You've heard it a million times. You need life insurance. Get life insurance. Get life insurance! "Ok fine. I'll get $100,000 or $200,000 - surely that is enough!" Well, actually it's not.... Life insurance is meant to replace a lifetime of income that's gone if you pass away. That $200,000 that seemed like "a lot of money", well that will likely run out in less than five years. So your family only needs to eat for the next five years, and then they're going on a lifelong fast? I don't think so. You NEED 10-12 times your annual income in life insurance, and the good news is, it's not expensive. "Ok I get I need more, but why 10-12 times my income?"
Here's your answer - That large lump sum payout to your beneficiary, if invested properly, should generate enough return each year to replace your lost income. The best part is, that income is continually created, year after year, and your loved ones will never have to touch the initial large lump sum. Think of it this way - you are leaving your family a large goose that will lay eggs, day after day, year after year, and will never stop. Your family will never need to eat the goose, because it keeps laying so many eggs! That is what an adequate life insurance policy will do for your family!
Click Here to request a life insurance quote in 30 seconds. Baseline Financial Solutions, LLC is based in Aberdeen, SD.