{"id":53305,"date":"2014-06-25T00:30:15","date_gmt":"2014-06-25T07:30:15","guid":{"rendered":"http:\/\/www.patheos.com\/blogs\/markshea\/?p=53305"},"modified":"2014-12-28T23:59:33","modified_gmt":"2014-12-29T06:59:33","slug":"a-reader-who-knows-about-life-insurancey-stuff-writes","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/markshea\/2014\/06\/a-reader-who-knows-about-life-insurancey-stuff-writes.html","title":{"rendered":"A reader who knows about Life Insurancey stuff writes…"},"content":{"rendered":"\n<\/head>

I read the \u201cchance to do a work of mercy\u201d from yesterday about the family that is now destitute due to the loss of a loved one and his income and I thought that I could probably help prevent that tragedy again.<\/p>\n

I think I\u2019ve told you before that I am in the life insurance\/financial services\/taking care of widows and orphans business so here is a PSA about buying life insurance.<\/p>\n

Please, please, please make sure you have sufficient life insurance in place (particularly bread-winners but even spouses without income ought to have life insurance).\u00a0 Get it from a mutual company (one owned by it\u2019s policy owners not shareholders) so that the company\u2019s long term interests are aligned with yours.<\/p>\n

The best 4 companies from which to buy insurance (listed by financial strength and size not by price \u2013 it\u2019s worth spending a few extra dollars per month to get a higher quality plan and company):<\/p>\n

New York Life: www.newyorklife.com<\/a> (the company I represent in CT, MA and NY)
\nNorthwestern Mutual: www.northwesternmutual.com<\/a>
\nMass Mutual: www.massmutual.com<\/a>
\nGuardian: www.guardianlife.com<\/a><\/p>\n

The amount of death benefit will depend on what you need to protect but a simple formula is to take your current salary and multiply it by the number of years until your kids will be out of the house.\u00a0 With a new baby my (personal) calculation looks like this:<\/p>\n

I earn $xx,000\/year x 22 years = approx. $1,500,000 \u2013 $2,000,000 of need<\/p>\n

For the spouse that is staying home and not earning an income (although frequently working harder) the number should be at minimum 50% of the first number.<\/p>\n

If budget is a challenge I recommend working with a professional who can help you layer products to provide enough protection while keeping the price within your budget.<\/p>\n

If any reader is in CT, MA or NY I would be happy to help them out.\u00a0 They can reach me at dtfinn@ft.newyorklife.com<\/a>.\u00a0 For readers in other states I can direct them to another agent or they can request to speak to an agent directly through the company websites listed above.<\/p>\n

For most of us our primary financial concern is the well-being of our families. Life insurance can\u2019t take away the emotional devastation from the loss of a loved one.\u00a0 It can however ease the financial burden so that a family can work through their grief without worrying about keeping the lights on.<\/p>\n

Peace and grace,<\/p>\n

Daniel Finn
\nAgent, New York Life Insurance Company<\/span><\/p><\/blockquote>\n

Seems worth looking at.<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

I read the \u201cchance to do a work of mercy\u201d from yesterday about the family that is now destitute due to the loss of a loved one and his income and I thought that I could probably help prevent that tragedy again. 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