Financial planning is a broad term revolving around a variety of different topics but almost everyone is aware that money is going to be involved. Often when you hear the term it generates ideas about individuals who have either inherited or earned impressive sums of money through family or hard work over the years. These individuals will certainly benefit from financial planning services but anyone regardless of their net worth or yearly income can improve their current financial situation by heeding the advice of trained professionals and put themselves on a path to successful wealth management and a financially free future.

In fact, the younger an individual begins to take interest in securing their finances and managing their own income, the better. By utilizing a longer time period to incur the desired results of investing and wealth management, individuals can take advantage of their decisions which will help both themselves and family (or future family) when the time arrives. However, there is no wrong time to begin, anyone at any age can take control of their own accounts and begin measures to correct past mistakes or forge into the future with a well designed plan for success.

One of the areas often neglected by this approach and the desire to obtain financial freedom is insurance. Often people neglect the benefits of insurance and see it as only a necessity required by law for such items as homes and automobiles. The insurance market exceeds just the traditional facets of everyday life and can actually serve to benefit you if planned accordingly. While these specific measures are important, it is also key to seek the help of a professional with your best interest in mind to ensure that you are not over paying for coverages where the principal return will be minimal in the event that a policy needs to be used.

Insurance coverages can be draining to your bank account because they are deemed necessary but so too is the option to invest in these policies accordingly to ensure they are delivering the best returns available. One of the main insurance coverages to consider which can help in the event of long-term investments and serve to benefit policy holders financially includes life insurance, but typically just one of the two usual applications.

Life Insurance

On the surface, life insurance is a simple concept and something that many people don’t give enough consideration unless tragedy strikes too close to home and then most begin to pay attention. Unfortunately, most do not like to talk about the inevitable aspect of life ending but proper consideration and a financial plan for the event can not only remove burden from your surviving family but make many of their difficult decisions at such a fragile moment much easier if everything is planned (and paid for) prior to something happening.

Many different types of life insurance policies exist and finding the one which will best serve in the interest of a policy holder is specific and why special consideration should be given to ensure the best measures are being applied and received. The majority of people understand the differences between each of the two most prominent forms - term and whole life but the intricacies associated with whole, permanent, and universal coverages can be difficult to navigate.

Term Life Insurance

For investment purposes, term life is out. Unfortunately, term life insurance does not carry with it any particular cash value and therefore cannot be used as a money generating reward. Although it may be viewed by some as simply throwing money away, there are some benefits to a term policy which, if needed, will serve to protect the interests of an individual who is covered by such a policy. Also, term life coverages are significantly less expensive than their extended coverage counterparts.

Whole, Permanent, and Universal Life Insurance

Each of these three components of life insurance provides a separate cash and investment opportunity, unlike the term option. While each varies in the direct relation to how much money will be distributed (with some offering a particular death benefit) all have the option to use some of the money contributed as an investment piece which can be utilized at a later date for either retirement funding or college funds for a qualifying dependent.

Both of these characteristics can be extremely beneficial and based on your individual income and financial situation, each has options to ensure the best benefits for you when purchased. Often these divisions will be compared with other similar investment opportunities but there are multiple reasons why whole life insurance is better than a 529 plan.

A thorough analysis of your particular financial situation can be developed to ensure that the correct insurance coverage, protections, and applications are being made for the benefit of yourself, family, and dependents - if needed. Let your money work for you while providing the coverage necessary to rest at ease both about all current finances and anything that the future may hold in store.

If you’re ready to evaluate your specific insurance coverages and accountabilities in terms of premium versus actual coverage, give the financial planning experts at Foxstone Financial a phone call today. Their willingness to offer a detailed review of your individual situation in regards to each aspect associated with insurance coverage will leave you on the right path to financial freedom and a correct investment process. Not only can they assist in evaluating your coverage practices which will generate the best return for you and your family but they can also serve in a variety of other financial matters. Let them help and put your financial future on track to the life you want to live by gaining control of your money with their expert advice and knowledgeable staff. Let both your money and insurance coverages provide for you instead of having to throw money away monthly, bi-annually, or annually on coverages which are not best suited to your specific needs. Contact us or call 1-866-988-5443 to put a plan in place so your insurance and investments can provide the best potential return for you or your inheriting parties in the future.