I got a $1 million life insurance policy at age 28, and now that I have a family I don't regret it for a minute

Life insurance is an important part of any long-term financial plan. 

If anything happens to you, life insurance ensures your family and takes care of the financial loss of your regular income.

Testimonial by my client Mr Jeff Robinson:
“Before I had kids, I found myself a $1 million life insurance policy. Let's walk through how I picked that life insurance and what I would do if I were doing it again today. 

First, I decided term life insurance was right for me 

When getting started, life insurance can be intimidating. There are different kinds of life insurance with different features. In general, the best type of life insurance for most people is term life insurance. Term life is the lowest cost for the most coverage in most cases. 

Whole life insurance includes an investment component, but you can often do better separating your investments and insurance to get the best from both rather than an expensive, mediocre product that tries to do both. Whole life can make sense for some situations, but overall term life, is best in most cases. 

Then, I multiplied my annual income to estimate my coverage needs 

I picked my life insurance when I was around 28 years old. At that point, I knew I was going to have kids at some point and life insurance would only get more expensive if I waited. Typically the cost of insurance goes up as you get older, so the best deal you're going to get is right now in most cases.

At that point, I took my annual income, multiplied by 10, and added a buffer on top. That led me to a $1 million policy. Many people would multiply their annual expenses by 10 rather than their income, but I estimated my expenses would go up when my family started to grow. You may also want to add in coverage for things like paying off a mortgage, paying for college costs, or other major financial goals for your family. 

I shopped around for the best deal 

There are a few ways to get life insurance. I wanted to get help from someone I knew who was an expert in life insurance, so I went to my friend Bijal Shah of the blog Financial Awareness , a licensed insurance and Financial Advisor who could help me shop around for the best deal. 

She ran my information through a system that gave the best deal for my specific needs  and the policy I wanted. The insurance company sent a nurse to my home on a Sunday morning for a quick exam and I had my insurance offer shortly after. 

Due to childhood asthma, I didn't get the very best rate possible. I qualified for the second tier, which put my cost for a $1 million policy at $78 per month. That is a pretty good deal for so much coverage.”

This was the testimony from my client and his experience and say on insurance. Everyone has different need and requirement. It never too late..
Do you want to protect your family and maintain the same standard of living even in your absence?


For Any Insurance Inquiry just Book an Appointment
Send email at bijal.shah@nexusadvice.com
Or Call +971558870864