Legacy 2015 South Florida: Top Black Educators Issue - Page 12

12BB AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE SUN SENTINEL MONEY MANAGEMENT By Gerald Grant, Jr. Life Insurance Awareness September is Life Insurance awareness month, and I strongly recommend that you take this opportunity to review your life insurance with your Life Insurance Professional. In my book Bold Moves to Creating Financial Wealth, I emphasize the importance of having adequate life insurance coverage. As Director of Financial Planning for the South Florida Branch of AXA Advisors, LLC, I attest to the fact that most people’s main concern is to “protect their loved ones”, when they are no longer there to do so. The most frequently asked questions are: Do I have adequate life insurance? Do I have the right type of life insurance? A thorough review of an individual’s life insurance usually reveals that people are not aware of the different types of life insurance available to them, and that they do not carry adequate life insurance coverage. Gerald Grant, Jr. Registered Representative of AXA Advisors FRIDAY, SEPTEMBER 4, 2015 While reviewing an individual’s life insurance coverage, it is often discovered that some people acquire life insurance to cover funeral expenses, others to pay-off debts, all in the best interest of their families. However, an area that is sometimes overlooked is the need for life insurance to cover living expenses. Imagine a household where both individuals work; if one of them dies, it may be difficult for the other person to cover all expenses with one income. Clearly, life insurance in this case is inadequate. With regards to the questions about the right type of life insurance, you should look at your life insurance from two points of view: What are my short-term and long-term needs and how much coverage can I afford? There are five major types of life insurance: Level Term Insurance generally has a low initial cost, does not build cash value, and the coverage becomes less affordable at older ages. It is appropriate for owners who have a temporary life in