Do You Need To Fill The Gap With More Life Insurance Coverage?



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DID YOU KNOW 50% OF AMERICANS HAVE A LIFE INSURANCE GAP?

In other words, they have some type of life insurance – but it’s not enough to meet their needs.  In fact, most people would buy more insurance if they could.

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Why don’t they?

  • Paying off debt
  • Saving for retirement

These are often higher priorities.  Does this sound familiar?

LIFE INSURANCE MADE EASY

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CLOSING YOUR LIFE INSURANCE GAP COULD BE THE FIRST STEP TO MEETING OTHER FINANCIAL GOALS.

While reducing debt and saving for retirement are worthy financial goals – they would be even tougher for your family to achieve if you were to die and your income no longer provided financial security.  Having the right life insurance in place might help pay off the mortgage on your home or provide college for the kids – and help your family through a difficult time.

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HOW MUCH LIFE INSURANCE DO I NEED?

How much life insurance do I need?  Not an easy answer.  A few life insurance websites have a life insurance calculator to help you try to figure out the correct answer.  There are also recommendations that you should carry a multiple of your income.  For example,  20 times your annual salary.

What happens when you can’t afford to pay for the amount of coverage that is recommended?

  • Option 1 – Buy nothing – Wrong Strategy
  • Option 2 – Buy what you can afford – Right Strategy

BUY WHAT YOU CAN AFFORD!

  • Write down your budget – Make sure you can afford this cost not only now but for as long as you could be potentially paying the bill for.
  • Figure out how long you need the life insurance for – It is very important not to fall short.  You do not want your policy to expire in your 80’s or 90′ s and still need it.  Even if you are healthy enough to get new life insurance at that age, it will be very expensive.
  • Buy as much life insurance as you budget permits over the length of time you need to have the coverage for.

It is possible this strategy might not get you as much life insurance as you should have.  However, it is important to not make yourself insurance poor.  Buy only what your budget permits.  Remember, a percentage of something is always better than zero!



Skip the Needles!

Want to take the "pain" out of life insurance?  We don't blame you!  Ladder Life Insurance is our #1 recommended no-exam company offering 10, 20, and 30 year plans up to age 60.  See if you qualify for "no exam" today.

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Written by:  Chris Lalor

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