How to Calculate Your Life Insurance Needs It's easy to purchase too little, or even too much, life insurance. This guide will help ensure you're prepared to make the prudent choice when purchasing this critical product. A question I’m often asked is, how much life insurance do I need? The answer begins with the question, what is the purpose of life insurance? The purpose of life insurance is to replace the financial loss to the survivors that results from the death of the insured. In other words, we need to replace the income of the deceased, and pay off the debts incurred by the deceased. Let’s start by calculating how to replace the income of the deceased. The amount is...
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LAWRENCEVILLE, Ga., Aug. 31, 2020 /PRNewswire-PRWeb/ -- The pandemic and topsy-turvy economic outlook continues to put financial strain on many of us, so it just makes sense to examine our budgets and look for ways to trim the fat from our monthly expenses and put more into savings, if possible. "That's a great way to help stabilize your finances, but it's also important that you have a financial safety net in place in case something were to happen to you," says Lee Duncan, CMO...
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LAWRENCEVILLE, Ga. (PRWEB) August 31, 2020 The pandemic and topsy-turvy economic outlook continues to put financial strain on many of us, so it just makes sense to examine our budgets and look for ways to trim the fat from our monthly expenses and put more into savings, if possible. “That’s a great way to help stabilize your finances, but it’s also important that you have a financial safety net in place in case something were to happen to you,” says Lee Duncan, CMO & EVP of Alliance Group in Lawrenceville, GA. “Life insurance is one of the few guarantees your family can rely on to maintain their quality of life if you were no longer there to provide for them.” (Check out these powerful...
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Assess Life Insurance Needs If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a 2019 study conducted by Life Happens and LIMRA, which closely follows life insurance trends, nearly 50 percent of Americans say that they have no life insurance coverage at all, even though over two-thirds of Americans recognize the need to obtain it. Role of Life Insurance Realizing the role life insurance can play in your family’s finances is an important first step. A critical second step is determining how much life...
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Tip: Final Cost. Paying for a funeral can be a financial burden on a family. Make sure your estate management will provide your loved ones with sufficient funds to cover this important cost. If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a study conducted by LIMRA, which closely follows life insurance trends, less than half of U.S. households say they have individual life insurance coverage, and 40% of Americans say they need more coverage. Recognizing the role life insurance can play in your family finances...
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Assess Life Insurance Needs If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a 2019 study conducted by Life Happens and LIMRA, which closely follows life insurance trends, nearly 50 percent of Americans say that they have no life insurance coverage at all, even though over two-thirds of Americans recognize the need to obtain it. Role of Life Insurance Realizing the role life insurance can play in your family’s finances is an important first step. A critical second step is determining how much life...
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Assess Life Insurance Needs If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a 2019 study conducted by Life Happens and LIMRA, which closely follows life insurance trends, nearly 50 percent of Americans say that they have no life insurance coverage at all, even though over two-thirds of Americans recognize the need to obtain it. Role of Life Insurance Realizing the role life insurance can play in your family’s finances is an important first step. A critical second step is determining how much life...
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Assess Life Insurance Needs If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a 2019 study conducted by Life Happens and LIMRA, which closely follows life insurance trends, nearly 50 percent of Americans say that they have no life insurance coverage at all, even though over two-thirds of Americans recognize the need to obtain it. Role of Life Insurance Realizing the role life insurance can play in your family’s finances is an important first step. A critical second step is determining how much life...
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Ramsey column: Evaluating insurance needs Dave Ramsey More Content Now Last year I got a divorce. I’m 32, a teacher and a single mom. I’m on Baby Step 2 right now, and I was wondering about life insurance. My son is only 2, and if something happened to me, he would go to his father. His dad is in good shape financially and responsible with money, so how much life insurance should I have? Well, you probably don’t need the full 10 to 12 times your income like I recommend for most people. The only dependent you have is also dependent upon his dad. And from what you said, his father seems perfectly able to take care of him. I’d get a good term life policy equal...
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3 Reasons to consider life insurance There are certain stages in life that call for us to take stock of our financial situations and put plans in place for the future and the unexpected – and it’s a good idea to include life insurance in that planning. Here are three life events that may prompt you to consider a policy. Are you and your spouse planning on taking out a home loan to buy a house together? Bond repayments can take a chunk out of your salaries each month, and it’s worth running the numbers to see whether you’d both be able to manage the repayments on your own if something had to happen to one of you. When considering your insurance options and requirements, remember that the...
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