Chomp… Chomp… Chomp…
That’s the sound of termites destroying your financial foundation.
But most people aren’t aware it’s happening. And it’s claiming more victims than you might think.
Of course, you’re aware of how inflation is eating away at the value of your dollars. You feel it at the grocery store, the gas station, when you pay rent, and just about everywhere you look.
But, if, like many Americans, you own a term insurance policy, personally or through your workplace, it might not even be worth the paper it’s printed on when you need it.
Inflation has been running at a 40-year high, currently around 9% per year. But let’s say the Federal Reserve gets it right and brings inflation down to 4% annually in the next few years.
Imagine that you have a $500,000 20-year term policy. In the event of your death, the benefit your loved ones would receive will lose up to 56% of its purchasing power.
[Read more…] “Are “Termites” Destroying Your Financial Foundation?”