Best Life Insurance Made Easiest For Every One
As soon as a person relies on you financially, you need life insurance.
Most of us know this, but for some very good reasons, we really do not want to think about it. To start, someone has to die for the use of life insurance. Apart from this, buying a policy means that we should put a price on the life of anyone we love. It’s all complex, dirty, emotional stuff
So we are lying on the bed thinking about this dilemma: We know that we need insurance, but this is the last thing we want to think about. So let me talk here and just give a very simple way, so that you can check life insurance from the mental checklist.
My goal is to give you a “good enough” plan that instead of spending time exploring the “right” plan, will actually take action, you will never get it. We want you to sleep at night, and this good plan will be able to do this. .
Step 1: Take your salary and multiply it by 20.
First of all, you have to decide how many life insurance you will be buying. This is where most people get trapped. You are not going to get trapped just take your income and increase it to 20. For example, let’s say your income is $ 50,000 and take $ 50,000 to 20 and you get $ 1 million. This is the amount of life insurance coverage that you will buy. It goes a long way in taking the place of economic loss, as a result if you are not around now
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Step 2: Buy 20-year term policy for that amount
Term life insurance is the cheapest policy you can buy, and it is not complicated. Unless you pay premiums each year, and your insurance company resides in business, you will be insured for a full 20-year period, and your premiums will not go up. If you die during that time, the beneficiary receives the money and does not pay any tax on it.
At the end of 20 years, you no longer have insurance and the insurance company keeps the premium paid by you every month. However, term insurance is the cheapest way to change an economic loss, which is the purpose of life insurance, it is not an investment or savings account. It is clear, simple insurance
Step 3: Life insurance? check.
Bus. Two steps and you are
I was curious, so I got a quote for a 35-year-old male, non-smoker in good health. I got stuck with an example of $ 50,000 per year. I called a major, high ranking, life insurance companies and got quotes. The premium for $ 1 million policy will be $ 613 per year.
It’s about $ 50 a month though it’s nothing, I think that if you do not ever consider life insurance, then it is less than expected that you are expecting.
Look, I know that there are more comprehensive, complex ways to do this. What about the amount of your mortgage or the cost of your children’s education? And what about inflation? How should your beneficiaries invest that money? What if your spouse’s life becomes more expensive?
These are all valuable questions but none of them is there if you do not have any life insurance policy
It reminds me that Mohan Group founder John Boley said about the index of his simple plan of investing mutual fund investments. “There may be advice in it which is better than that, but whatever advice is, it is infinite.” And worst, there is no policy so far.
This is called 20-20 plan, you only have to remember 20 and 20. Schedule a 10-minute time, increase your salary by 20 and buy a 20-year policy in that amount. Cross this item from your list of luggage and stop sleeping on life insurance.
Source: Best Home Insurance UK