Death is a hard fact of life. No matter what your beliefs are on the matter, it does not change the certainty of its coming, and the uncertainty of when it will strike. How do you prepare for this reality knowing you cannot evade it?
Since no one has yet discovered the Philosopher's stone, our next best bet is to secure our future. How? By saving now and insuring ourselves, our family and our assets. Through this seemingly simple act, we make sure that our future is brighter, that we actually have a future to look forward to.
The good news is we are not alone in this undertaking. Western Reserve Life makes getting an insurance as easy as clicking an icon on your computer screen. It also offers a number of options for the picky customer, with insurance plans for life, accidents, health and property, taking into account the different phases in life one is in.
With many products to choose from, how do you know what to pick? Let us start from the most basic product: the life insurance. In choosing your plan, first think about what type of coverage you want or need. Do you want to be insured for only a fixed number of years? Then the fixed-term life insurance is for you. People who have young children may prefer this plan since they are assured that their family will be provided for in their young and vulnerable stage. Once the children are grown, it will be no problem if the plan expires since the family members will be mature enough to provide for themselves. You also get a term insurance if the price of the policy is a major consideration. Because term insurance plans are only effective for a number of years, after which your benefits expire, the premium is low. It is therefore the more affordable option for those who are still waiting for their major break in the workplace.
On the other hand, if you want a non-expiring coverage, then get a permanent life insurance. One option for this is the Universal life insurance. This ensures you in your lifetime, and has the added benefit of cash accumulation. So while your family is assured of financial provision during a tragic time, you further increase the nest egg by growing your wealth. This is something you can enjoy yourself since once it matures you can start receiving your dividends. What is more, a Universal life insurance gives you more flexibility as you can modify your plan as your needs change through time. With all these benefits, you are right to expect that this type costs more, though not necessarily an arm and a limb. Since it actually protects your arms, limbs, and life, you might want to consider it if you have more cash to go around. After all, this cash will go back to you later on, maybe even double fold.
Alternatively, there is the Whole life insurance. It is more affordable than the Universal life but grants lifetime coverage as well. Although it does not have the wealth accumulation option as in the Universal plan, it does provide you savings since what you put in your premium is tax-deferred. With tax cuts flying high as the eagle, this benefit can be worth more than you think.
Aside from life insurance products, Western Reserve Life also has a selection of investment plans, like annuities, mutual funds, and retirement funds. These different vehicles all have one goal: to drive you to financial freedom. Having and growing a healthy reserve is very important, much so when you can no longer report for work because of old age, an endless range of health issues, or you have just become redundant. Whether retirement is your choice or someone else's, you should be prepared. Your individual retirement account (IRA) can also work for you while you are currently employed; because IRAs are tax-deferred, you lower your taxable income while growing your retirement money. As for annuities, you can choose a fixed-rate monthly stipend or, if you are more adventurous, enrol in a variable-rate annuity for a chance to grow your savings in leaps and bounds. You will definitely be jumping for joy if you hit a jackpot investment.
With these products, you can have the peace of mind to face what is inevitable: tragedy and loss, old age, even death. As one saying goes, the best way to predict our future is to create it.