Hard times trigger changes in insurance choices

It almost seems hard to justify in times of austerity — paying for something you may never use. But that period of your life might be exactly when you need the most insurance

It almost seems hard to justify in times of austerity — paying for something you may never use.

But that period of your life might be exactly when you need the most insurance because if you lose your job or source of income you are much more financially vulnerable to a major calamity.

“When people become unsure, certain types of insurance become even more appealing,” says Clay Gillespie, a certified financial planner with Rogers Group Financial. “You might see things like property and car insurance go down but [money spent] on life insurance and disability insurance start to go up.”

Hard times lead people to plan and one of the issues they start thinking about is their mortality, he says. “There is usually some trigger that gets people thinking, like somebody dying,” says Mr. Gillespie, adding economic circumstances can also change thinking.

At the same time a stretched wallet means you have to start choosing between life insurance and something like critical illness, which pays if you get a certain type of illness.

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