What you should be asking yourself is: do you have enough life insurance to quit working today?
If you are in the process of accumulating wealth, like most pre-retired people are, then life insurance is paramount. You can’t control life events, but you can certainly be prepared for them.
For many people, life insurance is the sole income a survivor’s family will live on. How much life insurance is enough? The rule of thumb is 6 – 10 times your annual income. That seems like a lot of money, doesn’t it?
It seems that way until you think of it in a different light. Let’s assume you have $200,000 in life insurance and I made you this offer: I will give you $200,000 right now if you agree to never work again.
How long would that amount of money support your current lifestyle? If you stretch it, maybe you could make that amount last 2 – 4 years. If you pass away tomorrow, and your life insurance is their sole income, will your family be able to comfortably make it last long enough for them to replace your income in another way?
Examining your current life insurance policies to ensure they cover an adequate amount and are of high quality with an expert professional is well worth your time! You’ll gain peace of mind knowing that your beneficiaries are listed correctly, that you have a quality product, and that the amount of life insurance will support your family.
You don’t have to go it alone. There are many trustworthy experts who can get you on the right path with your life insurance, and we’d be happy to help you find one who fits your needs.
Contact a Live Ready Advisor today.
We’re here to help you Live Ready,