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Added on the 02/12/2020 18:58:43 - Copyright : Wochit
Unfortunately, the novel coronavirus pandemic has gotten more and more Americans thinking about writing wills and getting life insurance. According to Business Insider, if you're in the market for a life insurance policy, there are three things to know before you sign on the dotted line. First, a term life insurance policy is usually the cheapest. And the younger you are when you take it out, the cheaper it usually is. Second, whole life covers you for your entire life--not a fixed term, like term life. Actually an investment vehicle, it's five to nine times more expensive than term. Finally, you'll need to know how much insurance you need. Will it need to cover a mortgage? College funds? Ongoing care for a disabled child or parent? It's a good idea to use an online calculator to help you decide the size of your policy, as it will also take inflation into account, as well as your local cost of living.
If you've managed to avoid the economic carnage that is America today, Business Insider reports that now is a great time to save. However, financial experts underscore that it's completely fine to put your savings plan to one side if you've been let go or have lost your business. If you can save, examine your budget closely. Can you cut a bit deeper? Renegotiate phone and TV service rates, and shop around for cheaper insurance. While saving 10% of take-home pay is best in normal times, these are clearly not normal times. Now, shoot for 20%. Build an emergency fund first, then automate. Make extra money through side hustles, and see if your employer has a matching program. Good luck!
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