Clueless about Insurance!

After years of being a stay at home Mom, my youngest son is in college now, I decided to get a Masters Degree in English Lit in order to return to the work force . After about 3 weeks in class I realized I was in the wrong program, that I did not enjoy discussing ultra-depressing literature. I love Literature and Art but my personal preference has some optimistic element that allows me to go beyond the difficulties of life. I would rather look at Picasso’s line art than Guernica and would rather read Don Quixote than Carwin the Billiquist. I decided that I needed to find something else to help me get a job. I took another look at Jefferson State Community College and their Fast Track Career site and saw that they taught an insurance pre state exam course in Life and Health insurance. My older brother has amassed a fortune selling insurance in another state. I though well, maybe I can get a customer service job with an insurance company. Wow! I was shocked to find out all sorts of things about insurance. I look forward to starting my next insurance course! Now, I realize could have purchased whole life insurance that could have helped fund my retirement. Typically, only the ultra-rich are clued in on how to make money with insurance. The theory being that little insurance policy’s are not cost effective for the insurance company.  Another shocker was that my husbands term life insurance ends at age 71. We have a year to convert the term insurance into whole life before it is no longer an option. The problem still remains that whole life insurance is expensive. Anyway, economic knowledge helps.  Knowing whats going on allows people to make good economic decisions. I hate that I’ve paid out so much on term life insurance over the years. What I didn’t know is that I should have balanced my term insurance with whole insurance. I protected my family but wasted lots of money in the process. I’ve paid about $700.00 per month for term insurance for years and years. That’s about $8,400 a year for coverage just stops at in 11 more years. I had no idea that term insurance ran out. Live and learn.

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