Financial stability is the goal for many people, but how many know how to achieve it? The first step is to have a plan with reachable goals and stick to it. The right insurance policies are at the root of financial stability because they protect you and your family from huge, unexpected financial burdens. Austin insurance agents will be happy to discuss your lifestyle and determine the type of insurance you need for financial freedom.
Life insurance is what will keep your family from financial ruin in the event you die and leave your family with a mortgage and credit card debt to pay with no income. It is recommended to get a life insurance policy that is about five to 10 times your income plus the balance on your home mortgage.
Term life insurance is the most common type, but there are also products that offer investment value called whole life policies. You can grow wealth because they combine insurance with a savings account. Part of your premium payment goes to the insurance company to cover their risk, and the other part is invested for you by the insurance company. It will add-up over time and is guaranteed by the insurance company.
Whole life insurance has another advantage. It is tax deferred. This means you don’t pay taxes on it every year like you would on a conventional account. This account can also be used to get a secured loan. A whole life policy actually forces you to save. This is a great benefit because most families live just within their means and find it difficult to put a little away each month in a savings account.
The right insurance coverage will give you peace of mind. You can rest assured that any unforeseen tragedies and losses will be covered.
• Your home, car, boat and other valuables will be replaced or repaired
• Your medical bills will be paid if you become disabled or injured
• A majority of your lost income due to injury or illness will be paid
Your insurance policies can have a big impact of your financial security. You can discuss all of your insurance coverage with your insurance agent including, auto, life, home and business insurance if applicable, because most companies will give you a better deal if you buy all of your insurance from the same provider.
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