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About Cottage Grove sentinel. (Cottage Grove, Or.) 1909-current | View Entire Issue (Nov. 25, 2015)
COTTAGE GROVE SENTINEL November 25, 2015 11A Understanding life insurance Life insurance is a product few people want to think about. That’s perfectly understandable, as life insurance forces men and women to consider their own mortality. But life insurance is not something adults should avoid, especially if they have dependents. Many people should consider life insurance when estate planning so they can provide security for their loved ones. But life insurance is a purchase unlike any other, and people may be confused or intimidated when attempting to purchase life insurance policies. Deciding if you need coverage While life insurance seems like the kind of thing every person should have, that’s not necessarily the case. For example, single men and women with no dependents and no tax or debt concerns generally do not need life insurance. If you are single but have tax issues or a considerable amount of debt, then a life insurance policy can be used to pay those debts upon your death. Adults with dependents, such as a spouse and/ or children, should consider purchasing life insurance, which can help your surviving dependents maintain their quality of life and pay their bills in the wake of your death. Buying life insurance Much like various other types of insurance, life insurance can be purchased from an insurance agent or via an insurance company’s website. When choosing a company from which to buy a life insurance policy, look for a company with a strong rating, as no one wants to end up being burned by a life insurance provider who goes out of business. Some people prefer to work with independent brokers who can share information about products from various providers rather Choosing coverage When choosing coverage, you will no doubt be asked if you prefer term insurance or permanent insurance. Term insurance is the least expensive life insurance, and such policies only last for a predetermined number of years. Men and women may purchase life insurance policies if they only want life insurance until they retire or until their children reach adulthood. Permanent insurance is more expensive and will last from the moment you purchase the policy until your death. Many people choose permanent life insurance policies so the money their used to pay estate taxes. In addition, there is an investment component to permanent insurance policies, as a portion of the premiums on such policies is invested (policies will spell out how free so long as the policy is open. Term insurance only provides protection with no investments. When choosing how much coverage to purchase, it’s easy to go overboard and aim for as much as possible. However, purchasing enough coverage to pay for funeral costs and a level of income replacement you can comfortably afford. If your spouse does not work, you should consider purchasing enough coverage so he or she can living expenses. Life insurance merits serious consideration, and adults should do their homework and fully understand a policy before signing any contracts. FREE TEST DRIVE Jenna Buetow Hearing Consultant S ENIOR N EWS L INE Retirement Myths Why do we retire when we do? The answer isn't as simple as "I'll be 65 on a certain date" or "That's when I'll have enough savings." The answer to why we pick a time to retire is fairly complicated. The Stanford Center on Longevity teamed up with Fidelity Investments to debunk some of the myths about how we decide when to stop working. They based their research on responses from 12,000 participants age 55 and older, so it was no small study. Here are some of the results: Myth 1!# until we have enough money. That makes sense, but half the participants said their date, not to the amount of money they'd saved. If necessary they would adjust their lifestyle to what money they did have. Myth 2! time with our spouse. This might be true for men wanting to spend time with wives, but women would rather spend time with grandchildren. Myth 3 !# to be frugal. Again, not necessarily so. A whopping 82 percent are happy they retired when they did, and 85 percent consider it rewarding. Almost as many said that adapting to A carefree place to CALL HOME having less money is easier $ wished they'd started saving earlier. Myth 4! working to survive. Over half of the participants said they liked working and felt valued. Myth 5!# advantage of retirement to travel and enjoy hobbies. For %& that's true. The rest replied that they enjoy the free time to do was nothing. There's something to be said for doing absolutely nothing, even if it's on a retirement budget. Grant Gording, BC-HIS Board Certifi ed in Hearing Instrument Sciences Stop in and let us send you home with a new pair of hearing aids to try, risk-free. FREE Hearing Screenings FREE Hearing Aid Checks & Cleanings Just call to schedule an appointment! Grant's Hearing Centers www.grantshearing.com Cottage Grove 1498 E. Main Street 541-942-8444 Actual Crescent Park residents Discover the freedom of fewer responsibilities! Spend more time doing what you love – and less on chores. With our maintenance-free living, it’s easy. • Chef-prepared, restaurant-style dining • Housekeeping and transportation • Engaging social events and activities Save $2,000 on select apartment homes! Call or stop by today. Thanks for giving. We are grateful to all who have helped PeaceHealth care for our community this year. May the blessing you have been to others come back to you many times over at Thanksgiving and always. 541.378.4332 2951 Coburg Road, Eugene, OR 97408 CrescentParkSeniorLiving.com Half mile north of the Beltline on Coburg Road A SPECTRUM RETIREMENT COMMUNITY peacehealth.org/foundations
