First, you should determine what expenses the policy should cover. For most people, the death benefit should pay immediate costs related to your death, help meet your dependents’ daily living expenses, and set aside money for future needs, such as education. Of course, your dependents may need more or less, based on your existing assets, their own income and assets, and whether they’ll receive income from Social Security or other sources.
Keep in mind, though, that the life insurance policy that’s right for you at one stage of your life may not provide the coverage you need at another. For example, you may decide to convert a term insurance policy to a permanent policy to lock in lower premiums. If you have universal life, you may want to take advantage of the option of increasing your death benefit. When an insurance review is a regular part of evaluating your financial plan, you’ll be more likely to make changes when they’re appropriate rather than risk waiting too long to update.
A life insurance calculator can help you come up with a ballpark figure as you begin exploring your life insurance needs. But it can’t take you as an individual into account. You should modify the basic coverage the calculator suggests to come up with a more precise amount—by adding money for special purposes or subtracting things that don’t apply. Here are some things you may want to consider:
Some life insurance calculators list your mortgage balance as a one-time expense. If your dependents plan to sell the house at your death, you may want to provide a lump sum to pay off the mortgage. But if they’ll continue living in the house, you can include the mortgage payments in your living expenses calculation.
When you calculate your college fund contributions, you may not have to provide enough to pay for a full four years of college if your family invests some of the death benefit in a special education-savings account. And if your children are of widely differing ages or have extraordinary expenses—say, you’re supporting a world-class
ballerina or a competitive golfer or tennis player in the making—you might want to take the extra step of calculating costs for each child separately.
Don’t forget your human value. The earnings on death benefit proceeds need to replace the lost income of the policy insured. A person lifetime earnings potential could be in the millions of dollars and the death benefit amount needs to reflect that.
Contributions from the book Guide to Understanding Life Insurance in this press release are used with permission from Light Bulb Press.
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Norwalk Insurance Agency Educates On The Cost of Contractors Insurance
Norwalk, Connecticut (findit ) January 20, 2021 – JMG Insurance, a Norwalk specialty insurance agency, offers readers some valuable information regarding how much contractors insurance costs. The new article is guided by the insurance experts at JMG who have extensive experience helping clients find the perfectly priced plan for their needs. They have designed this new article to help readers get a better idea of what factors will affect the cost of contractor’s insurance the most.
JMG Insurance offers readers some valuable information that explains how to calculate what the cost of contractor’s insurance may potentially be. In the article, they explain what contractors insurance is before getting into the things that affect their cost. Some of the factors they go over include the number of employees, the types of contracting jobs, the risks associated with services, and others. They hope that this article will help contractors searching for insurance understand what to expect while also demonstrating the importance of working with experts.
While this new article focuses on explaining how to calculate the cost of contractor’s insurance, JMG’s website offers visitors more information regarding their team, experience, as well as a full list of service offerings. JMG offers personal, business, and specialty insurance that helps clients get the protection they need at the best possible rate. They offer thorough insurance plans for business owners, contractors, errors and omissions, general liability, group benefits, construction companies, and more. Their agency was built on the principles of providing superior customer service and quality insurance solutions for their clients, and they work hard to uphold these values. Their team strives to make the insurance process as simple as possible for every client.
With the addition of this new article, the team at JMG hopes that contractors will have a better understanding of what factors will affect how much a comprehensive insurance plan will cost. For more information, reach out to the qualified contractor insurance experts at JMG today at 1-844-304-7332 or visit their website at https://jmg.com/. Their offices are located at 29 Haviland Street in Norwalk, Connecticut 06854.
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