Forbes Magazine dated June 27, 2011
For a good deal on a life or disability policy, shop when you're least in need.
For great rates on affordable life insurance, contact Ai Insurance today! Offices in Fayetteville, Wilmington, Rocky Mount, Greenville, and Wilson. Ai Insurance specializes in getting you the coverage you need at a price you can afford. http://www.aiins.us
In the wake of the recession only 44% of American households have individual life insurance, a half-century low. Fewer still have disability insurance. If you're uninsured or haven't reviewed your coverage recently, here's a reason to get moving: You're the youngest now you'll ever be, and as you age the cost of coverage will only rise. "A 35-year-old male is going to pay less than a 36-year-old male," says Mark Maurer, president of brokerage Low Load Insurance Services.
Here's how to get started.
Find your family's number
Insurance agents are fond of citing multiples of annual income that people should try to replace with life insurance. But what matters is your own family's needs. "The key question is ‘Who suffers if this person's income is gone?'" says William Wixon, a certified financial planner in Maple Grove, Minn. In fact, Wixon occasionally advises his older clients to let their life insurance policies lapse.
Young parents, by contrast, generally do need life insurance. But situations differ. Two highly paid professionals might be able to raise their kids just fine on one of their salaries, while a stay-at-home spouse needs extra protection should something happen to the sole breadwinner. Estimate what your survivors would need to cover future bills, including a mortgage and the rapidly rising cost of college. Then subtract your spouse's expected earnings, plus death benefits your family would receive from group life insurance policies, Social Security and other sources.
No comments:
Post a Comment