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The process of going through a divorce is often times stressful and emotionally draining. There are questions, family, assets and financial security to address. Financial security can seem confusing and frightening to the spouse who does not work or provide income to the family. Alimony and child support are an important ingredient to a divorce agreement. These terms are negotiated by the spouses’ attorneys. But what happens when the spouse providing the monthly income passes away? Who is there to continue to provide income to the family?  Is it possible that assets can be liquidated and used to create and provide income? Assets take time to be liquidated, value of assets can fluctuate due to economic and financial circumstances and there may be other needs for those assets such as debt, bills and taxes. Life insurance is a clean, simple, easy way to protect divorce agreements in the event of death. Historically, many wage earners own some form of life insurance and try to use the policy they already own as the solution to this potential problem. How does the beneficiary know if the amount of coverage is enough to cover the terms of the agreement, if there are loans on the policy or even if it has been funded properly and how long the policy will last? A series of “in force” reports can be ordered from the insurance company. The key to these reports is knowing what answers you need, so you can ask the right questions. Often times it is beneficial to ask for several “what If” scenarios, because most policies are not fully guaranteed. “Permanent cash value” policies are preferred for lifetime coverage, but there are times when one paycheck cannot support two households and also pay for sufficient life insurance coverage. 35-year and 40-year guarantee term is now available for longer time needs. This is a perfect policy to provide long-term coverage at inexpensive rates. Go to LifeInsureAssure.com to get a quote, it’s that easy. Howard Wolkowitz is a financial author, educator and fiercely independent life insurance broker.
You can visit LifeInsureAssure.com and go to his quote engine to see for yourself in seconds how inexpensive term life to age 85 is. If you want to speak with Howard, call 954-558-3673 or email him at [email protected]. Stop overpaying for your current life insurance.
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