More than a third (35%) of U.S. households would feel a financial pinch within a month if the primary wage earner died, a new study finds. For September, National Life Insurance Awareness Month, I have Financial Security Expert Pamela Yellen, a two-time New York Times bestselling author, with important information on how to plan for the future from her consumer-friendly guide to life insurance policy tips.
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Consumer-Friendly Guide to a Life Insurance Policy
Pamela is a financial investigator and author of two New York Times bestselling books, including her latest, “THE BANK ON YOURSELF REVOLUTION: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.” An authority on life insurance, she shares Five Questions You Must Answer When Choosing a Life Insurance Policy:
- Is there any reason I should consider owning a life insurance policy, other than for the death benefit? Many people own life insurance for other reasons. Do any of those reasons apply to you?
- When will my need for life insurance end? The answer to this question will depend on your answer to the previous question.
- What is the cheapest kind of life insurance? What “everybody” knows may not be true for you.
- How important are guarantees in choosing a life insurance policy? Some policies do not even guarantee to pay your family anything when you die — unless you die “on schedule”!
- How important is predictability? Is it important for you to know what your annual premiums will be and to know they won’t go up? Is it important for you to know how much money the insurance company will pay your family when you pass away and to know that payment won’t go down or disappear?
“Our goal is to focus on the topics consumers typically find the most important, and to uncover a few strategies and helpful tips most practicing advisors haven’t been taught,” she says.
Pamela has written two bestselling books on a specialized form of high cash value, dividend-paying life insurance. This savings method, which she calls “Bank On Yourself,” allows people to save for retirement without the risks of stocks or other volatile investments and doubles as a fund they can access for life’s major expenses along the way.
About the Author:
Pamela Yellen is founder of Bank On Yourself, a financial investigator and the author of two New York Times best-selling books, including her latest, “The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.” Pamela investigated more than 450 financial strategies seeking an alternative to the risk and volatility of stocks and other investments, which led her to a time-tested, predictable method of growing wealth now used by more than 500,000 Americans.