Final Expense Insurance
Using the rule of 72 to find the amount of insurance I need?
Just heard that for the approximate calculation can be used Rule of 72 to find the form of insurance that is needed. For example my Heritage worth $ 200,000 and loans are 220,000. Final expenses 50,000 and my family will need $ 54,000 per year in the event of my death. Can we use the rule of 72 to find my need for Life Insurance. If so, how?
"Rule 72" is a term investment you can determine the amount of interest (rate of return) he needs to win in a given period of time to double your money. For example – to double your money in 8 years you need 9% interest. I've never used that to calculate the need for life insurance. Here are a couple of simple ways to calculate your need. 1. If your family needs $ 54,000 per year, the easiest way is to find out what interest rate product death benefit can be reversed al. If you can get 5.4% interest on an investment of $ 1,000,000 will provide that level of income for life. 2. You probably should have at least 760,000 on the basis of this very simple calculation: 54,000 x 10 years = $ 540,000 loan over $ 220,000 This is a simplistic way of seeing your need for insurance. I recommend that complies with a local broker or agent to make a more thorough review and find the right policy for you.
Final Expense Insurance – Don Xavier
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