Life Insurance to Protect your Children
While cynics may suggest that the advertising of life insurance is overly sentimental, the fact remains that your family needs to be insured should the worst happen. Your children are the most vulnerable as they do not have the means to financially support themselves, so life insurance for children is a necessity to ensure their future wellbeing. Both parents should fully insure themselves so that their spouse will be looked after, and their children will be able to afford college education.
The Question of Purchase
A common question asked is how much should I insure myself for? Many people decide that a policy worth triple their annual salary is sufficient. This is a really dangerous assumption to make.
The Life and Health Foundation of America (LIFE) have found that it is possible to only take out five percent of what your life insurance is worth before you have to touch the initial amount. For example, someone who earns $70,000 a year and buys a policy worth triple that, $210,000, entitles their beneficiaries to only five percent of this per annum, $10,500. When you consider the possible debts, loan repayments, and mortgage worries, this is a paltry sum. Don't try and work this out by yourself if you believe you are incapable of such mentally dexterous work. Instead, hire a professional to discover the best policy and course of action for you. Failing that, find an online life insurance calculator for the best results.
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