04/04/2022
Purchasing life insurance is one of the most important financial decisions you’ll make. Not only does it protect the loved ones you’ll leave behind, but it can also be a useful tool well before then. While there are many things to take into account when purchasing life insurance, check out our list of some of the first five things to consider.
One way to determine the costs you’ll leave behind is through the “DIME” method. DIME stands for:
D - Debt💳💳
Mortgage, private student loans, car loans, credit cards, etc.
I - Income replacement🤑🤑
Consider the life expectancy of your spouse, dependents, or anyone who depends on your income. Do you want to replace your income for the rest of their lives?
M - Mortality😵😵😵
Burial wishes and costs.
E - Education🧑🎓🧑🎓🧑🎓
Do you want to fund education expenses for your dependents? What about childcare? If you have children in daycare, do you want your policy to pay for their remaining years in daycare?
Credits to: https://www.grangeinsurance.com/.../things-to-consider...
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