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If you have people in your life that are important to you, life insurance is a must to avoid leaving them in a tough situation should something happen to you. Term life insurance is a popular choice.

You probably already know inherently that life insurance is an important part of your financial plan. The commercials one sees on television tend to be pretty dour [man walks across street, camera pans to sky, skidding car is heard], but there is no getting around the fact bad things happen. Nobody expects them to happen, so prudent planning is wise. This is where life insurance comes in.

The life insurance market can be complex and confusing. Term life insurance, fortunately, is about as simple as it gets. In general, you are buying a benefit to be paid if anything happens to you during the term indicated in the policy. For instance, I might agree to make month payments for 20 years on a policy with a death benefit of $300,000. If I die during that time and have been meeting my payment obligati (more...)

“You owe us a $1,000?”

That was one of the opening lines of the rep from one of my old insurance companies.

“What are you talking about?” I asked, trying to control my rapidly rising anger.

“I have a letter here that states you have received $1,000 from the other party s insurance company for the damages to your car and we are entitled to that money.”

“The $1,000 was for the medical cost and not the car and you have not paid anything for that,” I objected.

The conversation went down from there and finally I said, “Fine! Send me a copy of that letter that indicates I had received $1,000 for the damages to my car and I will provide the information I have.”

The letter never came. Instead my insurance was canceled.

These particular series of events had started with a seven car collision. Some one had lost control of his better judgment, not to mention his eyesight and didn t notice that the freeway had (more...)