I read a article on the Sunday Times (Page 33) on Nov 8, 2009 and would like to share this to whom who cares about their family.
A person at the age of 47 pump in a $1m coverage after review his financial plan.
He realize that in today's environment is highly unpredictable as compared to that 10 years ago. he have 2 teenage girls which are still in school and both will go into tertiaty education in the few years time. Eventhought, he have educationa plan for them, a catastrophic event or another financial crisis could drain my assets ans destroy the best of my invesment plan.
Hence, he decide to pump in $1m of Term coverage on top of his another $1m whole life policy. His annual premium amount to $10,000 per year cover $2m coverage.
By paying the premium, he get to enjoy the coverage as it will step in to meet its obligations should anything untoward happen to him. Most importantly, he know that all the family's financial needs are well taken care of.
Of course, everyone have his/her own budget.. Get yourself cover step by step.. if you care for your family...
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