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Trimming Your Budget? The One Bill You Can't Afford to Cut

In this belt-tightening era, financial planners, television personalities, and maybe even you and your spouse have discussed the wisdom of cutting expenses to the bare bone. Doing so often makes sense, but in many cases an unfortunate casualty of this prodigious cost-cutting has been life insurance. An important component of a sound financial plan, this type of insurance is designed to provide a measure of financial stability and security if someone passes away prematurely. So saving cash by cutting back on life insurance coverage can be a potentially perilous strategy.

Life insurance can help a surviving spouse and family members avoid a financial tailspin and maintain their lifestyle to the greatest extent possible. In my experience, families have used proceeds to replace lost income, pay off credit cards and car loans, zero out a mortgage balance, and help pay for kids' education expenses.

For Afghanistan veteran and USAA employee Kenny Sutton, the importance of life insurance was a sudden realization. When the husband and father of three regained consciousness in a hospital in Landstuhl, Germany, in 2005, his first thought was "I'm alive." The second: "I could've left my wife and kids in a real financial bind." Kenny's only life insurance was $400,000 through the military's Servicemembers' Group Life Insurance (SGLI). "I learned a valuable lesson and try to help others learn from my near catastrophic mistake."

Life insurance is sometimes mistaken as extraneous protection. The reality is that rarely can such a small payment provide so much. Life insurance premiums fit into most budgets, especially when policies are put into place while the insured are young and healthy, perhaps in anticipation of having a family. Premiums for the $400,000 coverage through SGLI run $26 per month regardless of age. Every service member should consider taking advantage of SGLI.

The right amount of life insurance is a moving target as you travel through life. Getting married, having children, or buying a home will almost certainly boost the amount you need. Unfortunately, a life insurance conversation between a consumer and a financial advisor doesn't happen often enough, and therefore you may need to initiate the discussion. It's that important. The rule of thumb is that you should have seven to 10 times your annual income in insurance coverage. However, there is no need to guess, because you can find a plethora of life insurance calculators online. It takes just a few minutes to figure out how much you need to provide adequate coverage for your family. You may discover that supplementing your SGLI is a wise move.

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The Federal Alliance for Safe Homes, Inc. – FLASH® Encourages Families to Share Their Turn Around…Don’t Drown® Stories This Flood Safety Awareness Week

The Federal Alliance for Safe Homes, Inc — FLASH encourages families to stay safe in flood events by avoiding flooded roadways. As little as two feet of water can push a cars–including SUVs–off of a road or bridge. Remember to "Turn Around…Don’t Drown"

Read the full story at http://www.prweb.com/releases/2011floodsafetyawareness/03federalalliance/prweb8201554.htm

Public office. It is a position that demands integrity. It is a position that demands the highest levels of transparency and scrutiny. thorough investigation from his staff at ASIC, which concluded their chairman did no wrong. It has been hammered home, and your columnist accepts, that all proper and relevant disclosures were made to the appropriate authorities and ministers over the Republicans in the House of Representatives are expected to unveil a budget plan next week for the coming fiscal year that would cut taxes, deepen spending cuts and cut Medicaid, according to lawmakers and aides familiar with the plan. has backed in the past that would give recipients a fixed amount of money to buy private health insurance.

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