Life Insurance Tips

Life Insurance TipsAccording to Jack Hungelmann of, “buying life insurance is an act of love”. Providing a safety net for your family just in case the unthinkable happens is a great way to ensure their future even if a family member is no longer there to provide for them.
Below are tips on how to select the right life insurance to protect your family:

  • For a family of four, financial experts recommend that survivors of one parent’s death make do with 7.5 times income. I recommend 10 times income. The extra cushion will allow the surviving parent to work fewer hours and spend more time with his or her children
  • For a young family getting started financially, I recommend term life insurance as the most cost-effective way to provide the most money for the lowest premium. Lock in the price for at least 20 to 30 years. And make sure the policy is convertible to a permanent policyur famil
  • If one spouse is a homemaker, carry at least $250,000 to $500,000 in life insurance on that person. Buy an amount high enough so the surviving working spouse can be more available to the children and still hire replacement services such as a nanny.
  • Don’t just buy group life insurance because you assume it’s cheaper. It probably isn’t. In addition, when you leave the company or the company closes down, so does your life insurance.

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