LIFE INSURANCE. How to assess your life insurance needs By Ginger Applegarth

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "LIFE INSURANCE. How to assess your life insurance needs By Ginger Applegarth"

Transcription

1 LIFE INSURANCE Insurance is not specifically defined in Scripture; however, the principle of future provision is found in Ecclesiastes 6:3. If a man fathers a hundred children and lives many years, however many they be, but his soul is not satisfied with good things and he does not even have a proper burial, then I say, 'Better the miscarriage than he.' God said that we are to be responsible for our families, even in the event of our untimely death. The fact that we do not know exactly when we are going to die and that we may not have the economic resources to provide for our families after death is good reason for buying life insurance adequate enough to provide for the family in case of death. How to assess your life insurance needs By Ginger Applegarth What s your life worth? If you ve shopped for life insurance, that s sort of what you re trying to find out. Chances are you ve heard different people suggest vastly different calculations on how to reach the right number. The problem is that every person's situation is different, and although your financial situation may look the same as your colleague s in the office next to you, your needs are different. MSN Money's life insurance Needs Estimator ( is based on a time-tested method used by reputable agents and financial planners for decades: the capital needs analysis. The beauty of the capital needs analysis is that it takes into account all of the quirks that make you and your situation unique. Additional web pages: Calculating how much life insurance you need shouldn t be a guessing game. You can assess your needs -- and the needs of your loved ones -- and make a calculated assessment. The Needs Estimator walks you through typical costs like a funeral (the average funeral in the U.S. is now more than $6,000, though the true sum can easily reach $10,000 once a burial plot, flowers and other costs are included), to the atypical, such as the special needs slush fund most people should include in their insurance calculations. (A safe estimate is about $20,000 to $25,000 to cover unexpected one-time and ongoing expenses.) Most important factor is your dependents A lot of insurance advice seems to be based on your marital status to determine your insurance needs. That's not exactly the issue. The most important factor is if you have any dependents -- those who are (or who will be) counting on you to support them, either partially or fully -- and how many dependents you have. Here are other major factors to consider:

2 The kind of lifestyle you want to provide for your family. Your non-working spouse, who wouldn t have an income if you died. Your working spouse, who would "retire" to raise your children if you died. Other sources of household income (such as a second paycheck). Any debts that you want paid off (such as a mortgage, car loan or credit card). Your family s college expenses. Any special needs, such as a handicapped child or a child who will never be selfsupporting. Your parents, who may eventually become financially dependent on you. Even if you re wealthy and think you might not need coverage, think again. You still may need life insurance if your taxable estate approaches $1 million if you re single or $2 million if you re married -- in which case you should have already done proper estate planning to minimize estate taxes. (For 2010 and beyond, the estate tax is repealed.) If either of the above applies to you, and your estate doesn t have enough liquid assets to pay estate taxes, you need more insurance. The Internal Revenue Service will want cash from your estate within nine months, and you might have to invest in a life insurance policy to do this. Childless now, but what about the future? If you re married and don t have children, your insurance needs could vary from almost nothing to needing heavy coverage. If your spouse can live on his or her income alone and you don t have a mortgage or don t care whether it s ever paid off, your only need may be to cover any final expenses incurred at your death. You still should consider the possibility that your parents may depend on you in the future, or that you may want to help pay for college costs for a family member (a niece or nephew, for example). Special needs of divorced people, singles Divorced people have special insurance needs. If you fall into that category, you d better dig out your divorce agreement. It may stipulate that you have to keep a certain amount of life insurance in force for your ex-spouse or to pay your part of your children's education. Even if your divorce agreement doesn t require it, if you have children, you should have life insurance in order to leave them an inheritance and to cover your part of their college costs. Single people are often told that they don t need insurance, or that the small policy that comes with their work benefits is enough. In many cases, that s absolutely right. If you lead a simple life with no mortgage and no significant other, a life insurance policy may just be an unnecessary expense. There are certain instances where you may need it, however. If one of these scenarios applies to you, start thinking about life insurance: You have a mortgage that is more than the value of your house. A relative has co-signed on your mortgage; having it paid off immediately at your death means he does not have to make monthly payments until your home is sold, were you to die with not enough insurance coverage.

