LIFE INSURANCE SHOULD BE SIMPLE...
There are 3 simple options:
Temporary life
Often the most affordable option, TERM LIFE protects you for a specific period of time (usually 20-30 years) while you're in your prime earning year.
permanent life
Whether a WHOLE LIFE or IUL - these policies last your entire life even if you live to 120. They may even accrue cash value you can use while you're alive.
supplemental
From Critical Illness to disability - supplemental policies pay out at DIAGNOSIS (not death), because sometimes you're alive, but you can't work.
Hi, I'm Amanda
After the sudden passing of my grandfather and learning my grandmother had nothing to fall back on - I quickly realized how important it was to create a secure plan for your loved ones.
I feel a massive pull I'm my heart to help you leave a lasting legacy so the ones you love the most can continue to build a bright future.
When I'm not serving my clients, you can find me outdoors! I love all things outdoors and adventure. You can say I'm a bit of an adrenaline junkie!
What affects the price of life insurance?
The biggest factors are:
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Besides those very basic things, there are other considerations:
What if I already have life insurance through my job?
Most people have some life insurance from work. But there are usually two important things to know about that policy:
Check out the box "How Much is Enough" for info on home much protection you sho
On the second topic- because YOUR WORK owns the policy, you're only covered while you work there. The minute you no longer work there - you no longer have life insurance.
Real Life Scenario: Guy gets diagnosed with cancer and has to quit his job to literally fight for his life. He loses the fight. He also had lost his life insurance.
Real Life Scenario 2: At 45 guy leaves his job to start his own business, he now needs life insurance and it's simply MUCH MORE expensive at 45 than it is at 30.
How much life insurance should I have?
This is simple to answer with another question:
How many years do you want your family to continue their current lifestyle before they have to consider what's next?
Let's say you make $75k/year, you provide the health benefits (which would have to be purchased if you died). You also fix some stuff around the house and maintain the lawn and cars (which would have to get hired out if you're not around.)
So, we'll say your total financial contribution to the family is about $90k/year.
A $450k life insurance policy would cover your family for 5 years. A $900k policy would cover them for 10 years.
This is your next step: