Financial Services Veteran Thomas Reeh Reveals Important Strategies for Buying Life Insurance

PHILADELPHIA, PA, April 24, 2013 (Press-News.org) According to financial services veteran Thomas Reeh, life insurance is both a tremendous investment and a widespread need--and yet many individuals remain woefully underinsured. To illustrate this point, Reeh points to a sobering article from Forbes, which notes that, in America, some 50 million adults are not adequately insured--and 40 percent do not have any life coverage at all. Meanwhile, only 25 percent of those whose spouses died prematurely say that they were properly taken care of, financially. These statistics indicate that obtaining life insurance is a paramount concern, but deciding how much life insurance a person needs can prove tricky; in a new statement to the press, Thomas Reeh responds to the article and offers his own thoughts on life insurance calculations.

"For most of us, it is unthinkable that we would die and leave our family members financially burdened or underprepared, which is why life insurance is such a great investment," says Reeh, in his new press statement. "When you buy life insurance, you really are buying peace of mind--and yet, for many, it is tough to know exactly how much life insurance is needed."

The Forbes article notes that many consumers do not wish to speak with pushy insurance salesmen, and so they instead use online "life insurance calculator" tools. These tools often provide inaccurate estimates, the article warns, as they often fail to consider key variables. In other cases, they provide estimates that are far too high--especially when they are calculators designed by life insurance companies.

"An online calculator can give a decent starting point, but it is not going to be able to take into account the true complexity of human life and family financial needs," comments Thomas Reeh. "However, Forbes is right in saying that individuals can ask themselves some key questions as they seek to obtain the proper amount of coverage."

The first question listed is that of the kind of lifestyle one wishes to leave behind for the surviving family members. For some individuals, it is enough to ensure that the surviving spouse and the kids are comfortable and have their most basic needs met. For others, it is more desirable to provide a more lavish lifestyle for the surviving family.

The article also recommends thinking about the "real-world" implications of one's death. For example, life insurance is a good investment even for a stay-at-home parent, as that parent's death might mean that the surviving spouse has to stay home, or else to provide for childcare; either way, life insurance money can go a long way.

"There are numerous questions that one must ask before making the critical decision of how much coverage is enough--and how much is, perhaps, a bit too much," Thomas Reeh concludes.

ABOUT:

Thomas Reeh is a financial services professional with more than 21 years of experience. He currently works as a management consultant, assisting financial planners and blue chip companies across the Melbourne and Tasmania areas. He is also a well-respected philanthropist, known for his support of various non-profit organizations, in particular those that offer assistance to Australia's disadvantaged young people.