Life insurance tips
Only at certain ages make sense of life insurance. If we refer to the pure life insurance, life risk insurance, which covers death and disability, we advise our clients accordingly, and we say that only in the age category between 30 and 50 years, this insurance is more appropriate.
Before age 30, we are starting our careers, we have not yet established a heritage, but possibly our family situation is that of unmarried individuals without family responsibilities.
From age 30 is generally quite possible that the person living with a partner and having children. This is the moment where the risk of loss of life or loss of health and therefore can not continue to receive a salary, is presented as a serious risk to the family. Then a life risk insurance should cover the possibility that these risks will leave our family without resources and unable to get ahead. This risk increases if we have signed a mortgage is that if we missed it, our family will not look deprived of our income just salary, but must also meet the mortgage payments to avoid running into the street.
So in that age group between 30 and 50 years is highly recommended the signing of a life insurance risk that our family will go ahead despite the possibility of a potential disaster.
After 50 years, normally we should have built up a sufficient and have paid our mortgage, so that the life insurance risk should be replaced by a system of savings to supplement at the time of our retirement income decreased to clearly going to suffer.
So, if you subscribed a long-term mortgage if you or between 30 and 50 years should consider very seriously the need to sign a life insurance risk.
What capital do I secure?
Once we have agreed that it is very logical, reasonable and advisable to sign a life insurance risk between 30 and 50, should be established to ensure capital.
If you signed a mortgage you should at least cover the outstanding principal amount of the mortgage, which will leave the family home free of charge.
It is also advisable to cover the risk of the mortgage, raise capital risk life insurance to cover our net pay at least 5 years.
This is so because in fact the family after the disgrace of being deprived of wage income of the household must redirect its spending and to this a minimum of 5 years is advisable.
If the couple both work and bring their wages, should have two life insurance risk cover each net salary of five years of the insured.
Obviously if you have more possibilities to cover a number of years of net income, do so. We’re just setting the minimum capital requirements that you should consider.
The method of calculating the capital to ensure, regardless of the mortgage is as follows: Calculate your net monthly income after taxes to get his family. Multiply that figure by 60 to ensure that minimum capital in life insurance risk.
Developed societies are those that know how to calculate their risks and cover them to prevent accidents, not only account for a strong personal and emotional impact, but also put in a situation of great difficulty to the families who have lost loved ones.
Similar articles: https://www.moneysmart.gov.au/managing-my-money/insurance/life-insurance