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The amount of power sufficient life insurance? How do you know that?
For most people talk about life insurance sounds almost as fun as visiting the dentist. But, like going to the dentist, you can worsen ignoring a relatively minor problem and turn something that was uncomfortable only in a nightmare. In today's economy, where everyone is looking to cut costs, it may be time to rethink how much life insurance you really need are reporting.If you want to terminate an existing contract, you can use these 7 mistakes that people make with their lives before looking at it.
1 "I'm ready for life!" According to a recent survey by AllstateInsurance middle-income Americans believe that the majority of respondents believe that the people have a certain amount of life insurance, but I thought it was just enough to cover the outstanding debts and funeral expenses. Surprisingly, about 20% felt that the term life insurance to replace the income of the deceased for the benefit of the surviving family.
According to a recent survey by the Insurance Information Institute, a third of adults have no life insurance at all. Among those who remain, most of them have only the insurance that comes from their social benefits usually 1x, 2x or maybe your annual salary. Chances are, there will be no adequate replacement income adequately supported its position after his death his.
In fact, with a term life insurance is seven to ten times his current salary is the minimum recommended for anyone with young children. This amount will ensure that the children and the surviving spouse is financially strong enough to do so over time it takes to adapt to the loss of a spouse.
Two. "Life insurance'd rather not talk about it." Let's face it, no one wants to think about their own mortality. The idea of death is a little uncomfortable for most people over. However, most people want to ensure that your loved ones are financially secure after your death.
This weekend you can find a few minutes to make with your spouse or partner, and the question: "How have you and the kids if I had received:" It is important to address this issue now None. promised another day, and it makes sense to have a plan in place as soon as possible. You never get a second chance, a life insurance policy after the last purchase!
Three. "My father told me that they have coverage equal to 7 times earnings." In our parents' generation, the old board that was 7-10 times earnings was solid. In the world of today "Today it is not a useful measure due to various circumstances of life today. Much dynamics were can easily be found not so common 50 years ago today. A single person with no dependents have less need of a family to a partner stay home and four children. Stepfamilies also new complications when planning for the life insurance.
Treasures instead of the order, how much you need your family, is a more accurate approach to sit down and list the things that you want to protect. What are the costs to ensure that their children be placed in the way you want, or they can attend the college you want to attend? Manage your spouse as the mortgage, taxes, utilities, food on the table, keep the car, etc? These are little things that are often overlooked when a financial plan, but have very large challenges in the event of premature death of a spouse who works.
April. "I never thought." One area that overlooked when a financial plan is to take into account that the employer benefits that would be lost through the death of a working spouse can be paid. Costs such as health insurance, payments from retirement accounts, credit for child care, etc., all believe the death of an employee. Note that a health plan sponsored by an employer subsidized by the employer. To ask the question is then: "When I die, the subsidy How can I pay the health care system for my family when I'm gone disappears."? Part of the answer, of course, to ensure that your life insurance enough money to cover the new health insurance bill paid.
Mai "I'm too busy to worry about life insurance worry now." It is easily the long term, if we so consumed out of sight with the management of our lives. Do not lose track of lose, how many it will take a long time for your children to be independent, and make sure that the amount of life insurance that is equal to the task. A general rule to plan your children are "dependent" in 25 years because of school and looking for a career. If the child is 10 today, you want to have at least a 15-year policy to cover this risk period
June "It's too expensive." One of the first objections that many people have to buy a term life insurance is that it is too expensive for them. This is a big mistake in thinking, because it is possible to find a policy that fits your needs and your budget. Term life insurance is much less expensive than permanent insurance, and is the ideal tool to manage their financial risks.
For example, a 40 year old man with a regular structure, Non smoking, and taking medications to treat high blood pressure, a 20 life insurance of $ 500,000 one-year mandate to get $ 44.00 per month.
July. He bought and forgotten. So, you have a term insurance policy for five years? They are the same person today that was five years ago? If we are honest, the answer is "No" Perhaps there were some changes in your lifestyle, like getting married, having children, buying a house, etc. These major "life events" are exactly why you should Check your life insurance from time to time to ensure that your policy covers your "new" condition.
The determination of the amount of coverage your family needs is one of the most important decisions you can make. Sit down with your family and start a discussion. Once you have the right amount of coverage that you spent a couple of sentences, you will certainly see that you feel comfortable when you start a life insurance application. After all, the term life insurance provides peace of mind to do.
Andrew is Enrique's agent VivaQuote.com management, life insurance advice line to ask questions about planning for life insurance that offers a wide range of insurance and pension products from reliable answer given industry. For further information, by comparing a question or life insurance rates instantly, visit http://www.VivaQuote.com.
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