SOURCE: SelectQuote


February 04, 2010 13:49 ET

Tips for Financial Health and Wellness in 2010

"Add Financial Health and Wellness to Your New Year's Resolutions," Says Charan Singh, Financial Expert and CEO of

SAN FRANCISCO, CA--(Marketwire - February 4, 2010) -  The number one New Year's Resolution for Americans annually tends to be financially-related. Americans resolve to improve their financial foundation ahead of even losing weight or improving their health and wellness. 

Franklin Covey, the global leadership and effectiveness training and products company, conducts an annual survey that examines New Year's Resolutions, and found that the top three New Year's resolutions or goals tend to be along the lines of (1) improving personal finances, specifically eliminating debt and\or saving money, (2) losing weight, and (3) developing a healthy habit like exercise or healthy eating. 

"We often associate the New Year with a re-commitment to our health and wellness. Yet, to most Americans, financial health and wellness are as important as physical health and wellness. Your financial health and your physical health are both critically important to peace of mind and quality of life," said Charan Singh, a financial expert and Chief Executive Officer of SelectQuote. 

"I encourage my family, friends and colleagues to begin the year with a financial plan, with an idea of where you want to go in the year ahead and what you want to accomplish. It's a healthy exercise to look at one's finances and envision and plan for a better financial foundation," said Singh.

Suze Orman, the well-known financial expert, echoes these comments and offered some financial resolutions for 2010 in, "Nine Small Financial Steps That Will Pay Off Big in the Future." 

In the article, Orman puts (1) savings, (2) retirement and (3) life insurance among the top priorities for personal financial planning. Orman's recommendations for savings include admonitions to "save a bit at a time" and exercise more personal financial self discipline. In planning for the future, Orman encourages 401(k) participants to "max out their company match" and to invest in a Roth IRA. She rounds out her 2010 recommendations with a call to create the "most loving documents in existence" -- a living trust, a durable power of attorney and a will. She concludes with a recommendation to guarantee "peace of mind" by purchasing a life insurance policy. 

"Life insurance is the foundation of a smart financial plan, particularly when there are family and loved ones who depend on a person's financial support. All other financial planning can be for naught without the foundation of life insurance in place," said Charan Singh of

Experts note that more than more than one-third of all adults carry no life insurance and the majority of those adults who do carry life insurance rely on more limited group life policies obtained through an employer. 

Suze Orman notes, "If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance. Keep it simple and buy term life insurance; it's good only for a specific number of years and then expires. That's okay -- life insurance wasn't meant to be permanent; it's there to protect your family before you've had a chance to accumulate enough funds (through investments and savings) to do so."

She adds, "Most people should get a 20-year level term policy that has a value equal to 25 times the amount of annual income your family needs to live securely." 

"Term life insurance is probably the smartest life insurance choice in the current economic environment. First, it is typically the most affordable form of life insurance and, secondly, it provides the most coverage for the dollar, the best value. That's because term insurance is pure insurance, whereas most other life insurance products are often, in essence, combined investment or savings vehicles," said Charan Singh.

To ensure that you are getting the best value when purchasing a life insurance policy, experts say to conduct research and compare life insurance quotes and prices online for different policies. Life insurance costs can vary widely depending on variables such as age, health, and whether or not a person smokes. There are a number online sources that a consumer can consult when considering life insurance: The American Council of Life Insurance ( has a range of information and brochures, SmartMoney ( has an online insurance calculator; and SelectQuote ( can provide comparative life insurance quotes from more than a dozen leading insurance companies.

SelectQuote Insurance Services,, is the nation's number one term life insurance broker, offering consumers quotes and comparisons from more than a dozen of the country's leading and most highly-rated insurance carriers. 

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