Making life insurance protection a critical component in your financial planning is wise indeed. Life insurance protection is the only financial tool that can create for you an immediate estate. By obtaining life insurance protection you instantly provide for your family upon your untimely death the financial resources needed to maintain the quality of life you have planned for them.
I believe life insurance protection is a critical component you should include at every stage of your wealth building plan. How much life insurance should you purchase? Many financial advisors recommend eight to ten times your annual income.
The idea is, if you earned $100,000 annually and purchase a life insurance protection policy ten times your annual income you create an instant estate of $1,000,000. In the event of your untimely death your family could invest the $1,000,000 life insurance proceeds and live off the interest forever never touching the principle. Isn't that awesome? That is the power of including life insurance protection in your wealth building plan.
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