Legacy 2015 South Florida: Top Black Educators Issue | Page 12

12BB

AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE SUN SENTINEL

MONEY MANAGEMENT
By Gerald Grant, Jr.

Life Insurance Awareness
September is Life Insurance awareness
month, and I strongly recommend that
you take this opportunity to review your
life insurance with your Life Insurance
Professional. In my book Bold Moves to
Creating Financial Wealth, I emphasize
the importance of having adequate life
insurance coverage. As Director of
Financial Planning for the South Florida
Branch of AXA Advisors, LLC, I attest to the
fact that most people’s main concern is to
“protect their loved ones”, when they are
no longer there to do so.
The most frequently asked questions
are: Do I have adequate life insurance?
Do I have the right type of life insurance?
A thorough review of an individual’s life
insurance usually reveals that people are
not aware of the different types of life
insurance available to them, and that they
do not carry adequate life insurance
coverage.

Gerald Grant, Jr.
Registered Representative of AXA Advisors

FRIDAY, SEPTEMBER 4, 2015

While reviewing an individual’s life
insurance coverage, it is often discovered
that some people acquire life insurance to
cover funeral expenses, others to pay-off
debts, all in the best interest of their

families. However, an area that is
sometimes overlooked is the need for life
insurance to cover living expenses.
Imagine a household where both
individuals work; if one of them dies, it
may be difficult for the other person to
cover all expenses with one income.
Clearly, life insurance in this case is
inadequate.
With regards to the questions about
the right type of life insurance, you should
look at your life insurance from two points
of view: What are my short-term and
long-term needs and how much coverage
can I afford?
There are five major types of life
insurance:
Level Term Insurance generally has a
low initial cost, does not build cash value,
and the coverage becomes less affordable
at older ages. It is appropriate for owners
who have a temporary life in