Broker Check

How Much Can You Save?

| January 05, 2017

Happy New Year! And with it come the New Year’s resolutions. What is on your list? Do you want to potentially save some big bucks this year?

Here’s how. Get healthy! That’s right. By shedding a few excess pounds and eating better you may be able to lower your cholesterol, sleep better, reduce stress and joint pain, and improve your energy level, your mood and your overall attitude.

If the reasons above aren’t motivation enough – how about saving some cold hard cash?!

It’s possible, but it’s up to you! We know a guy (46 years old) who lost some weight and improved his diet and in the process saved $795 a year by replacing an old life insurance policy. That is $7,950 real dollars over ten years – and it could be you!

What if only 50 of The Current Hub readers were to make that change. That could be a combined savings of $397,500.

How? Simply by replacing one Term policy with another with a better health rating (the way insurance carriers quantify the health of their policyholders).

Do you need life insurance and/or do you already own life insurance? You could benefit by doing a comparison yourself. Contact your insurance agent or financial advisor and ask for a policy review.

YOU NEED LIFE INSURANCE if you have children or a spouse who are dependent on your income to provide for their lifestyle and needs.

YOU ONLY NEED TERM INSURANCE for the vast majority of circumstances (wealthy or not) to provide coverage for a period of time; 10 to 30 years for example. The term policy usually coincides with the period of time other people are dependent upon your income – until your children are adults and living on their own and/or when you reach retirement. Term policies are the cheapest option since you only pay the true cost of insurance – no extra bells and whistles.

ONLY PURCHASE FROM A+ RATED COMPANIES to protect your investment after comparing quotes. You want the company to be able to pay the death benefit to your beneficiaries when it is needed.

What can you do now? Review your coverage. At Odyssey, we review our client’s life insurance coverage as part of our financial planning process. Get serious about your health and then do some comparison-shopping. You just might benefit personally as well as financially.

We wish you and yours a happy and prosperous new year! Life’s a journey, navigate it wisely!