Hope for your financial life and beyond

“I’m Rich!” – How to Handle a Lump Sum Payment of Money

I’m sure you’ve daydreamed at some point about how life would change if a large lump sum payment of money came your way. Say like a million dollars? We’ve all played this game and fantasized about all the good we could do for ourselves and others with that much money.

lump sum paymentFor most people, this will not happen. The better likelihood is that it will take many years of hard work accompanied by traditional saving and investing to become wealthy. That’s how most of us will reach our financial milestones.

However, people’s lives can change quickly because they receive a lump sum payment of money worth six or seven figures. How could this happen? Well, here is how and it’s not a get-rich-quick scheme.

Ways to Receive a Lump Sum Payment of Money

The following are ways a person could receive a lump sum payment of money:

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Do You Really Need Life Insurance for Your Family?

Our own mortality is a topic we don’t like to discuss. I was reminded again of this recently when a friend of mine had open heart surgery. He is doing great and expected to make a full recovery. But as I sat in the waiting room with his wife and family during the surgery, I kept thinking how her life would change if things took a turn for the worse.

do you need life insuranceThere are so many questions after the death of a spouse. Some of those questions relate to money. It may seem insensitive to link death and finances together but it’s a reality we can’t ignore.

What would happen if your spouse died today? Would your financial life come crashing down also? Would your family suffer because you weren’t prepared for this event?

Fortunately, those questions can be answered. The best part is you can settle it and have peace of mind before anything happens by purchasing a quality life insurance policy.

What is Life Insurance?

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Is My Employer-Provided Life Insurance Enough?

Enjoy this post today from Natasha as she shares how employer-provided life insurance plans stack up against an individual policy purchased on the open market.

If the company you work for offers group life insurance, be sure to take advantage of this great benefit. Employers are not required to offer life insurance, so if yours does be sure to count your blessings. While having group life insurance is a nice bonus, it would still be wise to consider purchasing additional life insurance on yourself.

Employer-sponsored group life insurance policies are different than individual life insurance plans in these ways:

  • There are no medical exams
  • They are designed one-size-fits-all
  • They have less individual coverage
  • They only are in affect while you work for that company

To purchase an individual life insurance policy, you typically need to undergo a medical exam. The life insurance company uses your exam results as one of the determinants of how much your policy premiums will be. The healthier you are, the more inexpensive your premiums.

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The Most Important Things You Need to Know About Life Insurance

The topic of life insurance is one that many do not like to discuss. The reason is simple – it involves death, most notably our own. And since death routinely shows up on lists of common fears, its obviously something we choose not to think about.

life insurance

Next to purchasing quality health insurance, I believe this is the second most important insurance a person should buy. I feel this way because there is nothing you can do about it once you are gone. You can’t buy a life insurance policy after you are dead. You can’t provide any financial comfort to those left behind once you are in the ground.

See what I mean about life insurance? Even writing those sentences brought a tinge of emotion I’d rather not feel. That’s what makes it so easy to avoid dealing with this.

But we have to. Life insurance is a big piece of the puzzle to our financial lives – even if we, as the deceased, will never see any of the money.

What is Life Insurance?

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