You can call life insurance, but from that moment, I'll call, MMLP " Mo 'money, fewer problems "insurance! You die and your family become addicted to do what!
The fact of the matter is that MMLP is super important, especially if you have loving husbands or wives or racing plethora children all around your home. The last thing you want to do is put them in more trouble * * financially after losing their favorite person in the world! Be sure to give them the peace of mind so they can live a long life and stress when you left-it's the best thing you can leave!
Here are 4 reasons why MMLP is important (Apart from the love and memories, of course.) 
- When you die, it's going to cost money. Who depend on you.
- It is good to give your family peace of mind.
- It is good to give you total peace of mind while you are still alive! 😉
- And more importantly, you can always rule out other matters of your mom or dad (or personal finance blogger?) On why you do not act like an adult and obtain assurance 😉 Nice, huh?
The fact is, when you die your family will be crushed and the last thing on their mind is money. But when it all sinks in and they think more clearly, leaving you with hundreds of thousands of dollars will do some teensie best for them later, trust me. Imagine your home being 100% debt free? No mortgages or loans or anything? Or your children had their school fees all set up? Shoooooot ... Money can not bring you or kiss your family every night on the front, but it certainly can improve their lives forever and ever, no doubt about it.
So the question you should really think about at the moment is * how * you must be feeling that good. And sadly, it will be your comfort levels you and like any pro can tell you a magic number (but they still will try). Personally, we came up with our own numbers by asking us what our objectives were. And now that I look back at this position, I realize it's already been four years and we need to update it! Yikes ... I guess the Life Insurance Movement is for me and you, ha ha ...
Our goals with MMLP were as follows:
- We wanted to be completely debt free in no case among us went bye.
- we wanted to "set and forget" so you do not think about death every day ...
- and now we want to ensure all of $ baby together for the future and other spending spree that can come during his life if we left.
After talking with many people at the time, we also decided that temporary life insurance was the best bet for too Here's a quick summary on Wikipedia clause us youngins :.
term life insurance ... is life insurance that provides coverage at a fixed rate payments for a limited period of time, the relevant term ... If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific time period.
So basically, you pay a sum of money to cover a certain period of time, and when / if you die it pays X amount to the person you have linked at. Nice and simple. Here is how it currently breaks down to us (again, we need to call and adjust it):
- My plan MMLP :. $ 30.99 per month, which pays $ 350,000 if I die within 30 years
- The Plan of Mme. $ 24.57 per month, which pays $ 350,000 if she dies within 30 years
We came with that $ 350k figure because it would almost destroyed our entire mortgage at the time. And that was the main thing we wanted to have covered as it was (and still is) our # 1 spot painful financially. The future, we now want to make sure we have enough to cover future funeral expenses and tuition for our children (s) too likely mount our new number at about $ 450k, or maybe even head off half a cool million? We'll see how much it costs one month, however, and what options are updating our initial agreements (perhaps we need to pick up additional MMLP above those we have? I'm not too sure ... it is part of my duties)
another question is who nE * * need life insurance at all? Or is there no one who falls into this category? I always think that everyone needs, but whenever I get too confident maybe there are those who do not. Like maybe people who are single and / or no debt whatsoever? I do not think there is 100% of answers, but I think it is entirely at your own comfort levels. Some of us as being covered for everything out there, and others could care less. The only thing I will say is that * someone * will pay for your funeral at some point, and maybe other things? So it may be wise to get at least a little. It really does not cost that much.
If it helps, here are some resources that will much more in detail. I reviewed 'em too:
- Life Insurance 101 Guide
- Life Insurance Calculator needs
The point of all this if is to give LIFE SOME THOUGHT today. This is what I ask. If you already have, look at your situation again and see if it is enough. If you do not have it, ask yourself if it's time to change? Maybe you got married? Maybe you have had children? Maybe you want a fancy funeral with all kinds of parades and concerts in your honor? Or maybe you just want to leave some money to a special person in your life just for the hell of it?
Whatever the case to think for a second hot and then move on to your coffee and Facebook. 
Note: This post originally appeared on the blog of money J. budget are $ exy during movement of life insurance, a one-day blogathon was co-sponsored by LIFE and was coordinated by Jeff Rose good financial Cents.
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