3 You have a friend or relative to whom you want to leave money. You have bought a house with your live-in partner and you have an agreement that each person s share of the mortgage is to be paid off upon his or her death. Your parents won t be able to manage financially if you re not around. You want to leave money to a charity or other nonprofit organization.

4 How to Buy Life Insurance Buying life insurance is an easy way to protect your family after you're gone. If you know what to look for, you can get great coverage at a price you can afford. There are many excellent resources on the internet. We provide some very basic guidelines with the information below, and we emphasize they are guidelines. Every person has a unique situation and must discuss and review their situation with a trusted agent. Why buy life insurance? Topping the list of reasons to buy life insurance is the financial protection life insurance offers. If you're single and just starting out, you may not need life insurance. But as you take on more responsibilities and your family grows, your need for life insurance increases. The proceeds from a life insurance policy can replace the income lost to your family upon your death. You might also want to buy life insurance to pay off debts and expenses, leave money to charity, and cover final and estate expenses. Choose term or cash value There are two basic types of life insurance: term life insurance, which provides life insurance coverage for a specified period of time (the term), and cash value (permanent) life insurance, which combines a death benefit with a cash value component. Cash value insurance offers lifetime protection, while term insurance may be the most affordable option if you're buying life insurance mainly for the financial protection it offers, and your need for life insurance is temporary (until your children leave the nest, for instance). Some term policies (called "convertible") will permit you to exchange the term life insurance policy for a permanent one at some point. Decide how much coverage you'll need The amount of life insurance protection you should buy depends on how much income your survivors will need, how much you own and owe, and the amount of other life insurance available to you. If you're married, both you and your spouse should consider buying life insurance. One of the easiest ways to estimate how much life insurance protection you should buy is to use a life insurance needs calculator. Pick a number between 1 and 30 Term life insurance is usually offered for periods ranging from 1 to 30 years. Consider choosing a term that matches your need for life insurance protection. For instance, if your main reason for buying life insurance is to protect your 7-year-old twins until they're out of college, you'll want to buy a policy with a term of at least 15 years. How much will it cost? How much you pay for life insurance will depend on a number of risk factors, including your age, your health, whether you use tobacco, your family health history, and the type and amount of life insurance you're buying. Keep in mind that the premium you're quoted initially will increase later. For instance, when you buy term life insurance, rates are guaranteed only until the end of the term (annually for annual renewable term or at the end of a specified number of years for level term). While most life insurance policies can be renewed at the end of the term, you'll pay a higher premium for coverage. Shop around When comparing quotes for life insurance, make sure that the insurance coverage you're

5 comparing is similar. And remember, any policy that you buy is only as good as the company that issues it. Find out what rating the company has received from major ratings services, such as A. M. Best or Standard & Poor's. These companies evaluate an insurer's financial condition and claims-paying ability. The company giving you a quote should provide you with this information. You can also contact your state's department of insurance to find out more about an insurer's record. Submit an application Once you're ready to purchase a life insurance policy, you'll fill out a life insurance application that contains questions about your current and past health history and lifestyle. You'll generally be required to take a medical exam, arranged and paid for by the insurance company. The answers you give on your application, along with the results from the medical exam and your past health history, will help the insurance company determine whether to offer you a policy, and if so, at what price. Learn the lingo Maybe a life insurance contract isn't as exciting as a best-selling novel, but read it anyway. Policy provisions, the amount of benefits, the premium, and other charges you'll pay will be listed along with other important information such as the beneficiaries you've named and the premium guarantee period. Make sure you understand everything in the policy. Under the laws of your state, you may have a "free look" period (typically at least 10 days) during which time you can cancel the policy without penalty. Please note that this description/explanation is intended only as a guideline Additional websites:

plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love.

plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. Thinking about life insurance? You re not alone. Canadians generally agree

