How Much is Life Insurance and How Much Do I Need? | Jabar Post Indonesia

How Much is Life Insurance and How Much Do I Need? | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Life Insurance.

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How Much is Life Insurance and How Much Do I Need? | Jabar Post Indonesia

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Modern life insurance bears some similarity to the asset management industry[1] and life insurers have diversified their products into retirement products such as annuities.[2]

Life-based contracts tend to fall into two major categories:

Protection policies: designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.

Investment policies: the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.

People overestimate how much life insurance costs by an average of 44% and few give much thought to how much life insurance is needed to protect your family. The answers to these two questions will help you get the best life insurance at the best price and that’s exactly what I’m going to do in this video.

It’s part of a three-part video series and a partnership with Quotacy to help you understand life insurance online and help protect your family. Quotacy is an online life insurance provider specializing in term life and that portion of the population that’s not in perfect health.

Click through to get your free pre-quote in less than two minutes and shop your life insurance around for the best rate possible.

I’ll start off showing you research for how much life insurance costs. I filled out 16 different life insurance quotes online to get estimates for different age groups and for different health situations. This is going to show you exactly how much you can expect to pay for insurance online.

Then I’m going to give you an easy way to estimate how much life insurance you need, first with a simple rule-of-thumb and the a much more accurate way. Just these two questions will help you find the best life insurance policy for your needs and get the best rate possible.

Don’t miss the first video in the series, those seven critical facts about life insurance 

I’ve included a clickable index below but please watch the entire video. You need to be able to answer both of these questions if you’re to get the best deal available.

2:00 How much does life insurance cost?
6:00 How much life insurance do I need?

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.

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  1. Hey there Devil Dog, I'm currently in the works for my life insurance license and already have my Health/Accident/Sickness insurance license with Nebraska and Kansas. I added these products to my corporate services as I discovered the vast majority of people's financial/credit woes was due to medical expenses and being underinsured.

    I cannot express enough the importance of having health and life insurance and I wish more people understood it and talked about it.

    Thank you for sharing this, for everyone subscribed to this man, please heed these words!

  2. Can you look into Ozark national life insurance? I have been a member for 3 years now and as time goes on and I try to learn more about money, I'm starting to question if it is worth it or not.

  3. It can be a better retirement vehicle than a normal 401K because you can front load a whole life policy let it compound tax free and use it to take loans out whenever you want for a house or whatever. After a few years the compounding pays the premium on the policy and you don't even have to put any more money in it? Any thoughts?

  4. Hate to be the bearer of bad news, but all these big companies just love to give a positive spin on a morbid subject. It's death insurance, not life insurance. Face reality, if you live, there's no payout folks. You're insuring your loved ones if you die – thus death insurance. Not a very marketable term, but more accurate.

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