Do you have adequate Life Insurance coverage?

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Life insurance is a high priority when it comes to financial planning and mapping out someone’s future. The world is full of uncertainty; therefore every person who has others that depend upon him/her for income should consider purchasing a life insurance policy.

A large percentage of income earners do not have enough life insurance to protect their family for the long run in case of death. Conservatively, if you are 40 years old with two children, a $200,000 mortgage and your family needs $100,000/year for income replacement, it is suggested that you purchase roughly $2,000,000 worth of insurance in order to adequately protect your loved ones.

Many will ask themselves, why do I need so much coverage? If your family needs to replace 15 years of income at $100,000 per year, that is $1.5 million. Adequate coverage becomes increasingly important if you factor in college tuition, mortgages/debt, inflation and funeral expenses.

Term life insurance can be inexpensive for those who are in good health. For a fraction of your annual income, a healthy 40 year old male typically can receive over $1 million in coverage. Due to an increase in the average life expectancy, life insurance is becoming more affordable and a must for those planning for the future.

The longer you wait, the more expensive a policy becomes and the more you put your family at risk. Please contact Mitlin Financial in order to go over whether or not you have enough coverage to protect your family from financial struggle in case of untimely death.

Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

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