Have you ever wondered how much life insurance is really enough? There is a need to get more space because its value increases every day? How about your investments? Where you fit into this picture?
This article will solve your problems once and for all, life insurance than you really need to apply and how to go about the decision, with or without the help of a financial expert.
With all the instabilityWorld, people of all walks of life, both economic status or any other condition, they need life insurance on its ability to protect an income.
The priority areas of uncertainty that will be premature death, disability and live longer, even though some might find that a problem of good. I belong to this category.
After years of research and paperwork, there is a way to find out the amount of life insurance needed to replace the incomeResult. This corresponds to annual income of a number (multiply and research). To replace the five income years, multiply the annual income of 4.5. For ten years, the factor of 8.5. For twenty years is about 15 There is some uncertainty with this method, but I agree that I will save much time.
There is another method that just as easily and more precisely on what you really need, whatever the future of your net worth. This method can also prevent a person to put asideexcessive or too little money for life insurance. The method consists of five steps.
1) Find the total financial resources available to calculate the total amount paid for the investment, the existing systems of life, sources of income, social benefits, if applicable in your country, and the savings (less than three months for the average monthly expenditure).
2) Estimate how much money is spent annually Related ResourcesTo spend a sum of money that you need each year including invoices, which are expenses for transportation, meals, expenses for children, mortgage or rent, all by myself wearing them. For example, if stock of half the costs of your children in connection with your wife, put half the cost of your child in total.
3) Find the number of years can be your family without your income shares of existing resources and available, as we saw, leaving the total expenditure per year. This is the numberYears, the family can be without your income, should a disaster happen.
4) Calculate the number of years remaining for your loved ones support Add this amount to each individual's age the most important members. This module "A" (note that the figure "A" refers to the figure depends only on a calculation of the key is) for a simple explanation. Deciding the average life expectancy for the parents or spouse, and the maturity of children. Usually, the boys are25 and for girls is 22, the difference is due to the need for military training in some countries.
Subtract the figure "A" life expectancy or the maturity of the person. This is the value of this step is necessary.
5) Shortfall Amount = amount of life insurance needed, multiply the value calculated in paragraph 4 from the annual cost in step 2. This amount is the loss of life, are replacedAlso reporting are required. Now that you know what you need the right amount of life insurance to be calculated, is the only thing in his way of late. As with the food, which is a basic need, it must have adequate insurance cover, so that he or she can make life happy, to live without worry and regret.
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