More information

LIFE INSURANCE STRATEGY GUIDE

LIFE INSURANCE STRATEGY GUIDE LIFE INSURANCE 101 STRATEGY GUIDE : STRATEGY GUIDE TABLE OF CONTENTS Why You May Need Life Insurance... 5 Shopping for Life Insurance... 5 How Much Life Insurance to Obtain... 6 Calculating Total Funds

More information

Life Insurance. Single Premium Life Insurance

Life Insurance. Single Premium Life Insurance Life Insurance Life insurance provides cash for many important expenses to help survivors deal with a number of pressing financial issues after the loss of a loved one. Proceeds from a life insurance policy

More information

Life Insurance Buyer's Guide

Life Insurance Buyer's Guide Life Insurance Buyer's Guide This guide can help you when you shop for life insurance. It discusses how to: Find a Policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

Your helpful life insurance guide: Empty nesting

Your helpful life insurance guide: Empty nesting Your helpful life insurance guide: Empty nesting As your kids grow up and leave the house, life insurance should still be a part of your plan going forward. Amica Life can help you determine if you have

More information

Life Insurance Buyer's Guide

Life Insurance Buyer's Guide Life Insurance Buyer's Guide This guide can help you when you shop for life insurance. It discusses how to: Find a Policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

Life Insurance Buyer's Guide

Life Insurance Buyer's Guide Life Insurance Buyer's Guide This guide can help you get the most for your money when you shop for life insurance. It can help you answer questions about: Buying Life Insurance Deciding How Much You Need

More information

Life Insurance Life Advice

Life Insurance Life Advice Life Insurance Life Advice What to look for in life insurance Deciding to protect those who depend on us with a sufficient amount of life insurance protection is a responsible and caring act. Life insurance

More information

Must Read Life Insurance Report

Must Read Life Insurance Report Must Read Life Insurance Report Dear Friend, Thank you for taking the time to read this report on life insurance. This is a free gift and should not be sold for any price for any reason. When you are finished

More information

Life Insurance Buyer's Guide Prepared by the National Association of Insurance Commissioners

Life Insurance Buyer's Guide Prepared by the National Association of Insurance Commissioners Life Insurance Buyer's Guide Prepared by the National Association of Insurance Commissioners Buying Life Insurance How much do you need? What is the Right Kind? Finding a Low Cost Policy Things to Remember

More information

Protecting your assets. Simple steps to providing for your family and friends

Protecting your assets. Simple steps to providing for your family and friends Protecting your assets Simple steps to providing for your family and friends Contents 02 Inheritance tax 04 Do you know how much you re worth? 06 Reducing the effect of inheritance tax 09 Protecting your

More information

A guide to InnoVision

A guide to InnoVision A guide to InnoVision Universal Life THE MANUFACTURERS LIFE INSURANCE COMPANY InnoVision insurance that fits your life Your decision to buy life insurance is a responsible choice made to protect the future

More information

Life. The Instant Insurance Guide: A buyer s guide to life insurance and annuities in Delaware. www.delawareinsurance.gov

Life. The Instant Insurance Guide: A buyer s guide to life insurance and annuities in Delaware. www.delawareinsurance.gov The Instant Insurance Guide: Life A buyer s guide to life insurance and annuities in Delaware From Karen Weldin Stewart, CIR-ML Delaware s Insurance Commissioner 1-800-282-8611 www.delawareinsurance.gov

More information

Life. The Instant Insurance Guide: Questions To Ask About Life Insurance. A buyer s guide to life insurance and annuities in Delaware

Life. The Instant Insurance Guide: Questions To Ask About Life Insurance. A buyer s guide to life insurance and annuities in Delaware Questions To Ask About Life Insurance What are your goals? Do you want to replace the income you bring in to your family? Pay off debts and taxes? Pay for a child s education? Donate to charity? Term or

More information

Start counting on yourself

Start counting on yourself Start counting on yourself Start with life insurance on your terms ING ROP Endowment Term and ING ROP Endowment Term NY Term Life Insurance issued by ReliaStar Life Insurance Company and ReliaStar Life

More information

Optional Life insurance Get to know your benefits

Optional Life insurance Get to know your benefits Optional Life insurance Get to know your benefits Contents 01 What is Optional Life insurance? 03 Why opt for Optional Life coverage? 04 How to apply for Optional Life insurance? What is Optional Life

