Life insurance is not a one-size-compatible with all financial products.
Then, in response to non-life insurance to purchase or receive, and will be faced with another important issue - how much insurance you need?
Each family has different needs and the amount of assets. This is very much their own financial needs of the more insurance you opt for that, you'll need no explanation. However, depending on its assets may be less than the required insurance. So, how much you'll need life insurance? How much life insurance you need to say is not really ... Your family will be required at the time of your death is how much investment capital. The amount of insurance payments to beneficiaries and dependents Life insurance is an ideal investment opportunity, and we recommend that you live and the provider were to win, were they that the strike would be considered over time to maintain the standard of living.
Depends on the life insurance needs. In general, there is no adequate investments Exigencies care, at the beginning of a career, should be of high insurance. However, you can request the insurance assets / investments over time as continuing to reduce the accumulated reserves.
Up to more rudimentary - - You can use any of three methods to estimate the level of life insurance:
1. Thumb rule OR Multiplier approach
8 to 12 times the annual salary somewhere in the life insurance should be among the most important technique to assess. However, the net take-home to live in real income as a computing income (after tax) is considered to be sure.
Although very simple to use, and clearly there is no approach to subjectivity. If you are 8, 10 or 12 years that figure comes from multiplying the right life insurance, think again! Pure Mathematics and your blind can be a unique situation and financial obligations. You have an outstanding housing loan of 40 lakh and 60 lakhs of insurance claims in the calculation of your thumb is the rule? If you are earning a few crores each year, with a networth of more than 100 crores in the same logic applies if the person on the other hand, the thumb rule based approach to the life insurance coverage will require something around 15 to 20 crores. But in reality, such a person may require that all protective life insurance.
This approach of using the computing speed for the efficient settlement of life insurance, but what should be a clear hope for. Life insurance with a simple five-second count is a very serious issue. This approach to the life insurance to evaluate speed 8x10x12x may be a good starting point and the net value of the financial needs of different customers with different requirements for clear and there is no subjectivity.
2. Human life value approach
Human capital and personal income, or is the concept of potential value to human life. According to the insurance needs of the future income earning potential of this approach tries to add the financial picture. Financial loss as a result of the collapse of a member of the family of the deceased who have earned the income, loss of future works on the same areas. This approach requires the amount of life insurance that you expect to gain the benefit of your family, all calculated as the present value of future income. In addition, we expect to cost less than other private expenses, before your planned retirement date, including life insurance premiums and taxes.
This approach does not apply in case of life insurance policies with a "compensation principle" has its roots. It does not take into account the actual needs and desires of the family's future. This approach to the suit, which is a regular and predictable income. However, non-profit or self-employed person with the businessman and the calculation of the value of human life is difficult and error prone.
3. Needs based approach
This technique within the framework of this approach to children's education, spouse, retirement, emergency fund, loan / mortgage results, etc. future needs as well as their actual (or cost) calculates on the basis of the requirements of individual life insurance, provides a way of life in the family in the near future. This approach is sufficient for all the family members of current and future obligations to provide care and without any cutbacks.
This covers you and how much it costs now (or decades) about the value of the expenditures necessary to determine a real idea of life insurance as the most comprehensive approach is required. In addition, the liquid assets should be measured. Then figure out the current value of the family's overall future financial needs, you will find a number of current liquid assets, net of insurance by the end.
This approach is underestimating the risk of future costs and, therefore, is located under the insurance. Intensive nature of this approach is difficult to get a seat in a figure. Disparate needs of your family's income and making them more difficult calculations can be spread across different time. Experienced Certified Financial Planner can help you make the calculation and your family's future needs.
Final Remark
Most of the clients, the range of RS 10 lakhs to Rs 1 lakh had an insurance policy, there were a few more, but adequate insurance to any customer who is yet to come across. Life cover for an answer to this question: how much, that you want to Rs 10 lakhs? No one will complain about receiving too much Survivor life insurance. You may have a family and try to strike a balance between access to what.
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