The crisis has left and will leave many lessons and lessons learned, many of them good since we have changed our habits and learned lessons that we apply to the domestic economy. Each time we learn more and analyze better, which extends to a greater control of income and expenses. This change collides with another upward trend, try to be more forward looking and avoid future risks. The problem arises when an investment is “put into the same bag” with an investment, and in this last point we must include everything we allocate to forecast, where a product, Life Insurance , should stand out.
The reasons for hiring have already been explained, is the best option to protect economically those we love most and even ourselves in harsh circumstances such as disability. But what do we take into account when hiring?
- Conduct a current economic analysis : Both our income and our expenses and financial charges. To study very well what is supposed for the family unit both salaries and future expenses (the case of the mortgage, long-term product is very important) will determine not only the need for Life Insurance but also the amount of insurance to be hired.
- Determine future family needs : Closely linked to the previous point but thinking even more in the long term, having young children, for example, can determine needs not current but future as covering the cost of their studies.
- Analyze and adjust all coverages : In addition to covering the death, we must analyze very well the rest of coverages as it is the disability that prevents performing work activity. Adding additional coverages such as increasing the money to be received in case of accident can be very interesting if, for example, our activity forces us to use the vehicle very frequently.
- Are you sure single or additional insurance? : Having a unique insurance to cover all needs is generally more cost effective than adding additional and temporary hire insurance to cover the loan repayment or in case of a trip. Analyze economically the cost of slightly expanding insurance coverage to cover this type of eventualities.
- Payment of the premium : The form of payment is also very important when we have to balance income and expenses. Being able to do it on a monthly basis can be more economically beneficial as long as it does not entail an extra cost with respect to whether the premium is paid annually.
Life insurance is an investment in security and tranquility that we should not ignore but always analyzing very well what our current and future needs are to obtain the most adequate coverage.