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Choosing the Best Life Insurance Option for You
Life insurance in the UK is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of...
Critical illness insurance and life insurance cover for better and for worse.
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for yourself and your expensive vehicle. Auto insurance keeps
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Vision Insurance: Your Child's Vision and Preparing for Unforeseen Problems
Today, 1 in 4 children has an undiagnosed vision problem.
Although, the chances of developing a vision problem are greater
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What goes into my rating info, how are my car insurance rates determined?
Your auto insurance rates are determined by a number of factors: -driving record -usage, how you are using the vehicle, work, pleasure, business -how many drivers you have and their ages -how many vehicles you have -what kind of coverage...
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What is Life Insurance?
Life insurance protects you and your family from economic hardship as a result of death. It is an insurance company’s obligation to pay the recipient of your choice a pre-determined amount of money when you die in exchange for timely payment of premiums while you are living.
Do you really need life insurance? Well do you want to provide for your family and loved ones in a manner to which they have become accustomed in the untimely event of your death? If you are the primary breadwinner who will pay the mortgage on the house your spouse and children live in if you pass? Who will provide financially for your family if you are gone? How will your children’s education be financed in your absence? And finally how will your burial expenses be covered?
Now that you have decided you do indeed need life insurance, how much do you need and if you already have life insurance do you have enough? Some things you will need to consider when making this decision:
How much can your family afford to pay off your mortgage loan or your rent if you die?
How much debt will you leave behind to include credit card balances, car loans, student loans, personal loans
etc.?
How much annual income will your death remove from your household?
How much will the funeral you desire cost?
Do you want to leave behind a charity fund in your name?
Do you have special family members you would like to leave a financial gift behind for?
How much will your spouse need to care for a family member with special needs?
How much do you want to leave behind for your children’s education expenses?
Once you calculate how much money you want to leave behind consider how much you currently have in terms of individual or group life insurance along with your other assets such as savings accounts, CDs, mutual funds, stocks, bonds, 401K, retirement plans or pension plans and subtract that amount to decide how much life insurance you currently need to purchase.
About the Author
Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers free money saving auto, home, health and life insurance quotes that you can research in your pajamas on his website.
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