Life insurance is certainly a necessary. If you have financial commitments that could come to be a problem when you pass away, you should be protected. But often that’s much easier said than done. For senior citizens, final expense life insurance or guaranteed issue life insurance are strategies to get a reasonably inexpensive whole life […]
Joint survivor life insurance:
A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured. Also known as survivorship life insurance or second to die life insurance, this type of policy is typically used to pay estate taxes upon the death of the second insured. It is also often used by parents of special needs children to ensure the child will be provided for after the death of both parents.
Key person (key man or key employee) life insurance:
Protection of a business against the financial loss caused by the death of a vital member of the firm. A means of protecting a business from the adverse effects of the loss of individuals possessing special managerial or technical skill or experience.
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Any closely held small business, like a real estate brokerage, small law firm, or other small service business, whether recently created or well established, should have a specified business continuation strategy to financially accommodate the chance of a proprietor or partner dying, entering retirement, or becoming disabled. The Buy-Sell Agreement will expressly determine how the […]
Tools for Budgeting That Create Financial Stability Spending your money blindly will only lead to trouble. Unless you’re raking it in with few to no monthly bills, tracking and managing your personal expenses is a surefire way to create financial stability. You need to be able to see how much money you have coming in […]