The article introduces the four financial stages that can help determine life insurance needs in the U.S. These stages are the planning, building, achieving and succeeding stage. Each stage presents its own risk. For instance, the primary financial risk during the planning stage is loss of ...
No one needs to tell you why you should havelife insurance: If you die and your family or anyone who depends on you for support could no longer count on your income, life insurance would replace that income — assuming you choose a policy with the amount of coverage that is right for y...
The all-encompassingNeeds Approachmay seem complex, but Navy Mutual’s free and easy-to-useBasic Life Insurance Needs Calculatorwill painlessly guide you through the process. Once you have determined your preferred needs assessment method, our team of experienced sales representatives will help you ...
Organizations should approach their business with a sense of enthusiasm and positivity and always expect best out of it. Read MoreFor All Your Insurance Needs We Specialize in understanding the needs of the IT industry. Let us design an insurance plan that is in compliance with your needs, and...
I'm Financially Independent; Do I Still Need Life Insurance? If you have plenty ofmoney stashed away to cover your family’s financial needsin your absence, then you might fall into the group of people who actually have no need for life insurance. This would apply to those who are i...
Applying for The Right Amount of Life Insurance Many factors go into getting the right amount of life insurance. Income is among the most important since it can be a proxy for your household needs. However, you also need to consider your debts, your dependents' changing needs and g...
Step 3: Compare your True Insurance Needs vs Your Financial Reserves Comparing Step 1 vs Step 2 should easily reveal how much life insurance your family could consider. In our above example we see that this family has a total need of about $1.244 MM in funding to get their children through...
time assessing the many variables involved so that a family can ensure that it will be taken care of and will not be in any sort of financial distress if a family member passes away. The following are five key steps in calculating life insurance needs for the human-life approach. ...
You could also run through a more formalneeds approach. You calculate exactly how much your family would need to pay for both your immediate expenses, like the funeral and paying off debt, as well as for ongoing costs to maintain their lifestyle. A life insurance agent can walk you through...
If you’re getting life insurance purely to cover debts and have no dependents, there are other alternatives. One is toself-insure, which occurs when someone sets aside a pool of money to be used to remedy an unexpected loss, rather than spend it on insurance. Self-insuring against certain...