1 April 2013 0 Comments

Analysis Paralysis or Procrastination Infestation

procrastinationThree recently widowed mothers, all with young children are talking.

“Harry never did decide what life insurance policy to apply for.  Then his cancer came along and it was too late.  All he had was the $25,000 from work.  Harry was such a dear man, but….”

“Fred just never did get around to doing anything about life insurance.  It was always on his ‘to-do’ list.  I loved Fred dearly, but….”

“I miss Pete horribly, but thank God he took out that million dollar life insurance policy.  I don’t know what kind of policy it was, but I got the check last week.  Pete loved us all so much.”

Harry over analyzed.  Fred just procrastinated.  Pete took action and bought a policy equal to 10 X his annual income.

Life insurance can be confusing and there are so many agents out there with different opinions of what to do. But in the end Pete did the right thing.  He did something! The policy was in force when he died.  If you haven’t done anything because it is too complicated, or time consuming to take the first step, then just buy a 10 year term policy equal to 10 X your annual income.  It may not be the correct policy for the long haul, but it will give you the lowest cost now and during the next 10 years you can figure out what to do.

If Pete was age 35 when he took out his policy it would have cost him about $32 per month if he was a preferred non-tobacco user.  If he smoked, the premium would have been about $110 per month…just another reason to quit, but get that insurance now.  If you don’t have an agent, try SelectQuote.  They’ll make it easy.

Next, I’ll be discussing the high cost of smoking and how it differs on what you smoke.

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