financial tip of the week...

by Genya Harley 

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Over or Under?
Hello All.
If you are reading this and you live specifically in Chicago, I hope you are enjoying the much needed reprieve from the heat. However, where ever you live I hope that you are enjoying a safe, peaceful weekend. As always, your feedback and questions are welcomed. Please continue to forward my information to your family & friends.

One of the things that I do with new clients is I take time in our initial meeting to do a financial analysis so we can get a good picture of where they are currently in their finances, and where they need and want to be in the future.
When it comes to life insurance coverage, for people that already have some coverage, I am finding that many people fall in two categories: over or under insured.

What do I mean? If, for example, we sit down and we determine that you have just turned 63, your kids are out of the house, you are fortunate to have paid off your mortgage and you have a policy(s) and the amount of the insurance is still in force to cover the mortgage, your debt you paid off 10 years ago etc., then chances are you might be considered "over" insured.

Don't get me wrong, I believe that everyone should have more than enough life insurance coverage, but on a case by case basis, if you are spending money on coverage for things that are no longer needing to be covered, you could be investing some of that money into other areas of your financial portfolio instead.

Many people from the age of 30 to 50 fall in the category of under-insured. There are many reasons why this occurs, one prominent reason is many people are able to obtain life insurance through the benefits offered from their jobs. Chances are, you are under-insured if have a policy through your job and for example, it is 3 times your salary. Let's say that your salary is $45K..this likely means that you have coverage of about $135k. If you have a mortgage, some debt, have children, etc., it is very likely that having just this policy will not provide enough coverage for you. It is also good to have supplemental coverage outside of your employment because you can
lose your job and lose the coverage.

You don't want to put it off, time makes a difference. If you received that coverage when you started that job 5 years ago and you were 31, the premiums on a  new/supplemental policy will be adjusted to your current age of 36. Don't delay. You know what is important to you. Especially if you have children, there is absolutely nothing wrong with paying for their college or leaving them an inheritance!

Take a moment and think about the coverage you have. Don't delay. Please call me to set up a time so that we can meet and do a coverage analysis.
Until next always be safe, use wisdom.

If you would like more information or if you have any comments, questions or suggestions, please call me or email me at 773-251-1865 or, or

Genya Harley
Financial Consultant
Mutual of Omaha
19255 Everett Lane, Suite C
Mokena, IL 60448

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