“Since I Love My Family Very Much, How Much Coverage Should I Have In My Life Insurance Policy?” By: Noel B. Albano

“Since I Love My Family Very Much,
How Much Coverage Should I Have In My Life Insurance Policy?”
By: Noel B. Albano
As a parent, how much life insurance coverage should you have in your policy?
Let’s face it, being the primary breadwinner (who is willing to sacrifice in an uncertain foreign environment), you are concerned how you would be able to STILL PROVIDE for your family, in case (God forbid!), you leave this earth sooner.
You will definitely agree that YOUR life is VALUABLE because it is what allows you to work and earn an income to provide for your BELOVED family. If you leave this earth sooner, your absence will create an income gap which could put your spouse and/or children in financial trouble, if the unfortunate does happen.
A quick and general method of estimating your life insurance coverage would be to take your current annual salary, and multiply that number by the difference between age 75 and your current age. For example, a 45-year old Chief Engineer earning a USD5,000 monthly salary would need PHP86,400,000 in life insurance coverage (USD5,000 x 12 months = USD60,000 x 30 years = USD1,800,000, or approximately PHP86,400,000).
If you are worried about the premium cost, term life insurance is the CHEAPEST, most affordable way to protect your family’s financial future, since it has the LOWEST premiums than other insurance options. Indeed, you will definitely be SURPRISED how low the premiums really are!
To get your FREE CONSULTATION and FREE CUSTOMISED PROPOSAL, you may contact Manulife Philippines’ licensed Branch Head, Mr. Noel B. Albano, at mobile number (+63) 917-600-1150, or through his email address at noel_albano@manulife.com. Since protecting your family is an urgent and confidential matter, you may speed up the process by sending through email, your: 1) Complete Name; 2) Complete Birth Date (month, day, year); 3) Gender; 4) Annual Salary; 4) Officer or Non-Officer Level; and 5) International or Domestic Routes. You may expect to receive your customized proposal, within 24 hours from receipt of your email.
(Note: Manulife Philippines is a wholly-owned subsidiary of Manulife Financial Corporation, the #1 financial services group in Canada, with funds under management of USD330Billion as of December 31, 2008.
The opinions expressed in this article are his own.)