What’s your plan? (02/21/2018)

Scott Arens | Scott@arenscp.com

I have been listening to Bob Keller and the Café Rock for quiet a while. First on KZAP 98.5 until 1992 when they left the airwaves, and now on KSEG 96.9, “The Eagle.” Among the mix that I appreciate, I can usually hear (the right here) a plug for the subject pertaining to the “National Day of.” Did you know that there is a National Day of Calendar? Today, February 21, 2018, is National Sticky Bun Day.

Fun fact: there are over 1,500 national days. Today, we only observe this one. That leaves 1,499 between the 364 days left. If my plan materializes, the Girls have helped me commemorate the day with my knock off of my Mom’s “Micro Muffin.” Let’s go big and observe for the full month!

February topics (thebalance.com) include time management, dental, cherry pie, self-esteem, Black History, and many others. They left out one; important to any and all plans, and it is one of two components mostly overlooked.

So, not mentioned in the above, February is Insure Your Love Month. By law, you will have auto insurance to legally drive your vehicle. Renter’s and Home insurance help protect you from losses of home and property. Most mobile phone companies are now up selling with phone insurance. So why not life? Simply put, Life Insurance pays a sum of money to those that will lose a source of livelihood when someone they love dies.

Forbes states that it is one of the pillars of personal finance.

Insurance is a contract that involves you (the insured) and an insurance company (the insurer). Upon the insured’s death, the insurer will pay the value of the policy to those surviving (beneficiary). The beauty here is that payments of small sums of money (premiums) within our budget will pay us back a large sum when the need arises that would never be achieved on our own. The insurance company adds lots of insured individuals to make this possible and cost effective benefiting us in times of loss.

I would like to suggest three things to consider when determining life insurance: 1) Determine if you need it, 2) Determine how much you need, and 3) Determine what type. So, do you need life insurance? The quickest way for a yes or no on that would be to look at how much you need. Look on the internet and find at least 3 different calculators for determining your need and run your numbers. You will see your individual results, and in this exercise, you will be introduced to those areas that the insurance needs to help cover if you pass on. As for types, there are basically two; term and whole.

We’ll pick up from here next time. Thanks for following along and please leave me feedback at Scott@arenscp.com ■

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