Friday 10 June 2011
Stage Of Life: Life For New Parents
01:34 | 
Posted by
khalid mehmoodd
His world changes when her first child. Your child depends on you to provide everything from food and shelter for extras like sports fields and dance classes. All that can add up to large sums of money, and life insurance may be essential to protect the financial stability of a young family.
Why insurance matters of life for young families
LIMRA, an insurance research group, reports that nearly 7 in 10 households with minor children at risk of death would be financial support. In 2010, 11 million of these households did not have life insurance. Without life insurance, families may be unable to meet monthly financial obligations or save for future expenses like college.
Life insurance can be essential to maintain the standard of living of a family, and loss of income is not the only reason to buy a policy. Marv Feldman, president and CEO of Life and Health Insurance Foundation for Education (LIFE) is warning people not to overlook the need to ensure a stay-home parents. "What is the value of all services provided by one spouse to stay home?" suggests that new parents are asking.
This value may be more than you think, according to a study by Penn Mutual Life. The insurance company determined the mother of a minor child is $ 44.913 per year. This figure includes the value of child care, transportation and household chores such as preparing meals.
Buying life insurance after the baby
When it's time to buy life insurance, there are several methods for determining the level of coverage you need. ING financial company recommended a death benefit of three to seven times your annual income is a good starting point for young couples, married with a mortgage and a child. Others recommend the addition of costs such as funeral expenses and tuition income when calculating how much life insurance to buy. A life insurance calculator can also be useful in determining the death benefit accordingly.
Life insurance comes in two forms: term insurance and permanent insurance. Although permanent life insurance can provide coverage guaranteed, it is more expensive than life insurance.
"Most young people have many obligations," says Feldman, "can be difficult to buy a permanent policy with the right amount of insurance coverage." He suggests that the period of insurance makes sense for new parents if they make significant income. In this case, permanent insurance like whole life insurance, may be an option for those who want to expand their resources.
Why insurance matters of life for young families
LIMRA, an insurance research group, reports that nearly 7 in 10 households with minor children at risk of death would be financial support. In 2010, 11 million of these households did not have life insurance. Without life insurance, families may be unable to meet monthly financial obligations or save for future expenses like college.
Life insurance can be essential to maintain the standard of living of a family, and loss of income is not the only reason to buy a policy. Marv Feldman, president and CEO of Life and Health Insurance Foundation for Education (LIFE) is warning people not to overlook the need to ensure a stay-home parents. "What is the value of all services provided by one spouse to stay home?" suggests that new parents are asking.
This value may be more than you think, according to a study by Penn Mutual Life. The insurance company determined the mother of a minor child is $ 44.913 per year. This figure includes the value of child care, transportation and household chores such as preparing meals.
Buying life insurance after the baby
When it's time to buy life insurance, there are several methods for determining the level of coverage you need. ING financial company recommended a death benefit of three to seven times your annual income is a good starting point for young couples, married with a mortgage and a child. Others recommend the addition of costs such as funeral expenses and tuition income when calculating how much life insurance to buy. A life insurance calculator can also be useful in determining the death benefit accordingly.
Life insurance comes in two forms: term insurance and permanent insurance. Although permanent life insurance can provide coverage guaranteed, it is more expensive than life insurance.
"Most young people have many obligations," says Feldman, "can be difficult to buy a permanent policy with the right amount of insurance coverage." He suggests that the period of insurance makes sense for new parents if they make significant income. In this case, permanent insurance like whole life insurance, may be an option for those who want to expand their resources.
Labels:
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment