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he total insurance coverage the family needs equals the coverage for the $40,000 in annual benefits plus $300,000 . The amount of insurance coverage is needed $340,000
Since most families today depend on two incomes, the surviving family may face financial difficulties if one income is lost. This is one of the key factors in choosing the appropriate level of life insurance.
One of the benefits of having life insurance is being able to replace lost income. Maintaining your family's ambitions is another. college educations for the kids, home ownership, and comfortable retirement savings. These goals and aspirations can come true if your life insurance makes it possible.
The Life insurance provided by your work most likely won't be sufficient to safeguard your family. To properly safeguard them if something were to happen to you, you would need supplementary life insurance.
In 20 years, the Death Benefit of Today Won't Be Enough
The price of additional life insurance purchased through an employer-sponsored plan is often more than the price you would pay if you used a life insurance broker to purchase the insurance.
Insurance coverage = coverage of annual benefits + additional coverage
$340,000 = $40,000 + $300,000
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