How to choose the right amount of cover for life insurance?

| April 15, 2019

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If you are buying life insurance, you need to go for the right insurance amount so that you are neither under-insured nor over-insured. So, how does one arrive at the right amount of insurance cover? Here are some simple methods to help you decide. Life insurance is something one cannot do without in life. It is a small step to show your near and dear ones that you care. If you are the sole bread earner of your family, life insurance becomes all the more important for you. It helps you to make sure that your family does not face financial distress in the unfortunate event of your early demise. And there is no better way to provide financial security for your loved ones than buying a term insurance plan. That said, how much amount will your family need to live comfortably after you are gone? The first method is to derive the amount as a multiple of your annual income. Ideally, one should have insurance cover of 10-12 times your annual income. We can understand this with different examples.

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Flood Risk Solutions, INC

Flood Risk Solutions provides state of the art flood placements for your complex commercial and residential risks across the United States. Partnering with retail brokerages, we offer a full suite of flood products on a primary and excess basis, including private flood in catastrophe prone geographies. Our track record of proven success in the flood market has provided solutions unparalleled in the domestic marketplace. ​Our product offering are tailored to meet your client’s needs with a keen focus on coverage, pricing, and service. ​Flood Risk Solutions, Inc. was formed by Brendan Moeller, CPCU and Eugene Podokshik, CPCU, two senior insurance professionals who have successfully launched previous ventures including an insurance company, multiple insurance agencies, and numerous technology platforms, to address the growing need for flood insurance solutions in the domestic marketplace.

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