Think you don’t need life insurance? Think again!

Of all the insurances available, the one with the worst rep is life insurance. Which is unfortunate because many people’s lives have been almost literally saved by life insurance.
In our business we commonly hear stories of people who face financial ruin when the principal breadwinner of the family dies suddenly.
Life insurance is a very unselfish act. After all, it’s not you who will benefit but rather your family should you shuffle off this mortal coil unexpectedly early. It’s a way for you to ensure they won’t have to worry about the mortgage, funeral costs and a potential mountain of bills while grieving your loss.

Insurance experts say the amount of insurance you’ll need should be based on how much money you make. The rule of thumb suggests protection five to eight times your annual income. When working out the coverage you should consider your family’s needs once you’re gone, including all ongoing costs your spouse and children can expect down the road. Remember to factor in those immediate after-death expenses like medical and funeral bills. Also think about mortgage insurance, which pays off your home loan if you pass away before you’ve made all the payments.

There are many different life insurance options on the market and they constantly change. It takes an expert with wide knowledge of the policies available to give competent advice so don’t make any decisions about this without talking with me first.

Source: http://www.moving.com/articles/life-insurance-basics.asp

© KEPA 2015

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