All About Life Insurance and Financial Planning: Update Nov. 19, 2009 All About "Life Insurance and Financial Planning" By Insurance Experts

Financial planning is the long-term process of wisely managing your finances so you can achieve your goals and dreams, while at the same time negotiating the financial barriers that inevitably arise in every stage of life by Creating a Sound Financial Plan
Step 1 Establish Goals
Step 2 Gather Data
Step 3 Analyze & Evaluate Your Financial Status
Step 4 Develop a Plan
Step 5 Implement the Plan
Step 6 Monitor the Plan & Make Necessary Adjustments

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Keys to Financial Planning

By Troy Pryczek

The Wall Street Journal, several months ago, printed an article reporting that retirees, some older than 70, were having to compete with young people for entry level jobs. Aged out of the career that they invested decades in, these people now have to hit the job market unprepared and in a deepening depression. How most of them could avoid their current troubles? Simply by augmenting some basic financial planning. Even though most of us forget Ben Franklin's old axiom, "money saved is money earned" the principle still applies. Here are a few easy steps and principles that will help you improve your financial position and keep you out of the job lines during your retirement.

• How is that pension holding up? How about the 401K you worked so hard to build. Honestly the only type of profit sharing that really works is when you own the business. Many seniors are looking into Internet marketing as an investment and one of their keys to financial planning. Marketing takes control of your income out of the hands of someone and puts it squarely into your hands. The success of your new business is entirely up to you. You work from home, set your own hours and structure your income goals according to your current and future needs.

• Spend less than you earn. As silly as it may sound most people have great difficulty in grasping this simple rule. If your income is $5000 a month and you spend $6000 a month you're going in the wrong direction. Instead of retiring early you will be in those lines, working for someone else, just to get out of debt. Make a budget and stick to it and cut up those credit cards.

• Set aside a certain amount a month for emergencies. If now emergencies come up rotate that amount into savings. Put this amount into your budget every month.

• Pay off at least part of the principle each month, especially for those loans with high interest rates. Clear the debts, if possible, but always pay of the loans with high interest rates first.

• Invest in a good insurance policy. This will serve as a safety net for your family if you are injured or killed and also most life insurance policies build cash value.

The keys to financial planning are in your pocket. You simply have to take them out and use them. Try not to spend your time working for someone else, living on their expectations, when you can just as easily work for yourself.

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Article Source: http://EzineArticles.com/?expert=Troy_Pryczek

Final Expense Burial Insurance Policies For Senior Financial Planning

By Marilyn Katz

If you watch TV, surf the net, or open your mail, and it you are a senior citizen or a caregiver, you have certainly seen ads for a product called final expense or burial insurance. The ads usually point out that funerals average $8,000 in the US, and in some areas, can cost much more. They also point out that senior citizens may leave other expenses behind. Debts need to be settled, a funeral will probably cause many people to make unexpected travel plans in a hurry, and sometimes, a body will need to be transported.

Now nobody likes to think about a loved one passing away. And yet, it is much better to give it some thought in advance, rather than waiting until arrangements need to be made in a hurry. Even if some planning were not needed, you will still have the matter of coming up with the cash to pay for everything. Now some funerals do sell something they call pre-need funeral plans. These have a place, but are not the perfect solution for everything. For one thing, they will probably not cover all expenses associated with the funeral itself, much less debt settlement, travel, or transporting a body.

So the alternative solution, called a final expense or burial policy, is actually a smaller face value whole life insurance company. These are designed for seniors, and some can be issued up to age 85. They usually do not ask many health questions, and some do not ask any health questions at all. The face value of these plans range from $2,500 to $25,000, and the smaller amounts make them easier to obtain for an older applicant. The smaller value also makes them more affordable. However, a few thousands dollars may be just the right amount of life insurance to make sure that final expenses are covered. In the world of life insurance, a few thousand dollars is considered a small amount, but for the children or grand-children, that can be quite a bit of cash to come up with in a hurry.

With a senior life insurance policy, the beneficiary is also not tied to one particular funeral home and location. I know of many cases where elderly people moved from their homes to spend their final years closer to children who had moved away for jobs. Also, many funeral homes will accept the policy as proof of ability to pay for the funeral, and so, they will not require a large check to be written the day of the funeral. I have also heard of cases where funerals had to be delayed because the children needed time to come up with the money!

A senior citizen can purchase a policy like this for themselves. They may name their children, or whoever will make final arrangements, as the beneficiary. It would be best to select a person who lives close and will be responsible for making sure that plans are carried out. Sometimes the children of an older person will purchase a plan like this for an older person, and they will pay the premiums and name themselves as the beneficiary. In most cases, this is perfectly legitimate.

So, do you need a final expense or burial life insurance policy? Well, if there is plenty of liquid cash on hand so that all funeral arrangements can be made with no problem, then you may not need it. If the insured person already has sufficient life insurance or other assets to cover everything then, again, it may be one offer to pass up on. But for many people, even some with life insurance that is intended to provide an estate for family members, a final expense policy can be an affordable way to plan for the inevitable and give everybody peace of mind.

You can save money on life insurance by comparing rates! Use our handy online form to Compare Burial Insurance Policies from your home PC and internet connection. It is fast, safe, and without obligation.

Find No Medical Exam Life Insurance for Senior Citizens at http://www.nomedicalexam.net/seniorlifeinsurance.html

Article Source: http://EzineArticles.com/?expert=Marilyn_Katz

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