Get Financially Fit So You Can Purchase Term Life Insurance
It’s 2015, time to purchase that term life insurance policy you’ve been thinking about! It seems that quite often I speak with clients who had heard about the cost of term life insurance from other people. What they found out is that it’s much cheaper than they thought. Always keep in mind everyone’s situation and insurance products are different, so don’t just rely on word of mouth about the cost of insurance.
As far as New Year’s Resolutions I think a major one we all look at is finances and budgets. Now that the holidays are over, and we had all that fun spending money, now we are back to reality with the bills for all that fun! It’s time to sit down and figure out our budget and where term life insurance fits in?
Many clients tell me they are calling for quotes or to re-apply because their policy lapsed. This could be due to missing a payment or maybe the amount of coverage turned out to be too expensive for their budget. So as you revise your budget or plan for the remainder of the year don’t leave term life insurance out of the equation. Make it fit into your budget so that it’s not a problem for you later in the year.
Here are some strategies to help you get financially fit so there’s room that term life insurance policy:
1. If you don’t have a budget now’s the time to create one.
2. Track discretionary spending on items such as Dunkin Donut’s coffee, going out to lunch and other things that on a daily basis seem inexpensive but add up over time. You don’t have to get rid of these items but perhaps make them more of a treat rather than an everyday expense.
3. Do you rely on a debit card? It’s easy to just swipe the card everywhere you go but try getting used to using cash for a while without the debit card. For me personally this habit makes me think a little more before I spend.
4. Do you ever buy food and throw it in the trash because you didn’t eat it? If you had cash money in your hand that equaled the amount you paid for the food you threw out, would you throw that cash in the trash? I wouldn’t either but that’s exactly what happens when we waste food. Be more mindful when shopping for food and perhaps shop more often and buy less each time to be less wasteful.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.