Do I Really Need Life Insurance

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Do I Really Need Life Insurance
How do we figure out the amount of life insurance coverage that an individual client needs? This is a question that far too lots of Americans don't have an answer for. Recent studies indicate that a lot of adults lack the coverage needed to secure their loved ones, and even worse, nearly two-thirds admit that they don't even have a personal life insurance agent to aid them find the coverage they need. These days, a careful planning session that includes a survivor needs analysis is a necessity-- and it isn't being treated therefore. The result? Millions of Americans are setting about their everyday lives, completely oblivious to the potentially dreadful consequences their families can face if their life were stopped. So, how much is enough? Clients are going to ask their life insurance agents this all the time. There are popular methods for figuring out client's life insurance needs, such as Capital Needs Analysis, Human Life Value, and Comprehensive Needs Analysis The real question, though, is not the whether or not the amount of life insurance coverage is enough, but whether the coverage itself is meeting your client's needs. During a survivor needs analysis session, some crucial factors individual to each client have to be thinkinged about, such as: Family Size Stage of Life Family Income Contribution Possibly more crucial, though, are the factors specific to the survivors, considering that any kind of policy is about the best ways to secure them after the loss of the insured. These factors include, but are not limited to: Living Expenses Immediate Cash Needs Debt and Mortgage Cancellation Income Replacement College Funding Needs Inflation and Time Value of Money Taxes Existing Savings Plans and Social Safety Fact-Finding Analysis.