Stretching You Dollar By Philip J. Goldberg Institute for Financial Planning. Inc. • I want to talk briefly about widows and what kind of life Insurance their husbands leave. When a man g«ie*. and his wid ow is left with life insurance, she is very rarely interested in what kind of policy he had, as long as she can live adequately on the money from it. A man buying life insurance now, must realize that some day his wife will be a widow. It is up to him to decide how much — and what type of insurance Is best for his living needs. There is no such thing as the “best typo of policy for every one.” But there docs exist an in surance plan which is best suit ed to your own, individual, economic requirements. For most men wlio get up early in the morning, put in a full day’s work, and come hom< dead tired to their happy littli home, whole life insurance will probably suit their n«*e«Ls best. I say this, because whole life in surance builds a “cash value.” and term life Insurante provides none. By building a cash value a whole life insurance poli< > acts like a combination life in surance plan and savings ac count. The man in a very high in come bracket might choose term life insurance because his "sav ings account” is the money he invests. Because he builds up his wealth by investment, he looks to life insurance purely for protection, nr possibly to cov er payment of estate taxes. For this man. term or financed life insurance affords the most in stirance with the least dollar outlay. But let's get back to the aver age breadwinner. Why is whole life insurance best for him? Whj does he have to spend his mon ey building a cash value at all? If you are this average bread winner, this rash will come in handy during an emergency, be cause you can borrow against it. while still keeping the basic lifei insurance in force. What is more.' the rate you pay for this loan! will prohuhh he chea|>er than any hank or finance company rate. Another advantage vvlmii you have, as the holtler of a whole life pulley is the automatic premium loan provision. This means that the insurance com patty can automatically use] some money from your aeeiimu | tail'd cash value* to pay annual premiums, in case you forget or if you just can’t afford it. Suppose you want to keep the insurance in force, but don't want to pay premiums any more. The cash \alue of a whole life policy comes to the rescue ontv again. You can use it to “pay up'' the policy. . after having paid your premiums through the years you hevonie the average, reditvcl. former breadwinner, how elocs your e-ash value in your whole life insurance policy’ help you now? First, if you want, you can . ash in the policy and receive the cash value as one lump sum. t'se* it for that long-awaited trip to Europe. if you want. Sec n a will? Y«»u will probably answer, Wh> mo of the un for seen complications which might affect your family, f you have nfh taken the trouble to write a will. Your lawyer "ill tell you that rich or poor, you should have a will, because your “hidden" wealth can combine with the law of the state in which y >u live, to make your family's future com pletely different from what you would have directed in a will. Your will covers both your family's financial future, and its phy sical well being. For example: • if you believe that when you die. your wife will automatically con trol your wealth, you are mistak en. I'nle.s • you diicct tn your will that she is t , l>c tlu* executor of youi estate, a court will usually appoint an administrator some one who could bo a comploti stranger to your family. You « an issume that your wife will is- the head of the family if you aic gone. hut what if she dies along with you in an atvident? t'nless you direct, in your will, I that a sped fit per.- >n he appoint ed guardian of your children, most courts have the authority to place yoitf children under Ihe guardianship of whomever they want or into whatever institution they want, although it is true that they will give preference to dose relatives. Ity naming i specific . guardian in your w ill, you have a •h:mce to discuss matters with him tor her' in advance of any disaster. The proceeds of your life in surance is included, along with •verything else you own. in your estate. Also, don't forget, that .na i> times you are paying for anething on the installment dan. it will Is* completely paid up at your death because of life n> .11 nice taken out by the loan umpany on v->ur life. Thus, the ■aid up loan is also included in y >ur estate. Often, tile question of who is t<> own the life insurance on your • fe is a major factor in planning 'or tax savings in connection with our estate when you die. Your -vilj plays an important role here, •realise certain arrangements' naile on advice from your lawyer >n behalf if your wife and sjiell >sl out in the will, can save taxes Rich. poor, worker, factory •wner. doctor or astronaut, it ictuall.v costs very little to ills •uss your will with your lawyer. ' The advice in* gives you. along with the trust officer of your I hank and your life insurance agent, on the planning of your es late, will guarantee the future of your family. .. I SOUTHWELL SALES Foie LtSS I RECOGNIZE THIS MAN? Hell help you provide | ; i C i ( x ) (I I . i t'(' w j i }) Gulf Life i N S U R A M f- < ( ) M R ’ A N V CALL HM TODAY! ■ KINGS MOUNTAIN! orik, COMPANY Phone 739-2571 THE CITY 5 -MODERN STORE SUPER VALUES SIX BIG DAYS-MONDAY, AUGUST 3—SATURDAY. 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