New York, NY (PRWEB) August 26, 2013
Following an August 26th article in the Traveler’s Rest Tribune called “Denied for Life Insurance”, Jonas Insurance Advisors discussed questions that ought to be asked before entering into a term life insurance policy. The discussion came on the heels of an article involving term life insurance and its availability. Jonas Insurance Advisors urged readers to consider a number of factors before deciding whether to select a term life insurance policy, whole life insurance policy, or other source of income protection.
Dave Ramsey, in his article in the Traveler’s Rest Tribune, tackled one reader’s question regarding term life insurance. The reader sent in a concern about her husband’s inability to purchase term life insurance until 12 months had passed due to his criminal history. In her question, the readers sought Ramsey’s advice about purchasing term or whole life insurance when it became available, and what to do in the meantime. Ramsey encouraged the woman to consider only term life insurance, citing whole life insurance as a faulty source of insurance, as it has notoriously high premiums, and is typically unnecessary following retirement. He also advised that, in the event of being ineligible for term life insurance, she enroll in a mortgage insurance program in the interim.
Jonas Insurance Advisors support Ramsey’s assertion that term life insurance is advisable, such as the services provided by agents who offer California or Idaho Term Life Insurance. Term life insurance can prove a more logical step for many families, as life insurance is intended to assist in income replacement if a parent or significant other is lost before retirement age, while retirement savings are intended to do the same after retirement. Whole life insurance, then, would not be necessary for those with adequate retirement savings, putting money into an unnecessary product that could be going toward savings. Before making a decision, however, readers should look at their own lives and what makes sense for them. If retirement savings has begun, for instance, term life insurance is a better decision. If retirement age is nearing and a home has not been paid off or debt has not been paid, whole life may be the better course of action. Financial standing may also play a factor; whole life insurance premiums are far more expensive than term life. If the insurance budget is low, term life is going to be the more viable option.
Dave Ramsey has built a reputation as being a financial guru, offering courses, seminars, and numerous books advising people regarding debt, insurance, and money management. He began his career in real estate and, due to irresponsible spending and poor saving, lost the small empire he’d amassed. From there, he began studying finances in order to help others avoid his same fate. He writes for many different publications, offering his experience and advice regarding personal finances.
Following Dave Ramsey’s question and answer article in the Traveler’s Rest Tribune, Jonas Insurance Advisors discussed questions that ought to be asked before purchasing an insurance policy and the differences between whole and term life insurance, such as the product offered by brokers providing Idaho Term Life Insurance. Before buying either option, consider the different things each type of insurance has to offer, including cost, services, and purpose.
About Jonas Insurance Advisors: JonasInsuranceAdvisors.com is an online resource for insurance and financial advice.