The amount of insurance you purchase depends very much on your life circumstances, what your style of living is, how much your survivors need, and what lies ahead for your beneficiaries.If you are 30 years old and in good health, the chances are great that you will live another 50 years or more. As medical advancements continue, your life span may be even greater, assuming that you’re not hit by that proverbial truck.
Your life span affects your life insurance needs in these ways:
- The younger you are, the longer your survivors are going to need income replacement, the more dollars you need to put away for future expenses such as your children’s education, and the more likely it is that your living expenses are lower.
- The older you are, the less chance your spouse has to plan for his or her retirement, the less likely it is that your survivors will have to depend on you to fund a college education, and the more likely your spouse is to need medical, skilled-care assistance, or nursing home care.
No comments:
Post a Comment