Download How to Insure Your Life: A Step by Step Guide to Buying the by Reg Wilson PDF

By Reg Wilson

Deals safety instructions to shield opposed to deceptive details whilst paying for existence coverage.

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Additional resources for How to Insure Your Life: A Step by Step Guide to Buying the Coverage You Need at Prices You Can Afford

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If the primary beneficiary dies before the insured, however, the contingent beneficiary is entitled to the benefits of the life insurance policy. Page 41 If the primary beneficiary dies before the insured person and there is no contingent beneficiary, the estate of the insured becomes the beneficiaryand is subject to the claims of unsecured creditors. In a family situation, a common primary and contingent designation is as follows: Mary Jane Smith, wife, as primary beneficiary and as contingent beneficiaries all children, adopted or born of this marriage, to share equally.

The charts allow you to calculate how much insurance your family will need. Page 32 EARNING POTENTIAL CHART To Age 65 What Are You Worth? Age $25,000 Yearly Income $50,000 Yearly Income $100,000 Yearly Income $150,000 Yearly Income 20 1,125,000 1,800,000 4,500,000 6,750,000 21 1,100,000 1,760,000 4,400,000 6,600,000 22 1,075,000 1,720,000 4,300,000 6,450,000 23 1,050,000 1,680,000 4,200,000 6,300,000 24 1,025,000 1,640,000 4,000,000 6,150,000 25 1,000,000 1,600,000 4,000,000 6,000,000 26 975,000 1,560,000 3,900,000 5,850,000 27 950,000 1,520,000 3,800,000 5,700,000 28 925,000 1,480,000 3,700,000 5,550,000 29 900,000 1,440,000 3,600,000 5,400,000 30 875,000 1,400,000 3,500,000 5,250,000 31 850,000 1,360,000 3,400,000 5,100,000 32 825,000 1,320,000 3,300,000 4,950,000 33 800,000 1,280,000 3,200,000 4,800,000 34 775,000 1,240,000 3,100,000 4,650,000 35 750,000 1,200,000 3,000,000 4,500,000 36 725,000 1,160,000 2,900,000 4,350,000 37 700,000 1,120,000 2,800,000 4,200,000 38 675,000 1,080,000 2,700,000 4,050,000 39 650,000 1,040,000 2,600,000 3,900,000 40 625,000 1,000,000 2,500,000 3,750,000 41 600,000 960,000 2,400,000 3,600,000 42 575,000 920,000 2,300,000 3,450,000 43 550,000 880,000 2,200,000 3,300,000 44 525,000 840,000 2,100,000 3,150,000 This chart is not adjusted for inflation or salary increases.

The human life value concept was developed in the 1920s by Dr. S. Huebner. His concept was based on the fact that when a working person dies his or her ability to produce income or support a family is lost. Huebner realized that value cannot be placed on a human life the way it is on a piece of machinery. So the value was placed, not on the life itself (as the name of the concept may imply) but on the earning potential of the insured person, calculated and projected over a period of years. Page 28 In formulating the items to determine need, Huebner looked at four general areas: the individual's net annual salary, the individual's annual expenses, the number of years the individual has left to work (the present to retirement age), and the value of the individual's dollar as it depreciates over time.

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