Life
insurance is an essential product for family protection. In
many cases the savings are insufficient to guarantee an income for those who
most want and ensure their welfare, and therefore cheaply, yes we can do it
through insurance. Of
course, the higher the capital covered by our insurance are more protected, but
we must not forget also that capital the higher the price is also much higher
for the insured.
Can also be the opposite case, we have an insurance contract and does not cover our needs, especially if there are debts such as a mortgage on the usual housing that cannot be paid with proceeds from the family unit and not paid the debts to the amount insured. Therefore, determining the amount to be covered by our insurance for that perfectly fulfills its protective function without the hole for our pocket is an essential point to be analyzed at the time of recruitment.
Points to Consider
One aspect that we must not forget is how old is one of the key issues that will determine the premium price that we will pay for it. If we hire a safe with 25 years for example and maintain the capital at the time - or updating it increases prices- we find significant increases 20 years later. Therefore, adjust this amount to personal circumstances and real risks from the outset are important given that essential basic points:
If you have debts, essentially a mortgage least should always cover the amount of outstanding principal of the mortgage, which will leave the family home free of charges. In many cases, especially in the insurance they are linked to the mortgage usually cover 50% by each of the holders, but may not be enough if one of the two is the one that assumes a higher percentage of the costs. For example if a family unit you pay 80% of the mortgage, his death will lead to greater economic damage and makes it advisable that your insurance covers 80-100% of the outstanding mortgage.
Besides covering all debts, add a larger amount. The main reason is that after the death of a family member that provides income, many costs remain at or just reduce an imbalance between revenues and expenses are generated. Therefore, it takes much time to redirect expenditure, trying to adjust downward while attempting to increase revenue. While this happens you have to leave a margin of at least 2 or 3 years the salary of the deceased to make this setting without strain.
Adapt to specific family needs, for example, the needs are greatest if we have children, especially if they are to meet senior or graduate studies. Increase the coverage of your life insurance is much cheaper than hiring a specific product for studies, and you'll have more additional coverage.
If the couple, both members work and contribute their wages to cover expenses should each life insurance contract with a hedge continue as specified in the above points.
Can also be the opposite case, we have an insurance contract and does not cover our needs, especially if there are debts such as a mortgage on the usual housing that cannot be paid with proceeds from the family unit and not paid the debts to the amount insured. Therefore, determining the amount to be covered by our insurance for that perfectly fulfills its protective function without the hole for our pocket is an essential point to be analyzed at the time of recruitment.
Points to Consider
One aspect that we must not forget is how old is one of the key issues that will determine the premium price that we will pay for it. If we hire a safe with 25 years for example and maintain the capital at the time - or updating it increases prices- we find significant increases 20 years later. Therefore, adjust this amount to personal circumstances and real risks from the outset are important given that essential basic points:
If you have debts, essentially a mortgage least should always cover the amount of outstanding principal of the mortgage, which will leave the family home free of charges. In many cases, especially in the insurance they are linked to the mortgage usually cover 50% by each of the holders, but may not be enough if one of the two is the one that assumes a higher percentage of the costs. For example if a family unit you pay 80% of the mortgage, his death will lead to greater economic damage and makes it advisable that your insurance covers 80-100% of the outstanding mortgage.
Besides covering all debts, add a larger amount. The main reason is that after the death of a family member that provides income, many costs remain at or just reduce an imbalance between revenues and expenses are generated. Therefore, it takes much time to redirect expenditure, trying to adjust downward while attempting to increase revenue. While this happens you have to leave a margin of at least 2 or 3 years the salary of the deceased to make this setting without strain.
Adapt to specific family needs, for example, the needs are greatest if we have children, especially if they are to meet senior or graduate studies. Increase the coverage of your life insurance is much cheaper than hiring a specific product for studies, and you'll have more additional coverage.
If the couple, both members work and contribute their wages to cover expenses should each life insurance contract with a hedge continue as specified in the above points.
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