A person in his thirties is at a phase when he experiences the responsibilities of sustaining a family. The majority of men and women are married in their thirties. Most of them also have small children. So, the need for life insurance is very profound. If you are in your thirties and don't already have insurance, you should buy yourself one. This phase is the best time to purchase the best life insurance for 30 year old.
In order to get the best life insurance policy, you need to pay attention to two aspects. Firstly, you need to decide on the right insurance amount. Secondly, you need to find the most reliable and efficient insurer.
Factors to consider while purchasing the best life insurance for 30-year-old
A thirty-year-old person needs to consider the below-given factors before purchasing life insurance. Basically, a life insurance policy should ensure that the spouse is not solely burdened with the responsibility of taking care of and providing for children.
· Income: As a thumb rule, experts suggest that 30 years olds should buy a life insurance policy that is at least 10 times their annual income. So, if your annual salary is $50,000, you need a policy of at least $500,000. This calculation does not apply if you have huge outstanding loans
· Loans: Calculate your debt. This includes home mortgages, personal loans, car loans, education loans, and any other amount that you might have borrowed for personal use. Your policy amount should cover all these loans put together
· Children or dependents: Your life insurance policy should cover your children's educational expenses until they pass out of college. Calculate all basic education-related expenses per year and decide policy amount accordingly
· Interest on investment: Interest on your investment is a crucial factor to consider. After your death, the coverage amount that your family receives does not last forever.
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