Life insurance is more about financial planning...
Talking about the probability of passing away and leaving
your loved ones behind is something many people prefer not to talk about.
Unfortunately, at some point, everyone will have to come to terms with that
reality, as well as think about life insurance. But life insurance quotes [http://www.insuranceagents.com/life-insurance/]
are not all about facing the uneasy subject of death. Life insurance is more about financial planning;
good financial planning in fact.
But to have that financial plan in place after your passing,
you will have to take time and think about following:
Best Life Insurance
Who is the policy going to
How many dependents do I have
How much life
insurance should I devote to
funeral costs, last expenses, taxes and existing debt
How much life
insurance should go to
my business, my spouse's future, and my kid(s)' futures?
What Does Purchasing Life
Insurance Mean?
Purchasing life
insurance [http://www.insuranceagents.com/life-insurance/cheap-life-insurance.html]
means having a plan installed for your loved ones to prevent harsh financial
burdens after your passing. Just how much you need depends on your salary, and
multiply that by 5 to 10 times. Your personal and financial circumstances
should also be taken into consideration. If you are well-off, you loved ones
may need less life insurance than a person who is financially
strapped for cash.
To get an estimate on how much life insurance you need, do the following:
Calculate estimated funeral costs, debt, taxes, bills,
mortgage and miscellaneous expenses. Label this total as "expenses."
Next, calculate all your cash, bonds, savings, retirement
accounts, property, pension and Social Security. Label this total as
"income"
Then, subtract the total amount of income from your expenses
to get a rough estimate of how much life
insurance should your
purchase.
What Types Of Life
Insurance Coverage Are
There?
Once you decided on the amount that you would like your loved
ones to have, selecting the type of coverage is your next job. Depending on
your age, your health and the probability of your passing, you should select
one of the following life
insurance policies:
Term Life
Insurance - A life insurance policy that would cover you for
a specific amount of time. These policies can be active anywhere from 10 years
or less, to 20 years or more, depending on the life insurance company. Should you pass during
the term period, the policy will pay out your loved ones. However, coverage
expires after the term period, so if you are still living, you will have to
purchase term life insurance again or renew your policy for a
bigger premium in most cases.
Whole life
insurance (also called
permanent life insurance) - A life
insurance policy that
would cover you throughout your lifetime. Thus, if you passed at any time of
your life, your policy pays out your loved ones no matter what. Although whole life insurance makes you pay a higher premium
than term life insurance, you may be able to borrow against its cash value.
Also, it gives a variety of saving and investment options.
Make Financial Plans With A Life
Insurance Policy Today
Life insurance may be hard to talk about, but if you start now, you will be
one step closer to making adequate financial plans for your loved ones to live
after your passing. Consult with a life
insurance agent today
to further talk about your loved ones future. You and your loved ones will rest
easier afterwards.
Origin:
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