02/12/2020
Do we need life insurance? Don’t stop reading just yet! Consider this:
Someone earning $50,000 a year needs 20x their income in a 5% interest environment to replace it should something unforeseen happen!
$50,000 x 20 = $1,000,000
$1,000,000 x 5% = $50,000
Do you have 20x your income in liquid assets and life insurance? If not, how will your family pay their mortgage or rent, satisfy their debt and fund education? Guaranteeing the income remains steady should be a top priority!
I often hear ... we can’t afford it. I immediately wonder how they will get by if the income is gone. Life insurance costs measurably less than most think! Google it ... you will see.
We have home insurance and not sure we will need it. We have car insurance and not sure we will need it. How can we know that we will die and not have life insurance?
The emotional loss of a loved one need not mean the potentially devastating loss of income!
With Valentines Day just two days away, I can’t think of a better gift than providing financial security for those we love!
When’s the last time you reviewed your financial plan?
That’s it for today! Be safe!
