RSSWhy Do I Need It?
The first step to learning about life insurance, is understanding its necessity and importance. Life insurance is essential for a number of different reasons. It is a financial instrument that allows you to protect your family and loved ones when you’re gone and also a tool to finance your objectives from education to retirement while you are alive.
Life Insurance can be used to:
- Make provisions to take care of your family after you are dead, guaranteeing that your family will continue to receive income.
- Give your survivors choices about their future – if you own a home, your life insurance might pay off the mortgage so your family can stay in the house rather than being forced to sell it.
- Provide an income to let your family maintain its standard of living and cover everyday expenses such as groceries, bills, rent, the mortgage, etc.
- Set at least enough money to take care of your final expenses so your loved ones won’t have to worry about these costs.
Life insurance can also be used to:
- Supplement your retirement
- Help cover the expenses of raising your children
- Help pay for your children’s education
- Preserve your estate
- Safeguard your home mortgage
- Protecting your business
How Much Do I Need?
That’s my job to help you figure out. By doing a simple Financial Needs Analysis in 10 minutes we can come up with an EXACT number of what you will need to provide to your family for them to survive without you. We will take your short term needs (liabilities), long term needs (standard of living replacement) and finally, lump sum for future projects. The validation offers great calculation flexibility: rate of return on investment, inflation rate, standard of living replacement duration with or without depletion of capital.