US Health Advisor, US Health Group, 2250 Point Blvd suite 322, Elgin IL. 60123
Your question requires you to answer several questions first such as what your loved one/s could live on in the event of your death and absence of your income. What amount would help them pay monthy bills for at least one year or however many years you wish? You may want to factor college tuition/vocational training expenses for children. Your budget can also be a determining factor in how much insurance coverage your buy and although there are other considerations; these are a couple of major points to think about when choosing the level and type of life insurance.
Life insurance is an indemnification product to protect the policy beneficiaries of the insured.
If you have people who depend on you financially, you need life insurance. You need to consider three main areas in tabulating the amount necessary to protect your beneficiaries from suffering economic loss at your demise. You need to create a list all debt (like a mortgage, car loans, credit cards, student loans, future obligations (like education for your children and weddings) as well as your earning power until you retire. Adding up each category will establish a solid foundation for the amount of life insurance you need.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Start by computing your current salary times the number of years to retirement and factor in a 3% average wage increase annually. You will be astonished at how much money you will probably earn. If your family is deprived of that income, plus the shocking loss of you, what will be the impact? Is it reasonable that your spouse could continue to care for the children while meeting the financial needs of the family? Are there aspirations for your children? Do you want them to go to college? You are very important to your family, don’t underestimate your worth.
.JPG){kind=avatar}
If you have people who depend on you financially, you need life insurance. You need to consider three main areas in tabulating the amount necessary to protect your beneficiaries from suffering economic loss at your demise. You need to create a list all debt (like a mortgage, car loans, credit cards, student loans, future obligations (like education for your children and weddings) as well as your earning power until you retire. Adding up each category will establish a solid foundation for the amount of life insurance you need.