Quick and simple answer is: “NO ONE HAS ENOUGH LIFE INSURANCE.” Of course, there may be some exceptions, but they are so far and in between that it’s safe to say no one.

Why don’t people have enough life insurance? One main reason is that it’s relatively expensive to get enough coverage, especially as people get older. Another reason is that life insurance is something that is there for others once the insured is not around. Many people consider it a luxury paying for something that they will not have any personal benefit from. What they sometimes do not realize is that not all policy types are created equal.

How Much Is Enough Life Insurance?

How do you know if you have enough life insurance? Easy. Imagine yourself not being here tomorrow. How long will your family maintain its current lifestyle without having to liquidate assets such as investment properties, stocks and bonds, the home their living in now, etc.?

How to Get Enough Coverage?

The cheapest way to get a lot of coverage is term life. This is the type of policy, which comes to people’s mind when they think of life policies. Term basically means money is paid out after you’re not here. On the other hand we also have whole life insurance. This type of policy works similar to a retirement plan with benefits. It has a target face value that you need to pay up in a certain time period.

With increasing age, the risk of death increases and that’s why Whole Life policies tend to get pricey. It is best to start paying into it when you’re in your twenties. Risk of you dying is low and you have plenty of time to pay up its face value.

Let’s get together and construct an affordable, personalized Asset Protection plan for you.