How the 15x Insurance Rule Can Safeguard Your Future?
The "15x insurance rule" is a straight forward guideline for individuals seeking to determine their life insurance coverage needs. Rather than a rigid rule, it serves as a starting point to help people assess their financial protection requirements. Here's an original explanation of the concept: The 15x insurance rule is a simplified approach to estimating your life insurance coverage needs. It suggests that you should aim to have life insurance coverage worth 15 life insurance coverage worth 15 times your annual income. While not a one-size-fits-all solution, it provides a basic framework to assess how much protection you may require. To use this rule, calculate your annual income and then multiply it by 15. The resulting figure is a rough estimate of the death benefit your life insurance policy should provide. However, it's important to consider several factors that can impact your unique situation: Debt: Account for any outstanding debts like mortgages,...