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Lately, Michael Whitman has been hearing from clients who are looking for ways to spend less. Whitman, a Certified Financial Planner and managing partner for Millennium Planning Group, says the first thing they consider cutting isn’t cable TV, a subscription service or other nonessential expense. It’s their life insurance policy. Other financial planners also say that clients have contacted them during the coronavirus pandemic because they’re having trouble paying permanent life insurance premiums. Because a permanen
If you’re in the market for life insurance, there are plenty of options available. And if you’re looking for a policy that offers lifelong coverage, one option worth considering is universal life insurance. With universal life insurance, you can receive lifelong coverage. The life insurance payout, called a death benefit, is paid to your beneficiaries tax-free. Some universal life policies also build cash value, with gains growing tax-free. Universal life policies build cash value, with gains growing tax-free. And there
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You buy homeowners insurance to protect your house and car insurance to protect your car, but what about insurance to protect your family’s financial security? While many people think they need life insurance, their lack of knowledge causes them to overestimate the cost. In fact, according to the 2019 Insurance Barometer Report from industry groups LIMRA and Life Happens, perceptions of affordability and value often deter people from buying life insurance. If a loved one depends on your income, or you want to ensure they
Life insurance is designed to financially protect your loved ones in the event you pass away. If you’re shopping for life insurance and decide you need coverage throughout your entire life, permanent life insurance guarantees lifelong protection and comes with a cash value component. While permanent life insurance is more expensive and complicated than term life insurance, there are some cases where it can make sense to purchase this type of policy. If you're considering a permanent life insurance policy, here’s what you
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Owning a small business is often the dream of any employee who toils behind a desk or stacks boxes at a megacompany. Millions of Americans sprint for that goal, often by partnering with someone they know and think can help achieve it. There are about four million business partnerships in the U.S., judging by tax returns, ranging from the corner flower shop to factories and retail stores employing up to 500 workers. The financial health of these businesses is extremely important to customers, employees and the country as a wh
More than 11.8 million young adults said they used marijuana in the past year in 2018, according to the National Institute on Drug Abuse. With the prevalence and acceptance of marijuana use growing, it’s important to understand how marijuana can impact your life and health -- even your finances. For marijuana users, one of the many aspects of life likely affected is life insurance. The ability to buy affordable life insurance is often an important part of a solid financial plan. But when marijuana users get jobs and start
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Small businesses haven’t had it easy in 2020. First, shelter-in-place forced many businesses to press pause. Then staggered reopenings, headaches getting federal financial aid and draconian rules and regulations forced businesses to pivot again and again. Almost all businesses have had to adapt to changing customer needs, in order to stay afloat beyond the support of government aid. According to a July 2020 Small Business Trends survey, 92% of U.S. small businesses have reinvented themselves during the pandemic. If you?
Buying a second home—whether for an investment or as a vacation getaway—can be a wise financial move if you plan to use it several times a year and rent it out for additional income the rest of the time. But if you need a second mortgage in order to buy it, be prepared for tougher underwriting requirements and to provide a larger minimum down payment than on your first mortgage. Here are several things to know about buying a second home, including the requirements, costs and process for getting another mortgage. 1. Your
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