Monday, June 23, 2008

Everyone Should Invest in Life Insurance

A good life insurance policy is something every adult should consider. A good policy doesn't have to be expensive. My husband and I both have a term policy that costs us less than $35 per month. I know a lot of moms who don't work think this doesn't apply to them. If you were to die when your kids are still young, then who is going to take care of them? Your husband will now either have to put them in daycare or perhaps hire a nanny. That does cost money.

So you now ask how big of a policy should I buy? Many financial experts say a good rule of thumb is 10x your annual income. Even if you don't work then add up how much income your spouse might need with daycare costs or a house cleaner. I have a $100,000 policy. You can get your life insurance quotes here.

2 comments:

Toronto life insurance broker said...

Nice post. Everybody should have some kind of insurance. If you can't/don't want to have whole life, excellent option is term life. As Bonnie says, you can have it for few bucks - for less than you pay for game of bowling. If you want to compare prices with us, check this term life quote Canada.

Best wishes!
Lorne

Kathleen said...

I have been endlessly bugging my husband to get life insurance. It is one of those things that he knows he needs but keeps putting off. Meanwhile I am worried that something will happen to him and I won't be able to take care of us.