This technique computes the life insurance requirements of an individual based on their actual future needs (or expenses) like children’s education Harrison Barnes Jersey , spouse retirement, emergency fund, debt mortgage payoff etc. Under this approach, emphasis is on maintaining the current life style of the family into the foreseeable future. This approach ensures that all the current and future obligations of the family are sufficiently taken care of without any cutbacks.


This is the most detailed approach to life insurance as it requires some real thought to determine what expenses you need to cover and how much of those expenses are going to cost years (or decades) from now. You also need to evaluate the liquid assets you have in place. Once you have figured out the total future financial needs of your family in current value terms Marcus Paige Jersey , you arrive at the final insurance figure by deducting the value of your current liquid assets.


The risk in this approach lies in underestimating the future expenses and hence under-insurance. Intensive nature of this approach makes it difficult to quickly arrive at a figure in a single sitting. Your family’s income requirements could be disparate and spread along different time periods making calculations difficult. This is where an experienced Certified Financial Planner can help you with the computations and identifying your family’s future needs.


Concluding Remark


Most of our clients were having insurance policies in the range of Rs 1 lakh to Rs 10 lakhs, a few had more than this but we are yet to come across any client being adequately insured. With this kind of life cover, the question one need to answer is: How long would that Rs 10 lakhs suffice? Remember that no survivor ever complains about receiving too much in life insurance benefits. You should try to strike a balance between what your family might need and what you can afford to buy.


Many people talk about life insurance and why it’s important, but there are still many misunderstandings regarding life insurance policies. Many people aren’t sure if they need life insurance Brice Johnson Jersey , and if they do- how much insurance is necessary? What kind of insurance?


Who Needs Life Insurance?


First of all, most people believe life insurance is taken out to pay for the burial expenses of the policyholder. And while this may be part of the reason people obtain life insurance, this is not what the insurance coverage is intended for! Life insurance is meant to replace the income that is lost by the policyholder’s death, and to be used to pay for the needs of the deceased policyholder when you are no longer earning money to do so. If you have children or relatives who depend on your income Joel Berry II Jersey , then you should have life insurance.


For young, single individuals with no dependents, there is really no need for life insurance. If you are an older individual with retirement savings or pension, it may not be necessary to have life insurance on top of the money that would become available to your spouse from your savings and pension.


Stay at home parents might think they don’t need life insurance policies as they’re not earning wages Justin Jackson Jersey , but this is not the case. Consider how much it would cost to hire people to do all of the daily tasks you do- from day care, to housekeeping to financial management to grocery shopping, errand running and cooking.

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