Brides.com: “Everything Married Couples Need to Know About Life Insurance”
Brides.com, April 27, 2021 — In today’s article by Lauren Levy we learn: “Officially deciding to get married and legally partner with someone might seem like the biggest decision you’ll make. But in reality, it’s likely the easiest one compared to all of the other details that need to be figured out after you get engaged. And when it comes to finances, life insurance should be part of the conversation.”
Marguerita Cheng, chief executive officer of Blue Ocean Global Wealth, gives her own personal experience as an example: “As a preferred non-smoker, I purchased $750K of convertible 20-year term life insurance at age 38 for $37 per month,” she shares.
Rita also knows that every situation is different so she advises her clients to take three factors into consideration when trying to determine the amount of insurance needed:
- Needs-based. How much would my loved ones need in the event of my premature and untimely death?
- Goals-based. How much would my family need to reach their financial goals, especially if I am no longer there?
- Legacy. What are you hoping to leave behind to someone?
“Someone explained it to me, ‘Loans/liability and loved ones,’” she says. “I say at least enough insurance to pay off outstanding loans and liabilities as well as burial costs. You don’t want loved ones to experience emotional and financial stress.”