Know when you need life insurance and how it is personal, because everyone's situation is unique. That's why the advice in the article USA Today "Knowing when you need life insurance" is shocking.
In the article, Cary Guffey, CFP and financial advisor to the PNC, said that from the age of 35-55 your "need for life insurance decreases "because ..." mortgage balances start to fall as the loans have been paid for years. Meanwhile, the education savings and pension plans are probably on the right track at this point. "
"Say, what ?!"
How many 35 have their mortgage paid about or even close? Their young crowned college savings plans or even close? Their fully funded pension plan or even close? I bet if you took babies from trust funds of the equation, you can count the number of hand. And it's probably not too high for 45 years
stats could give us a clearer picture :. 80% of those 30-54 believe they will not have money set aside enough for retirement, according statisticbrain.com
The USA Today article then continues :. "This does not mean that there is no need for life insurance in this age group. There are cases where consumers could add a second home, having a child or adopt children later in their careers ... Guffey said. These unique cases require protection. "
unique? Nearly 14% of infants of mothers were 35 or older, according to Pew Research. What if you had left your life insurance "decline", and now you are 40, with a newborn, and because of a medical condition, can not get life insurance coverage
what this case: You 're a parent stays home, 35, and your spouse dies. While all these factors mortgage, education savings and retirement-plans were "on track", where would that leave you financially death?
Which of these equity funds at home, college or retirement savings-would you need to press to meet the rest of your living expenses over the long term if you still want to stay home with your kids? with your spouse died from work, how is that the pension plan get finished?
this is why the best advice is to seek your own advice. Start by getting an estimate of your life insurance needs with easy online life insurance needs Calculator. Then speak to an agent, who can guide you through your specific needs and recommend something that fits your budget.
0 Komentar