are the lifeblood of any association, and WPA is a strong and growing association that has much to offer our members and the agents who write for us. If you are interested in an opportunity to grow with us, then contact Bob Bisceglia at 1-800-848-7366, ext. 134. Thank you. Illustration © Can Stock Photo Inc./Belekekin William Penn Life 0 September 2015 0 5
