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Everything You Need to Know About Life Insurance, Part 1
6/14/2010 9:31:35 AM
I'm starting a 5 part blog series today on the exciting and enthralling topic of Life Insurance. I know what you are thinking already...I'm young there is no need to be thinking about life insurance....Well, wrong! There is no better time to start getting educated on something this important then now!
If you have a family, or someone else that depends on your income to live, life insurance is an absolute must. Too many families without life insurance lose one of the parents, and then the other parent has to work full-time and barely scrape by, it’s almost a financial death sentence. Even if you’re a stay-at-home mom, you need good quality life insurance, because if you’re not around to take care of the kids, there’s going to be added cost of daycare and much more. If you have a family, you absolutely need life insurance. Here’s some advice to help you find good quality life insurance?
How Much Life Insurance Do I Need?
You’ll want about eight to ten times your annual income in life insurance. The reason for this is that the goal of life insurance is to replace your income. If your spouse put ten times your income into a quality mutual fund that earns 10% each year, the investment are now making as much as you do when you’re working, and have a lot of money left over once the kids are on their own and no longer need your support.
...to be continued, stay tuned this week to get the rest of the scope!
