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Here is how 59% of Americans put their beloved economic future in danger – The Motley Fool

If you have a husband or a child, you probably don't want to support them anymore and protect them. But if you do not have life insurance, you do nothing to make sure they are taken care of if you are endlessly passing. Only 41% of Americans have life insurance, according to a survey released earlier this year by the financial company Edward Jones. In addition, 32% say that life insurance is low or non-existent on the list of priorities when starting a family. <img alt = "Man, woman, young girl and young boy sitting at picnic table with food lying on top of it. [19659004] IMAGE SOURCE: GETTY IMAGES. If you are without life insurance, you know this: Without a policy allows your loved ones to remain if you disappear unexpectedly, and you do not need to be wealthy to need life insurance, you just need people financially dependent or who are financially hurt if you pass With that in mind, here are some additional things you should know about life insurance. 1 . Term life is more cost-effective than permanent life Life insurance is part of two main categories: As the name suggests, life insurance covers you for a certain period – Usually 20 or 30 years. Permanent life insurance, on the other hand, covers you until you die. Permanent life insurance is therefore much more expensive than lifetime, as it provides a greater degree of protection. n that doesn't mean you need a permanent life insurance. If…

If you have a husband or a child, you probably don’t want to support them anymore and protect them. But if you do not have life insurance, you do nothing to make sure they are taken care of if you are endlessly passing.

Only 41% of Americans have life insurance, according to a survey released earlier this year by the financial company Edward Jones. In addition, 32% say that life insurance is low or non-existent on the list of priorities when starting a family.

<img alt = “Man, woman, young girl and young boy sitting at picnic table with food lying on top of it. [19659004] IMAGE SOURCE: GETTY IMAGES.

If you are without life insurance, you know this: Without a policy allows your loved ones to remain if you disappear unexpectedly, and you do not need to be wealthy to need life insurance, you just need people financially dependent or who are financially hurt if you pass With that in mind, here are some additional things you should know about life insurance.

1

. Term life is more cost-effective than permanent life

Life insurance is part of two main categories: As the name suggests, life insurance covers you for a certain period – Usually 20 or 30 years. Permanent life insurance, on the other hand, covers you until you die. Permanent life insurance is therefore much more expensive than lifetime, as it provides a greater degree of protection.

n that doesn’t mean you need a permanent life insurance. If you are married to children you can decide that you want coverage to be your retirement age, then your children will be grown and out on their own and your spouse is entitled to social security in combination with access to your IRA or 401 ( k). If so, a term life policy may make more sense, especially if it saves money on premium costs along the way.

2nd Permanent life insurance can double as long-term savings

Unlike term life insurance, permanent life policy collects a cash value when you pay them. So, they can double as a saving mechanism of varieties. That’s because you get the opportunity to pay your policy later in life if you choose it. This gives you your death benefit, but you decide at a certain point in your life that you want the money immediately, and with a permanent life policy you get the opportunity to do just that.

3rd Just because you do not work does not mean you do not need life insurance

Many people assume that if they do not actually earn, you do not need to get life insurance. But if you are a home parent, you should strongly reconsider. Even if you do not earn an actual income, the fact that you take care of your children so that your spouse can work has an economic value. Or if you were to pass by, your spouse would do it to absorb the unreasonable cost of childcare without help. And it’s not a burden you want to leave your family with.

4th You can take steps to keep your premiums affordable

Many people assume that life insurance is unreasonably expensive, but there are things you can do to keep your premiums manageable. First applies when you are relatively young and in good health. Then, as previously mentioned, you choose the term life over the permanent life. In addition, the coverage does not bridge. You probably do not need a $ 2 million policy if you are the only breadwinner in your family and earn $ 60,000 a year. Rather, a policy one-third of that size can serve your family’s needs quite well.

The longer you go without life insurance, the more you put your family in danger. If you have no policy in place, take the time to explore your options.

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