Reader’s Question

What do I need to know to get the adequate cash value of insurance in Connecticut for my family? I have two little kids, and I want to make sure their future is secured.

Mathilda Roswell

Bridgeport CT

It is an excellent decision, I must say, to plan for your family and your two young ones. It really is rewarding to have something to fall back on, isn’t it? Just like you mentioned, in order for you to have security, you must plan for it properly. It is one thing that you have an insurance in Connecticut, and another thing that you have the right cash value of life insurance when the time comes for your family to benefit from your life insurance policy. If your cash value will not suffice, it will be extremely disappointing to know about it a little too late, right? So you had better think it over really hard and prepare for it by doing the things below.

In order for you to better secure your family, you must list down all the things you will need when the time comes. Again, please remember that preparation is the key here, so you must go over the details well and, perhaps, ask help from a financial planner, if you have to. By getting a ballpark figure on how much, at least, can be claimed at the end of the contract, you can sleep better at night knowing that, years from now, your family will still be covered – secured.

First, you must think well of your kids’ needs. Since they are still young, they would have to go through a lot and attending schools is one of them. You must include the money for your children’s education – from day care to college fund, if your earnings can allow for that. You should also put in your budget the family members’ living expenses, the basic things they will be needing in their daily lives. Another important thing you will include is the medical or other health-related expenses that you should be prepared of. Allocate also some amount for emergency matters, which you may call as “urgent” or “emergency funds.” Don’t forget also to factor in the inflation rates, so that you will have the adequate amount to be utilized by your family.

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