Review your Life Insurance Today
An article in the L.A. Times goes over the crucial need to have adequate life insurance to protect your loved ones and gives some stories about people who didn't have enough life insurance. Adequate Life Insurance should be a key part of one's financial plan. Following is an example for a better understanding of the need for adequate Life Insurance.
A 47-year-old man spent his six-figure salary so fast he had no savings to speak of and a mere $30,000 in life insurance. His savings did not last for his wife and two college-age daughters who had to beg acquaintances for help after he died in a car accident. This is a sad situation. What could have been done was to ensure a proper family and health insurance plan that could take care of his family, in case of an uncertainity like this.
Calculating the amount of life insurance you should have is really pretty simple. The simplest way is to calculate a multiple of your gross income. 10 times your income is the least you should have. Someone making $100,000 per year should have at least $1 million of insurance. 20 times income is usually the maximum an insurance company will offer.Getting life insurance is not hard these days with online life insurance sites along with the new return of premium term life insurance. You can see pricing right on the site and then click to have someone set it up for you.
A 47-year-old man spent his six-figure salary so fast he had no savings to speak of and a mere $30,000 in life insurance. His savings did not last for his wife and two college-age daughters who had to beg acquaintances for help after he died in a car accident. This is a sad situation. What could have been done was to ensure a proper family and health insurance plan that could take care of his family, in case of an uncertainity like this.
Calculating the amount of life insurance you should have is really pretty simple. The simplest way is to calculate a multiple of your gross income. 10 times your income is the least you should have. Someone making $100,000 per year should have at least $1 million of insurance. 20 times income is usually the maximum an insurance company will offer.Getting life insurance is not hard these days with online life insurance sites along with the new return of premium term life insurance. You can see pricing right on the site and then click to have someone set it up for you.
posted by Steven James at
2:50 AM
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