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Life and Health


By August 9, 2013No Comments

A Life insurance policy is one of the best gifts you can give your new child. If you die suddenly, the policy will become a wellspring of cash for your kid when he or she needs it most. However, Life insurance isn’t free. Check out these proven ways to get the best value for your premium dollar:

  • Choose a Blended Whole Life policy. This type of coverage combines elements of Term and Whole Life insurance. Essentially, it’s priced like a Term policy, but offers the cash value of Whole Life. When you no longer need coverage, you can cash in the value of the policy and receive all your premiums back (as long you’ve held it long enough for the cash value to equal your total premium payments) or transfer it to your child.
  • Raise deductibles on your other policies. Although this isn’t without risks, it might be worth increasing the deductibles on your Automobile and Homeowners policies and use the savings to buy more Life coverage.
  • Adjust your withholding. Many people receive a refund check at tax time. Surprise – the IRS doesn’t like doling out these checks; it would prefer you to optimize your withholding. By using the IRS withholding calculator (, starting with your next pay period you can receive more money, which you can invest in additional Life insurance coverage.
  • Refinance. If you have a home or car loan, consider refinancing it. If the principal on your loan is low enough, you can reduce your monthly principal and interest payment. Don’t roll your eyes. The difference might be substantial – several hundred dollars a month –more than enough to finance Life premium payments.

To learn more, just give us a call.