Look most people I meet with have about 2 times their income in life insurance. that is only OK if you are a couple years from retirement. But, you know that if the Beer truck hit you, and rendered you unable to work FOREVER – 2 times, 3 times, 4 times wouldn’t even come close. CHECK, I’ll bet you two times your salary — That it a beer truck hit you leaving you unable to work
EVER AGAIN, you would
- sit down with a calculator.
- and economist, financial expert, or a lawyer
- or some expert –
SOMEONE particularly skilled at calculating large sums of money - and decide that 10 times your income is the MINIMUM you would consider
So why in the name of Mary would you think of leaving your family with 2, 3, 4, or even 5 times your salary. Nothing in life is certain, but your ability to pop up from the grave, shower off, and get a job to take care of things is as unlikely to happen.
How about if I pay off the house?
Some folks are happy to have just enough to pay off the house. That is not OK either, now they
have a paid off house that they cannot afford to heat, cool, put food in, and that the County will
eventually confiscate due to unpaid property taxes anyway. Leave your family enough that they
can LIVE. After all, they didn’t want you dead anyway, but lets not make they hate you.
Look I remember when my Father-in-Law died and Mom was really concerned that she would
have to sell the house, move in with us, you get the picture. But, turns out Daddy had a policy
and Pension that took care of things. You likely don’t have a pension with spouse benefits. And
Government programs suck. So don’t leave your family hanging.
9/11 was a tragedy. But, did we learn anything from it?
- The US Justice Department talls us that people without children should have 12
times their incoma in Life Insurance. - They also suggested that people with children should have 20 times their incore.
- The average need or people that died in 9/11 was $456,000.
- The Average policy they actually had was $126,000