Tom Brough of Chicago is a financial advisor with more than twenty years of experience. He is also a hedge fund manager and a licensed life insurance agent. It is without a doubt that several Americans feel a certain discomfort when it comes to life insurance. In fact most Americans don’t believe they need life insurance in the very thought of it is intimidating because unfortunately not all want to consider what can happen in the untimely repercussions for your family and the instance death or loss of life. It is also common to believe that life insurance is unaffordable. Some folks are afraid to make the wrong decisions and others are just intimidated by the responsibility.
Life insurance is a great responsibility, and those that consider it are doing a great justice for their families and their wealth management. This does not mean everyone is going to need life insurance but if you are considering a family or the head of a family you should absolutely consider.
Some methods to consider when buying life insurance are approaches that have been refined over the years. The first one being a needs-based approach which takes into account the unique situation and determines the effect of your death on your dependents. You must take into factor several variables such as how many children you may have, how much of your mortgage debt is left on your home, your spouse’s career, overall financial situation and college tuition for your children. Another approach is called income replacement, it begins with your age and then calculates how many years of income you in the event of your premature death. This method, however, is not individualized, so you want to do your due diligence in research.
Tom Brough of Chicago is a veteran financial advisor who has been active since completing his education at DePaul University, where he received a degree in finance in 1993.
Life insurance is a great responsibility, and those that consider it are doing a great justice for their families and their wealth management. This does not mean everyone is going to need life insurance but if you are considering a family or the head of a family you should absolutely consider.
Some methods to consider when buying life insurance are approaches that have been refined over the years. The first one being a needs-based approach which takes into account the unique situation and determines the effect of your death on your dependents. You must take into factor several variables such as how many children you may have, how much of your mortgage debt is left on your home, your spouse’s career, overall financial situation and college tuition for your children. Another approach is called income replacement, it begins with your age and then calculates how many years of income you in the event of your premature death. This method, however, is not individualized, so you want to do your due diligence in research.
Tom Brough of Chicago is a veteran financial advisor who has been active since completing his education at DePaul University, where he received a degree in finance in 1993.