How much do you really know about your insurance policies? Most people think those policies only pay off when you’re injured or when you die. In tonight’s Money Monday, Lynn Martinez explains how those policies can help you now.
Jeffrey McGregor has spent more than three decades helping clients manage their money.
Jeffrey McGregor: “It’s critical to a person’s future because with money you have options.”
His first tip: Buy insurance around important life events. Marriage, birth of a child, graduation.
Jeffrey McGregor: “You want to have that future guaranteed for those individuals or for your estate.”
Jeffrey suggests anyone 25 years and older should have disability insurance.
Jeffrey McGregor “The first place to go for disability insurance is through your employer. That’s called group disability. That’s the least expensive and gives you coverage right away if you’re a full time employee.”
We all know about 401k and IRAs but variable universal life insurance is also a great retirement investment.
Jeffrey McGregor: “As long as I never surrender or lapse that policy I’ll have tax free income for the rest of my life.”
In the case of insurance bigger is better. Jeffrey says to consolidate all of your insurance.
Jeffrey McGregor: “By working with one company on all those basic insurance needs that we all need, you get not only discounts, but much better service.”
Insurance is usually something you buy, put away and forget until it is needed. Make sure you are prepared.
Jeffrey McGregor: “It happens to all of us. So, being able to take care of the uncertainty of life is what insurance offers.”
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