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The majority of us are not rich. Many people, nowadays, live paycheck to paycheck. Last thing we need is to get taken for an expensive ride by a salesperson whom is nowadays cleverly hidden behind the title financial advisor. There are laws to protect from the worst of cases, but you can save thousands and more by following these tips:
1. Find out what your current limits are if you have insurance through your employer. On average employers only provide $50,000 coverage if they do at all. This is not enough coverage. As a general rule you should have $250,000 - $500,000.
2. Educate yourself. Just like buying a car, you don't want to pay full retail price. Everything is negotiable. Look up and compare whole and term life. Do your self a favor and look it up on the internet. You will see a wide range in prices for the same coverages. For instance Ameritas was less than 1/2 the yearly premium of Allstate and Met Life for the same coverages - that means a 50%+ savings every year for the same coverage! That amounts to thousands upon thousands of dollars saved in just a few years. Make sure you pick an A rated carrier that has been around a long time.
3. Do not buy whole life! Know that term is cheaper and a better deal. Whole life is insurance with a slight savings/investing mix. These slick salespeople get their big paydays when you sign up for whole life. Your first years premium and 3-4% thereafter goes to commissions. Therefore, you won't see much in growth for 15 - 20 years. You would do 10X better with any good mutual fund. Don't let them fool you with claims that your investments are tax free. Its not - per the IRS its tax deferred, not tax free. And due to the extremely high commissions you won't ever see much growth. Just look up on the internet and see how many people amassed great wealth with whole life - you will find the answer is zero! What a rip off! Upon calling numerous experts, the only reason to have whole life is if you are 60-65 or above, or if you are extremely wealthy and want to use it to pay your estate taxes when you die. That is it from the worlds leading experts! Suzie Orman will tell you the same - stay away from whole life!
4. If you are going to hire a financial advisor, hire a fee-based financial advisor. They will not push loaded funds and are truly interested in your benefit. They want you to succeed and give them referrals. This is how business should be done! There is only 1 place to go to find the best fee-based financial advisors in the country - The National Association of Personal Financial Advisors (NAPFA) www.napfa.org. You can find a financial advisor near you and they have to have top-notch qualifications. Something you won't find with flighty, commisioned based advisors. So there you have it. Find out what your coverage is. Get educated - you can never have too much education (whether it be formal or informal). Do not buy whole life! And get a fee-based financial advisor. You will be glad you did!
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