Only Buy Term Life Insurance…. Really?

So, you’ve probably heard that you should only buy term life insurance. If you haven’t heard that, for the most part, that is true. You should buy term life insurance to protect the income that provides for your family. If something were to happen to you and you have a family, you want that family to be able to continue on in the same lifestyle. You typically only need this coverage for up to 30 years – because after 30 years, your kids should be grown (and no longer financially dependent on you) and you should, at that point, be self insured.

So, if you have term insurance, do you also have a plan to be self insured by the time your coverage expires? What if you get to the end of your term and then still need coverage and no longer qualify for life insurance?

Does it make sense to have a small whole life insurance policy that will cover you forever? Maybe so. The truth is, no matter when you die, it will still cost your family money to bury you. Where will they get the money to bury you?

Whole life products are not what you want for all of your life insurance, because you don’t need the same amount of coverage for your entire life. You need term life insurance for the majority of your coverage to protect your family from financial disaster, in the event of your death.



865.789.6229
lsweet02@comcast.net
If you need help creating a plan that allows you to exclude the need for life insurance, I can help. If you need help assessing your current life insurance needs, I can help.

Christmas is Coming

Here is your reminder... Christmas is coming. There are 63 days left until Christmas. That is 9 weeks. Christmas is not an emergency... it comes the same time every year.

So, let me ask you... why do we end up with huge credit card bills every January? Do we forget that it is coming every year? No, we just don't plan for it, again, and then we do what we are accustomed to doing... just put it on the credit card and worry about paying for it later. How about NOT doing that this year!

If you start now, and save just $50 / week, you'll have $450 for Christmas. If you do it the other way, and just spend the $450 on your credit card and then pay it back with interest at the minimum payment... it would take you until September 2012 to pay for it, and cost you $137.87 in interest. You would end up paying $587.87 for your $450 worth of Christmas presents... yikes!

How do you pay for Christmas? Are you dependent on your credit cards to provide Christmas?

Leslie "BUSTS" BOA in The MOUTH!

this was copied right off the dano's debtbuster's website (www.danosdebtbusters.com):


Leslie helped a client who was being sued by BOA. Her client had hired an attorney who had charged her $500.00 in an effort to negotiate a settlement. The attorney got the case re-set for 90 days!


The attorney representing BOA declined to settle with the attorney and as the new case date drew near she couldn't get a response from her attorney. Out of fear of appearing in court by herself she spoke with a bankruptcy attorney who advised her to file bankruptcy on less than $10,000 in dischargable debt.


Fortunately this client approached Leslie. We quickly met with her, reassured her that we could help her sort this out. Begged her not to file bankruptcy and educated her as to how the civil court process worked. We helped her set up her budget and went with her to see the judge!
Amazingly the attorneys representing BOA were suing so many people that day that they had a folding table sitting in the lobby outside of the court room. Our new client walked over to the table offered a $75.00 a month agreed judgement on a $6600.00 debt, the attorney accepted it and we were out of the court house 10 minutes before our scheduled court time.


(Remember that the court is there for your protection always appear in court even if the opposing attorney tells you that they won't accept a pre-trial agreement. Typically the court has provisions in the law that will allow you to make a payment arrangement...If you are not sure what to do contact us!)

No Closing Costs?

Have you ever heard a mortgage company advertise “no closing costs?” I have. And it makes me angry. It makes me angry because it is a lie. There is no such thing as “no closing costs.” A loan can be structured so that the closing costs are figured into the loan, or your equity can cover the cost when you refinance, or the seller can pay them, but they are on EVERY loan. Most fees have to be on every loan. These are not optional fees that most companies just charge you for the heck of it, therefore allowing special companies to not charge them. They are fees that are associated with every loan.

Some administrative fees can differ from company to company, but the company still has to charge a fee, so they can be paid. Surely we don’t expect someone to work for us for free. Don’t be fooled, people don’t work for free. Even if a company doesn’t “show” any fees, they are getting them “on the back,” which just means they have charged you a higher interest rate and are receiving extra money for doing it.

Do lenders have title companies that work for them for free? Do they have appraisers that do their jobs for free? Do the nice people at the local courthouse do their recording and only charge some people for it? Of course they don’t. “No closing costs” is a scam, and you should be leery of doing business with anyone who doesn’t tell you the facts, straight up and up front.

We should always be on alert when someone claims they can do something that no other person / company in their field can do. Sometimes they can, but most of the time, they are just misleading or manipulating you.

Have you been sucked into this or any other misleading offer?