Investing in your company’s 401(k) plan is just one smart investment choice for employees. Here’s another option:
Life insurance – not exactly an investment, but a valuable financial protection.
Some people don’t take a serious look at life insurance, primarily because they think it’s too expensive. Here are two reasons why that can be a mistake:
1) Insurance providers base rates and terms of coverage based on 2003 actuarial data.
Since men and women are living longer than ever before in history, those numbers are driving down costs for people who start policies in their 30s, 40s and 50s.
In some cases, a 45-year-old with an expiring 10-year policy can re-up for another 10 years for a comparably good rate.
2) The insurance market is more competitive than ever. That means more vendors competing for more business, and offering great rates.
Bonus: Employes can consider multiple options for coverage – 10 years, 15 years, 20 years. And they can always adjust total coverage up or down depending on their financial picture.