How much Life Insurance do I need to have in place?
The types of issues you need to consider are:
Your levels of debt
The age of your children – your educational requirements for your children
Relative earning capacity between you and your spouse
some money to help your spouse, and family time to adjust to life without you… this is different for all of us.
Who gets the money if I die?
You need to think about this as the ownership of the policy will determine who gets the money. If you have children from a previous relationship, then you may want to own your own policy and include provisions for your family in your Will. If the policy is to provide for your spouse to clear the mortgage and raise your family, then you may consider jointly owning the policy. We will help you to get the ownership structure right.
Will the premiums go up?
A level premium is more costly to set up, but the premiums do not increase for the period of the policy which may be through to age 65 or 70.
Allsure Financial Solutions Limited can discuss the two options with you to see what fits your needs best. It may be a combination of the two that offers you the best protection long term.
I have had the pleasure of dealing with Sean and Elaine for more than five years now with a number of different insurance products - and more recently Kiwisaver. They have made the whole insurance application/claims processes so much (!!) easier than dealing direct with insurance companies and I thoroughly recommend Allsure to anyone wanting an experienced, friendly company to handle their insurance needs.