Tom Brough of Chicago is a financial expert who formed Brough Investment Advisors in 2009, after he had successfully completed a certified financial program at Northwestern University. He has been a financial advisor for many years. He has worked as a broker at several Chicago area brokerage firms, and also as an independent broker.
He is also a licensed life insurance agent. He has found that many people consider life insurance a daunting subject. It deals with something most people do not want to confront – their own mortality – and is can be expensive. A lot of people also find it complicated. And as the clincher, it can be boring.
That is where a licensed life insurance agent like Tom Brough of Chicago steps in. He says that the combined issues of complexity, dullness, expense, and subject matter can lead perfectly intelligent people to make unwise decisions. Many do not buy enough life insurance to cover all of their needs, he says, and many of those who do buy enough make mistakes, and end up with insurance that is not favorable.
But Tom Brough of Chicago says that consumers need to consider several things before they wade into the life insurance maze. He says that younger people without dependents probably don’t need life insurance, at least not yet. It’s a good idea to buy some if you plan on starting a family. He says that by starting young, you guarantee your insurability, provided you keep paying the premiums.
You can determine how much life insurance you will need by considering your age and income. Or, he says, you can take a needs-based approach by assessing the impact of your death on your dependents. You should also decide whether you need term insurance, which does not have an investment component, or cash value insurance. Term insurance usually has lower premiums than does cash value insurance.
Tom Brough of Chicago received a degree in finance from DePaul University.