Although there are a large number of pet owners in the States, most do not see a reason to have pet insurance. Strange when you consider how attached we become to our animals and how important health insurance is to us, so we should do the same for our pets.
Contrary to the belief of many, this is an important monthly expense. Pet owners soon learn how costly it is when their furry family member requires treatment. The cost of taking an animal to the vet has increased enormously during the last decade. For those people with pet insurance, they have witnessed this rise in the form of premium increases.
If you have a spouse or children, you need life insurance. You have heard it before, but it bears repeating. How would they be able to handle things if some drunk driver ran into you tomorrow and you died?
Life insurance is the great safety net against all that life can throw you. That being said, it is hard to imagine another area of financial planning that uses such odd terminology. Well, let’s take some of the mystery out of the more common terms.
“To understand this principle you first need to be aware of the choices open to you. Say for example you are a couple who need life insurance for whatever reason. Most people in this position would opt for a joint life first death life insurance plan. Joint life first death is simple in so much as the benefit is paid once in the event of the first person dying. Once this event has taken place the plan ceases and there is no cover for the surviving individual.
One other reason why two single life plans can be far more beneficial to the one joint life first death plan is down to how relationships and marriages work, or not, as the case may be. It is said that 40% of marriages will end in divorce and a significantly higher percentage of relationships will end in separation. In these situations assets have to be split in order to pass equal benefit to each partner. Life insurance plans are in most cases, if not all, impossible to separate. So if you have to single life plans this problem does not present itself as each life assured walks away with their own plan in tact.”
General | John Man | 
April 8, 2008 9:47 am | 
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