This is the case of Jeff Ross, financial advisor, who su Business Insider tells his experience pointing out that that figure generally indicated is almost never enough.
I had one life insurance coverage since my wife and I had our first child, but I added money several times while our family grew. Now I have about 2.5 million life insurance coverage for my wife and children, which is probably more than they ever could having need if I suddenly die.
There is no ideal figure for life insurance
What figure is right for you is difficult to quantify but you can consider some things. First of all, to understand how much to put aside in a life insurance policy, one's income counts but expenses also count.
THE'life insurance is intended to replace your income once you die, there is much more to think about than the size of your salary. It is necessary to consider how much debt your family has, including how they could repay you if you die before your time.
Then if there is a large mortgage in progress, several car loans, credit card debt, and even student loans, for example, having only 10 times the income as an insurance cover will not be enough. Then it must be considered that the spouse may need to stop working to cope with bereavement or to look after the family.
Then the children issue is important. The step from the nursery school to the university fee is short. Having the necessary money aside thanks to the parent's life insurance can make this dream a reality.
Source link
https://www.wallstreetitalia.com/assicurazione-sulla-vita-quanto-mettere-da-parte-i-fattori-da-considerare/
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