What you really need, but you hope you never use?
it is life insurance, of course.
September is National Life Insurance Awareness Month and it is a good time to discuss this important tool in our first financial aid kit.
We want our family to be provided in the event of a tragedy, but we hope we will never need to cash in on life insurance for ourselves or our spouse.
When my husband and I were married, I left a job broker to become the wife of a fighter pilot. He had two children already and we had five children in seven years.
But then we moved 11 times in 13 years.
Needless to say, I could not support a career as a broker and take care of all these children while he was deployed.
then, when it came time to discuss life insurance, we knew we had to ensure the main breadwinner.
Insurer Mom
I am a full time mom and we thought I did not need much more than that a political burial, but we were wrong.
This topic generated a lot of discussion here on the blog recently TaxACT (Moms Listen Up: You need life insurance, too).
I realize that my children would need me to be insured if something happens to my husband can continue to work and support the family.
According to Salary.com, the average mom stay at home working 96.5 hours on household and child rights in 2014. If paid for 40 hours, plus 56.5 hours hours further, a housewife would earn $ 118,05.
If you want to know how to be a working mom is a value in terms of salary or as a mother at home, you can calculate what is needed each year to cover all the work you do for your family.
you can also use a life insurance calculator to determine how much insurance you and your spouse need.
children [1945007Bienassurer]
What ensure your children?
I have always said that we should never benefit financially from the unthinkable experience of losing one of our children. I still believe that philosophy.
But it is also important to have your child insured with adequate coverage to pay for a funeral.
Many policies have riders that can be added to a parent policy to cover a child for up to $ 10,000 or $ 15,000.
life insurance 101
So how do you know what type of coverage is affordable and best for your family?
Here's a quick guide to help you navigate this conversation with your partner.
We have also listed a sampling rate * well.
* These rates are for a 35 male age in the best risk category available for these products.
risk class is determined by factors such as tobacco use, health, medical history, family and lifestyle.
Your actual premium will be determined by the examination subscription. Prices may vary by state
Level Term
- Benefits :. level payments over a specific period, usually 5, 10, 15 or 20 years; can be converted into a permanent policy. Up to 30 years in terms of duration of cover
- Disadvantages :. More expensive than ART (yearly renewable term) in the early years, cheaper in the following years. You do not build the value of money on politics
- Sampling frequency * - .. $ 14.15 per month to $ 250,000 and 10 years
Whole Life (permanent)
- Advantages: fixed premiums; cash value that you can borrow against; Possible dividends; the benefit of deferred tax; guaranteed death benefits. Coverage is for your life
- Disadvantages :. Initially premium higher than term insurance; little flexibility in premium payment
- Sampling rate: .. $ 84.57 per month to $ 100,000
Universal life (permanent)
- Advantages: flexible premiums; the deferred tax benefit on the cash value; access funds; options allow the accumulation of cash or insurance protection. Coverage is for your life
- Disadvantages: ... If interest rates fall, the low value of cash accumulation can cause expiry policy unless you add money
- sampling rate - $ 70.74 per month to $ 100,000
combination
- Advantages: flexible premiums; options allow the accumulation of cash or insurance protection. Coverage is for your life. Guaranteed insurability policy throughout life, while offering lower premiums with the long-term policy
- Disadvantages: .. Plus the cover, but the most expensive premiums
- Rate sampling - $ 98.72 per month for $ 250,000 10-year term and $ 100,000 Whole life
SGLI (life Insurance Group 'Servicemembers)
- Advantages: you can get $ 400,000 of SGLI more additional coverage provided by SGLI traumatic injury protection. Coverage includes battlefield operations
- Disadvantages: If you separate you from the army without the benefit of a pension, you are not eligible for this policy
- Rate sampling - $ 29 per month for military ...
Finally, remember that you can add on children for extra bonuses when purchasing your own life insurance.
There are some policies that allow you to purchase a benefit to pay premiums if you become disabled.
with these policies, you will not have to worry about your life insurance coverage being canceled in the event of a health crisis.
So sit down with your partner and conduct a Sixty minute workout with life insurance as the topic on the table.
is a good way to take care of your family in the future and give you peace of mind as well.
do you currently have life insurance
photo credit: thelotuscarroll
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