One of the first steps in buying life insurance is determining how much coverage you will need. Your life insurance purchase should be a part of a larger financial plan, taking into consideration any strengths or gaps between your current situation and your financial goals.
In this post:
Why do you need insurance?
Life is unpredictable. Whether we like it or not, unexpected events like sickness, accidents, or death may happen that could stop us from living every day to the fullest. While these events could be expensive, your insurance can cover the costs, so that you don’t have to sell your investments.
How much insurance do you need?
One of the common misconceptions with insurance is that having one policy is enough.
The truth is it doesn’t matter how many insurance policies you have purchased. What matters is the total benefits for you and your family. You still need to regularly check if the insurance you purchased is enough to cover your family’s needs. A policy review is needed when there are changes in our circumstances and lifestyle.
I created a tool that helps you calculate how much coverage you need for your: (1) life insurance; (2) health insurance; and (3) retirement fund.
How I can help you?
I’m a licensed financial advisor, and I can assist you to find product solutions to help you get from where you are now to where you are headed financially.
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