Read: 3 Dangerous IRA Mistakes
So…what is income protection?
- Income protection is life insurance. It’s the opportunity for you to make sure that you have money allocated to replace your income. In the early years you’ll probably need a lot of coverage to take care of your young children, high debt and mortgage, in the event of death. Many people need a lot because they don’t have enough money saved. If there is no income protection in place, guess what, whoever you leave behind has to figure it out. They’ll have to find a way to make up the difference in income, which usually means either downsizing or getting a second or third job.
- Income protection is looking at what you bring in annually and making sure that upon your death, your family still has that amount of money coming in, seeing as how that is the lifestyle you helped create for them.
- Income protection is making sure that your family and the community at large are not selling chicken dinners, doing car washes and going door-to-door to make sure that you get buried while your bereaved tries to figure out life after.
- Income protection is being responsible to make sure that whoever is left to care for your children (God forbid the parents are to die first), they would have enough to provide them with the quality of life you desire for them and not just assuming that THEY have the resources to take on your children financially.
Read: Social Security Still A Good Deal?
I love what I do. I educate families with the truth and 3rd party information. I make sure you understand how life insurance works. We don’t just give quotes. We assess your needs. If you don’t have it I help you get it and explain HOW it works. Before I became a client with Primerica, I was in the same position as the gentleman described about…paying too much for too little. If the representative (who happened to be my sorority sister) hadn’t walked through my front door, there’s no telling what would have happened.
Big up’s to Kris Khardasian for sharing her concern on television.
Until next time,
Ingrid
Life Insurance Isn’t For You! It’s For Your Family!! was originally published on elev8.com
