How Much Life Insurance Should You Get

VIDEO DESCRIPTION

Learn how much life insurance should you get in this video with Bob Ley from the AIG insurance company.

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VIDEO TRANSCRIPT

Male: How much life insurance do I need? Bob: Some insurance agents and financial advisers recommend somewhere between ten and twenty times your annual income is required to pay your final expenses as well as provide a steady income stream for your family. The proceeds or death benefit from your life insurance policy could be invested in an interest bearing account. And your family or your beneficiary could use the interest earn to provide a steady income stream. Some of the expenses they will face on your death are, final expenses, these could include unpaid hospital bills, funeral expenses, unpaid debts, probate cost, estate and inheritance taxes, readjustment fund. This may be use to cushion the immediate lifestyle adjustment that a family must make when a love one dies. The family may be force to move, or the surviving spouse might have to look for a new job. A working spouse may find it difficult to return to work immediately after a death of a partner. The readjustment fund allows for adequate bereavement due to loss. Supplemental income, after the readjustment period, there should be a consistent income stream to help pave the family’s living expenses. Such as mortgage payments, monthly bills, day care, etcetera. Educational fund, adequate fund should be available for the children’s education. This might include elementary school, high school, and college. Retirement fund, there should be also be adequate funds available to ensure that the spouse can retire comfortably.

VIDEO SOURCE

http://www.contentdeity.com/video/155695109/How-Much-Life-Insurance-Should-You-Get.html

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