…is where your life insurance policy threshold should start. At the moment, 70% of our population is under insured. The good news is, they have some coverage, but their current coverage will not be enough to sustain the family over the course of 30 years. There is also a factor of not realizing the realities of the mental aftermath of loosing a beloved spouse or family member will harvest. That is the whole point valuing human life.
Thinking of Life insurance as income replacement is the right mode of thinking. Even for the wealthy, it is symbol of lifestyle maintenance no matter how much money has been assumed in their endeavors. The Rothschild’s and Rockefeller’s were outstanding with this by implementing millions of life insurance into their portfolio. Honestly, it is the only guarantee of a financial number you will receive with no taxation.
Ultimately, it is your decision to place a certain amount wealth into your family. Anticipate the future of taxation, cost of living, and your family’s lifestyle you desire. Keep your financial legacy strong.