and now the mutual fund store presents investing cents straightforward financial tips and advice from investment advisor Denny Smith designed, to help put your life’s work to work. saving as much as you can for retirement right now, that’s great but what happens if your family loses your income. how do you make sure they’re still protected if you have a spouse or kids who depend on you you need life insurance but less than 50% of you actually have a plan that includes life insurance not sure.
where to start? today I’m going to help you answer the two biggest questions about buying life insurance:
1. what type?
whole universal and variable life are a few options, but they’re tied to your investments our guideline your investments and your insurance should not be the same thing. they serve separate purposes and they need to be kept separate that’s why we offer term life insurance for our clients.
it’s just as it sounds it’s insurance for a set term or period of time anywhere from 1 to 30 years. it’s cost efficient and flexible you’re protecting your earning years and you’re still able to save as much as you can for as long as you can until retirement
2. how much?
well one rule of thumb is ten times the amount of your salary, but relying solely on that rule means you could be buying too little or too much coverage. one size just does not fit all there are tons of factors to consider your spouse’s income the number and ages of your kids current and future salaries your health debt obligations it’s best to work with an insurance professional to understand your coverage.
needs your retirement plan exists to get you to your financial goals but you’ve still got a minimize risk all along the way and not just market risk but life’s risks as well term life insurance provides a low-cost solution that does just that I’m Denny Smith and that’s investing since want to know more about what life insurance is best for you we’ll help you figure out how much you need and find the policy that’s best for your situation visit mutual fund store calm you.