Thanks to Allie Johnson at InsuranceQuotes.com for the interview for her article on “Tragedy near the Bronx Zoo: Insurance lessons from a deadly car crash”. This article highlights the issue of “insurance for the worst-case scenario” – which, life insurance is, of course, a worst case scenario.
The full article titled: “Tragedy near the Bronx Zoo: Insurance lessons from a deadly car crash” can be read by clicking on the article name.
Article excerpts including my comments are below:
* Pass up specialized life insurance: Burial insurance, credit card life insurance and mortgage life insurance are almost always a bad deal, says Tony Steuer, author of the book “Questions and Answers on Life Insurance.” “There are all kinds of little gimmicks like that,” says Steuer, who says accidental death-and-dismemberment insurance is one of the worst buys. Instead, he recommends buying adequate amounts of regular term life insurance for both spouses in a family – and tacking on enough to cover funeral costs and other expenses. Steuer says: “That way, you’re covered – you don’t have to guess how you’re going to die.”
* Re-examine your life insurance coverage yearly: “The problem with doing insurance planning is there are so many unforeseen changes that can tweak numbers one way or another. You’re always hitting a moving target, so try to do the best you can,” Steuer says.
Tony Steuer, CLU
California Life and Disability Insurance Analyst
Author: Questions and Answers on Life Insurance