I'M. 59 YEARS OLD AND I HAVE A GUARANTEED LIFE INSURANCE POLICY FROM GERBER LIFE.THE AMOUNT IS FOR ONLY 7000 DOLLARS WHICH IS ABOUT THREE YEARS OLD.I WANT TO MODIFY MY POLICY TO 15,000 DOLLARS.MY QUESTION IS IF I DO THAT DO I HAVE TO GO THROUGH ANOTHER TWO YEAR WAITING PERIOD OR DO I FORFEIT MY WAITING PERIOD ON MY ORIGINAL POLICY.DO I HAVE TO GO ANOTHER 2 YEARS BEFORE IT TAKES AFFECT
How Much Life Insurance Do You Need?
| ! ! ! |
Advertisement
Most Popular
- 10 Fabulous Freebies
- Get Your Share of Government Giveaways
- Save Money on Cable and Cell Bills
- 11 Ways to Find Extra Money NOW!
- 10 Insider Tips to Save Big at the Supermarket
- 11 Places to Find FREE Money!
- 12 Ways to Save Money on Life's Necessities
- 11 Deductions to Save Big on Your Tax Bill
- 7 Steps to Boost Your Credit Score
- Biggest Investing Lies You're Being Told
Survey Says
Advertisement
We know it's not the most exciting thing in the world, but making sure you have the right life insurance is a critical part of your financial plan.
Having the right amount of life insurance coverage gives you the peace of mind that your loved ones will be provided for if something happens to you. That's why it's one of the most important financial transactions you'll ever make.
We designed our How Much Life Insurance Do I Need worksheet to make it easy for you. Just plug your numbers into this worksheet to determine how much insurance coverage you need without overspending.
| A. | Annual family living costs | $ | ______ |
| B. | Sources of income: | $ | ______ |
| Spouse | $ | ______ | |
| Investment income | $ | ______ | |
| Social Security benefits from company plans | $ | ______ | |
| Income from life insurance proceed | $ | ______ | |
| Total: | $ | ______ | |
| C. | Additional income needed: | ||
| Subtract B from A to determine shortfall | $ | ______ | |
| D. | Insurance needs for shortfall: | ||
| Assuming an interest rate of 5% | $ | ______ | |
| Assuming an interest rate of 6% | $ | ______ | |
| Assuming an interest rate of 7% | $ | ______ | |
| Assuming an interest rate of 8% | $ | ______ | |
| E. | Additional cash requirements: | ||
| Funeral expenses | $ | ______ | |
| Loans and debts that should be paid | $ | ______ | |
| Education expenses | $ | ______ | |
| For children | $ | ______ | |
| Total: | $ | ______ | |
| F. | Needed insurance death benefit: | ||
| Add D and E Total: | $ | ______ | |
To learn more about life insurance, be sure to read these articles:
August 27, 2010 9:40 AM
Its one of the best questions that a person can ask, oneself. But I don't think there would be a good great answer to please ourselves. Telling more about me I was working internal medicine jobs. My salry was not that much to be boasted off, I was often in doubt as to what way I should calculate my Insurance. This post is sure a great guide for a person like me and many others. Thanks for sharing it. I would work out with this tips.
RSS
