Happy Monday!! And to all of you out here visiting for the first time, Happy New Year! 🥳
As I write this, the Philadelphia Eagles destroyed the OKC in Super Bowl LIX. Here’s a special shout out to Jalen Hurts, the Super Bowl MVP!! He’s earning that $255 million-dollar contract extension he signed in 2023.
The Eagles won their second Super Bowl in franchise history and their first since 2017. Philadelphia avenged a Super Bowl LVII loss to the Chiefs with the victory and finished the season with an overall record of 18-3.
After all that excitement on Sunday, time to calm down and get back to business, fiscal business that is.
Just like a football player knows how important it is to look after their help, it is equally important to look after your financial health. If you have loved ones that depend on you, then having a life insurance policy is a must.
There are many companies that offer life insurance.
After doing some research and comparing several key factors in choosing a life insurance company, such as price, policies, coverage, riders, the application process, the company’s financial strength, and customer satisfaction, I made the decision to choose Pacific Life. This was around 2020. I got a 10-year term policy for $1.5 million.
I made my decision based on the A.M. Best rating (AM Best is an American credit rating agency headquartered in Oldwick, New Jersey, that focuses on the insurance industry).
A simple Google search can help you find companies that allow for no medical exams and company ratings such as with U.S. News. You can also use Policy Genius.
Having life insurance can give you and your family peace of mind knowing that if something happens to you, they are taken care of.
I decided that it is best for most folks to base their amount of coverage on loss of income over however many years they think that would be after the loss of a loved one.
For most folks, that would mean a policy that is 20-30 times the annual income of that person.
Therefore, if you earn $70,000 a year, you would want a policy that is a minimum $1.4 million. If you are earning $100,000 per year, you want a policy worth upwards of $3M.
Life is unpredictable. It is always prudent to hope for the best, but prepare for the worst.
Stay safe out there.
About The Author
Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.