What is the best kind of insurance for Moms?
What is the best kind of insurance for Moms?
That's a good question, and the answers are highly individual. I would, however, like to briefly explore the topic & offer my professional advice. The world of insurance is a vast place with much to offer today's busy mothers. In the old school, the thought was to get life insurance on dad, as he was the earner. In today's ever changing world, that is often no longer the case. With much to offer, I would like to narrow it down to the most useful, practical, & cost effective plans for the modern woman.
Some questions that you will want to ask yourself & your Agent (or your's truly): How much? How long? Term or whole life? Which carrier? What other options? These answers will depend on your goals. For example, if you have small children you may want to seek term-life for a length that spans until your youngest is grown up. As your situation changes, so will your insurance needs over time.
One carrier many Mothers are fond of is Foresters Financial. If you are a single mother you will find the member benefits indispensable; Aside from the desired benefit amount on a life policy you select, (say $100,000) your surrogate/beneficiary would receive $900/month per child under 18 until they reached adulthood. Each child also becomes eligible to for $24,000 in college scholarship, all in addition!
Another Insurer that is a community favorite is Americo's HMS. This policy offers a cash-back & tax free return of premium on 15,25, & 30 year terms. If that wasn't enough it also has something called a 'living benefit'. This particular plan will actually payout in the event of a severe illness or injury. This can replace long-term disability, critical illness, or cancer plans. Many plans can be issued same-day over the phone, and even without medical exams. You would be surprised how much protection you can get for as little as $1/day!
For the Family looking to put away tax-sheltered funds for retirement, IUL's (Index Universal Life) are a good choice.They earn safeguarded interest rates of 4-13%.The book "Wealth Beyond Wall St." goes into the many advantages of these newer high performance policies. If you don't have any retirement funds to get started, or have maxed out IRA's & 401k plans, this is a good place to put some money.
Lastly, I recommend NOT relying on employer-group plans. It is always best to have a policy you own, not your employer. I see first hand the failures of these on a daily basis. I work locally here in Port Orange as an Independent Agent & Financial planner ( Google us). It is my job to work for YOU, not the carrier. I will help you find the best coverage and rates by searching over a dozen companies. The process is quick, informative, & easy. You will experience the piece of mind that comes with good life & health insurance plans. Feel free to give us a call at (386) 243-7663!
Mark Sias, Agent