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Term Life Insurance for Parents

By Joz L

When you are married with kids, protection for you and your spouse should comes first to ensure your children protected in the event of untimely deaths or critical illnesses. You can opt for term insurance plan or whole life protection policies with a dread disease rider that covers 30 critical illnesses and offers a payout in the event of death, total and permanent disability or a serious life-threatening disease.

term life insurance

At this stage of life, also plan for your kids education fees and their cost of living until they become financially independent. For example, if your monthly living expenses are $2000, make sure this amount is well protected for next 20 years through a life insurance plan. This provides coverage of at least $480,000.

You may also want to factor in an extra $200,000 if you plan to send your kids for overseas university study. In order to help you defray the high premiums of whole life insurance policies, consider a term life insurance plans, which there is no savings component but it provides the same coverage at a lower premium.

If you can start savings plan for your kids, as the insurance premiums are relatively low at this stage. They can take over the payment when they turn 18 or start working.

If you have a high mortgage loans, consider the home liability mortgage protection plan, which take care of your outstanding mortgage loans should anything happen to you. The premium is affordable and coverage gets lower as your outstanding mortgage decrease over period of time.

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    • Term Life Insurance Plans
        How To Buy A Life Insurance?

        Are you well insured with insurance plans? An adequate term life insurance protection coverage is not how many policies you have now, more importantly is about the type of insurance plans you have bought matches your family protection needs. As a rule of thumb you need to cover up till your kids becomes financially independent. Ideally, your total amount of insurance coverage is 10 times of your annual income, and you should not spend more than 10% of your on term life insurance policies.

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        The right way to buy a life insurance that caters to your family protection need is asking your insurance service agents for free insurance quotes to determine how much is enough for you. The key foundation of any financial planning is insurance protection, start early to insure adequately in all areas pertaining to health insurance as you are more insurable and more likely to be still very healthy. This means that the premiums you are paying can be relatively affordable and cheaper.

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