Life Insurance gives you health and financial security whatever may happen in the future from educational funds and hospitalization benefits, to investment that can help you build your dream house or business. To know more about it here are the details you must first consider to know how much insurance you need so you can be wise and save some money.
The Younger, the Better
Life Insurance is not only for breadwinners of the family, and Sun Life does not only offer insurance for parents, it is best offered for “Millenials” because while they work hard for their dreams they can be financially secured in the future and know that no matter what happens to them, they have a back-up plan. They can opt to make their own business or build their own dream house. As the VUL Plans continue to grow, their investments’ value also grow with it.
Don’t Overbuy
It is known that you can get some riders or additional benefits that you can attach to your chosen policy. Specify your needs. For example, if you’re 25 years old and you know that it is not wise if you will get a Term Insurance, opt to get the VUL, though Term Insurance may offer you benefits and assurance on a cheaper price, it is not guaranteed that you will be able to receive any amount if you were able to outlive the policy period even if you add riders.
Things to Consider
In choosing the perfect Policy for you, you must look at the death benefit or the face amount you will be able to receive. Some people calculate it six or ten times the amount of their current salary. I know it will be hard for the family emotionally for a sudden demise of the breadwinner or any family member but we don’t want them to suffer financially as well so make sure that everything is covered, from the time of passing to the funeral costs. Make sure it also covers the amount of debt you will leave them if there is any. So the sum of all the expenses that you will leave must be the total of the death benefit they will receive. Always remember that. You will also need to consider the benefits that you know that will work for you. For example, you are a salesman and you work mostly on field, we know that accidents are inevitable, so I suggest that you avail the Accidental Death Benefit or ADB type of rider.
Know your numbers
Some people use excuses such as “ang mahal naman”, “pambayad bills lang sweldo ko”, or “sayang naman kapag puro umpisa lang ako” it saddens me to hear those but as they say there’s a solution in every problem. As your financial advisor, it is my goal to help you financially through the best of my knowledge. We can talk about money matters and how we can settle the best policy that suits you financially. Don’t wait until the time comes that you will be DECLINED by all the institutions.
WISE TIP: The older you get, the less coverage you need because you will hopefully have less debts and fewer dependents to support. But don’t get me wrong, because the amount of life insurance increases with age. These steps will definitely help you be guided in making your first step in financial security. If you have questions in mind let me know and I will be glad to share with you the knowledge I have gained.
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