Protect Your Loved Ones

Protect Your Loved Ones Hi I am Kenneth Edafe. A Financial Professional who specializes in Helping people Protect their Love

07/11/2018

A Strategy For Assessing Life Insurance Needs..

To determine how much life insurance you’ll need, you should go through this comprehensive process:

1. Project major expenses. Will you have children going to college in the future? If so, how much is that likely to cost and how will it be paid for?

2. Replace your income. Although circumstances will differ, many families find a need to replace 60 percent of an individual’s gross earnings. To replace a $75,000 income, for example, $45,000 per year might be required.

3. Capitalize the shortfall. Suppose that your survivors would need $45,000 in annual income to replace your earnings. If you believe that investment returns of 5 percent are likely, multiply by 20–you’d need $900,000 of life insurance, in that case. That’s in addition to what you’ll need for major expenses such as college.

4. Consider current savings. Once you have tallied all the funds you’d like to leave behind after your death, you can see how much you’ve already saved. For example, if the needs total $1 million and you already have $250,000 in savings, you might want to have $750,000 in life insurance.

07/09/2018

You work so hard to Provide for your loved ones.. imagine what would be of them without you or your financial support. M'Linda and her husband talked about getting life insurance to protect the family. They thought they had time to get it done but that time never came. "When you dealing with an emotional loss having to deal with financial loss/hardship is even more difficult". M'Linda didnt have the time to mourn her Husbands death because she had to go right back to work. Dont let the business of life get in the way of providing your loved ones the protection they need and deserve. You go to work to provide for them because they are worth it. Show your love by making sure they are taken care of even in your absence.

07/09/2018

If no one depends on you financially, your path to financial security may be smoother than most. However, it also means that if the unforeseen were to happen, you may not have someone to rely on for support—financial or otherwise. That’s why there are certain considerations to take into account. there are exceptions. If you provide financial support for aging parents or siblings, or have substantial debt you wouldn’t want to pass on to surviving family members if you were to die prematurely, you may want to consider it.

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