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| Hello everyone. I have been a few months without health insurance and I know I need it. I am looking for some affordable insurance, health, dental, and possibly maternity? I am not pregnant but I ... |
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| my sister bough a new kia. ows 15,000 left and after 9 months was totalled. the insurance co. is paying 10. shouldn't gap cover the other 5? they say they will only cover 2000. and she would be ... |
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| Walmart return policy??? |
ok my mom bought me an xbox for my bday and i love it i do but
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| I asked a question,How and why did you choose your agent and Company, when you bought your car insurance?(still open) All I got is from people who are somehow connected to insurance business,... |
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shrina | Problem concering life insurance for an low-income family? |
Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 a year. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest they do?" |
 |
 
Doing the Right Thing
|
This is what I normally do in this type of situation.
1) Gather financial information about them. How much debt do they have? How much is going to retirement? How much do they have saved?
2) If the client owns a home, I maybe able to help them lower their monthly payment and show them a way to pay it off faster.
3) Do a budget worksheet and locate areas where they can free up money.
After all this, I usually am able to free up about $200-$800/month for the client. It doesn't take much to buy a 30 year term insurance policy. All I need is at least $25/month to help them get life insurance.
Since the wife doesn't work, she does not need life insurance. The husband should get at most, $450,000 coverage. For a 30 year old, this would cost about $40/month (premiums varies between companies, but it should be close to that amount).
With the left over money I saved them, there are various things that the client can do. I would recommend them to invest some of into a Roth IRA, open a 529 plan for each child, apply some it back to the debt payment to lower the principal balance.
If they want to make additional income, I can show them the business opportunity at my company. |
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fredthedog52
|
Stop having kids they can't afford! |
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TedEx
 |
Ins for the kids IS important.
First, it will never be any cheaper.
Second, if the child would come up with a chronic health problem, they may n t be able to get life ins later,or, if they can, it would be at a steeper rate.
Third,, as much as we hate to think about it, sdmall children do iie. What couldbeworse than having to pay fora child's funeral by yourself.
There are policies designed spefically forchildren. They provide a low amt of coverageat first, but age 21 can be convertedto ins which has ahigher vaule, with no increase in premiums or need to show proof of insurability.
They are sometimes called, ":jumping juvenile" policies., Ask any agent,or check the Gerber website. |
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Michael
|
First they need to address their assets. If they are renting an apartment, the question is how much does the wife, who is earning nothing, need to live for a year. Most 500k policies cost around 15-20 usd a month. The bigger issue is addressing the current financial issues that surround them. good luck! |
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kate
 |
Life insurance is very low on the list of priorities .
I suggest they keep paying the house payment , utilities , health insurance , groceries , vehicle payment and upkeep , fuel , etc etc .
Life insurance can wait , or Anne can start some at home business for extra $$$ if they really want insurance
< |
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mbrcatz
 |
Stop buying on credit. Get out of debt, so they don't have to worry about 'monthly payments'. Cancel cable, stop eating out, sell one car, sell the other if there's a loan on it.
Term life is cheap - if you're 30 & healthy, you can get $100,000 for about $125 a year - two months of cable tv. Bill should get his first, then Anne. They can buy higher limits when they're a bit better off.
Getting out of the "monthly payments" mindset is the most important thing, though. |
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