Term Life Insurance

Necessary, but no one likes to think about it
What would your family do if they were suddenly without you?  How would they pay the mortgage?

Much of the following information was take from AAA
http://www.aaacentral.com/insurance/KY/0911_life_enews.jsp?zip=40207&stateprov=ky&city=louisville


1)  With term life insurance, you pay a level premium to the insurance company for a limited period of time (usually 10 or 20 years)—the term. If you die during the term, your beneficiaries receive the death benefit.

2)  Term life insurance is also a good option for covering needs that will disappear in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
3)  Level term life insurance allows you to lock in a guaranteed premium, usually for 10 to 30 years.  h other types of insurance your premiums can rise as you age.

4)  Term insurance is relatively inexpensive compared to other life insurance. So it allows individuals to afford more coverage, which they can use to help protect their families.

5)  Return of Premium (ROP) is a feature you can add to a term life insurance policy. If you live to the end of your term, all of the premiums you’ve paid are returned to you.  Adding the ROP feature can help provide the confidence of protection now and cash back later.
6)  Getting term life insurance coverage is simple. It starts with knowing how much you need and how long you will need it. The most important thing is to take action today to make sure your family is protected!

How much do you need?
Dave Ramsey recommends that you have 8-10 times your annual salary in Term Life insurance to make sure that financial needs are met in the event of your untimely death.  Avoid whole life and universal life policies.  The difference (savings) between the Term Insurance and the Whole Life Insurance premiums can (should)  be  invested to build wealth.

In the event of flooding

I live near the banks of the Ohio River and it occasionally floods.  Thankfully, our home has never been affected, but many of my neighbors have had the water invade their homes. 

FEMA says that 100% of Americans live in flood prone regions and the only differentiating factor is your risk level (low, medium and high)

To prepare for a flood

• Place irreplaceable items and valuables in areas safe from flooding
• Back up photographs on a disk or portable hard drive and place it in your safe deposit box
• Create a binder of important documents like insurance policies and make sure to take it with you if you need to evacuate
• Know the location of your main electrical switch, water valve and gas main.  Learn to properly turn these off, but NEVER tread into water to do so!
• Develop a safety plan in case of an evacuation that includes a safe place to meet away from flood waters.  Inform your family members and neighbors (who can inform the authorities or wayward family members where you can be located)
• Assemble some emergency supplies which should include a first aid kit, bottled water, battery powered radio, flashlight and extra batteries, rubber gloves and boots.

Stay out of flood waters.  As little as 6 inches of moving water s enough to throw a grown man off his feet.  2 feet of flowing water can sweep away your vehicle.  Never drive into moving water.  Remember to take your pets with you in the event you need to evacuate.

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