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Insurance

We are compiling a comprehensive area on Office Chat that outlines what different types of insurance there are and what is involved.

Different Insurance Types and information:

How much life insurance is needed?

When you look into how much life insurance you will need to purchase. You are really looking at what your family will need from a day to day living point of view, without you. It all sounds quite grim and we don’t always want to think about our mortality but when you have a family, children to consider it is not only your absence that will be felt keenly. The wage of whomever is the main wage earner is a considerably loss to the monthly purse and can cause huge hardship at a time when bereavement is dominant.

It is important to think about the future, your potential in the great scheme of life, your ability to earn more, to have increased responsibilities. One of the main questions you can think about is, if you are a single person living on your own with no family ties or responsibilities do you actually need life insurance? If that is the case and you have money spare, take out an investment and if your life situation changes adapt your finances at that time.  If you don’t want to burden your parents with funeral costs it may be you could take out a convertible term life insurance plan which will involve very low payments over a specified term.

When it comes to calculating the finances for your life insurance your main considerations are your monthly outgoings. Your financial commitments will involve not only your household mortgage, loans and monthly bills but also your ability to meet the commitment to a life insurance policy itself. Stopping paying for instance a term life insurance policy will mean that you are no longer covered and that all the money that you have paid already will be lost.

When you are calculating the amount you want to purchase you are looking at multiples of your annual salary. How many multiples is for you to decide but a good guide is at least seven times. This is because when you consider your beneficiary will need to place your life insurance payment into an investment plan, that investment plan will need to be substituting your wages not just for a year but for the duration you would have been earning and contributing to the family.


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