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  • Writer's pictureMichelle Alexander

Taking Care of Financial Business When Needed the Most

Taking Care of Business

September was Life Insurance Awareness month so I want to touch on this topic in a broad view. There are insurances we are legally required to get because we own a home or car. At one time, we had to pay a penalty if we did not have medical insurance. However; there is no legal requirement to buy life insurance even though this is a guaranteed event that will occur in our lives. You cannot purchase this insurance after the fact. Maintaining insurance (life or any other of type of insurance) provides peace of mind when you need it most and can also provide financial well-being when managed correctly.


There are several types of life insurance you can purchase: 1.) term-life, 2.) whole-life, and 3.) universal-life. Each one has its own value based on where you are in the various stages of your life. Term-life may work better for you when you are younger and are in the earning stages of life with young children. This option will provide coverage for a certain time-period whether it is 10, 15, or 20 years. It may also work for you if you are older with adult children and do not have any life insurance or something else in place for final expenses. The same 10 to 20 years may be the answer that works for you at this stage. Whole and universal life insurance are permanent policies that offer financial benefits such as cash-value and fixed premium payments. These two types of policies last from the time of purchase to the death of the policyholder and the benefits are paid out.


Do thorough research by attending classes or workshops that focus on this topic to gain more knowledge. The more you know, the better your decision making will be when choosing a policy and an agent to work with on this financial tool. You want to be able to get the best quote possible and ensure the company and licensed agent truly understands your needs. If you are on the fence about purchasing life insurance, ask yourself this question; can you or your family afford final expenses without a policy? Do you have other resources to protect your family’s financial health? If not, you may want to check out your options so that you can protect you and your family’s current and future needs.

Written By:

Michelle Alexander

AJM Financial, LLC.

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