More information

4-Step Guide to Life Insurance

4-Step Guide to Life Insurance TIAA-CREF Life Insurance Company 4-Step Guide to Life Insurance Our promise to help you protect what matters most At TIAA-CREF, we understand the need for life insurance our promise is to help you make

More information

Life insurance. Shedding light on. a practical guide to helping you achieve a lifetime of financial security

Life insurance. Shedding light on. a practical guide to helping you achieve a lifetime of financial security Shedding light on Life insurance a practical guide to helping you achieve a lifetime of financial security Learn more about: Safeguarding your loved ones Protecting your future Ensuring your dreams live

More information

LIFE INSURANCE OVERVIEW

LIFE INSURANCE OVERVIEW LIFE INSURANCE OVERVIEW Most people think of life insurance in terms of death benefit protection. However, today s policies also provide the vehicles for meeting other goals, such as saving for retirement

More information

ING Return of Premium Term Term life insurance issued by ReliaStar Life Insurance Company

ING Return of Premium Term Term life insurance issued by ReliaStar Life Insurance Company Start counting on yourself. Start with life insurance on your terms. ING Return of Premium Term Term life insurance issued by ReliaStar Life Insurance Company Take a moment to listen to Ida, an old friend

More information

-17-5. Life Insurance: What to Look For

-17-5. Life Insurance: What to Look For -17-5. Life Insurance: What to Look For Have you ever thought about buying life insurance? Have you ever puzzled about whether you needed it and if you did, how much to buy? Or what kind? Or how to compare

More information

Types of Life Insurance Products

Types of Life Insurance Products Types of Life Insurance Products Page 1 of 16, see disclaimer on final page Table of Contents Term Life Insurance...3 Who should buy term life insurance?...3 Advantages of term life insurance... 3 Disadvantages

More information

INHERITANCE TAX: THE FACTS

INHERITANCE TAX: THE FACTS INHERITANCE TAX: THE FACTS INHERITANCE TAX IT PAYS TO PLAN AHEAD I M NOT RICH ENOUGH TO WORRY ABOUT INHERITANCE TAX I NEED MONEY TO LOOK AFTER MYSELF IN MY OLD AGE I LL DO SOMETHING ABOUT IT LATER THESE

More information

Caring for longer than a lifetime

Caring for longer than a lifetime Life insurance Caring for longer than a lifetime Your 5-minute Guide Life goes on prepare for it Your love for your family will live forever. However, we all know we won t live forever. Life insurance

More information

SHEDDING LIGHT ON LIFE INSURANCE

SHEDDING LIGHT ON LIFE INSURANCE SHEDDING LIGHT ON LIFE INSURANCE A practical guide LEARN MORE ABOUT Safeguarding your loved ones Protecting your future Ensuring your dreams live on Life s brighter under the sun About this guide We ve

More information

Prepared by the National Association of Insurance Commissioners. This guide does not endorse any company or policy.

Prepared by the National Association of Insurance Commissioners. This guide does not endorse any company or policy. Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory officials. This association helps the

More information

Why buy life insurance?

Why buy life insurance? Why buy life insurance? Allianz Life Insurance Company of North America M-5173 Page 1 of 8 Discover the many benefits of life insurance Life insurance can be an important and versatile part of your overall

More information

1. Income Replacement. Personal Needs

1. Income Replacement. Personal Needs LIFE INSURANCE 101 Personal Needs 1. Income Replacement Personal Needs Personal Needs 1. Income Replacement 2. Mortgage Cancellation Personal Needs 1. Income Replacement 2. Mortgage Cancellation 3. Education

More information

10 Things You Need to Know About Buying Life Insurance

10 Things You Need to Know About Buying Life Insurance 10 Things You Need to Know About Buying Life Insurance 10 Things You Need to Know About Buying Life Insurance 01 We never know what life has in store. Life insurance is a simple answer to a very difficult

More information

Protection is Precious. Life Insurance

Protection is Precious. Life Insurance Protection is Precious Life Insurance Not FDIC/NCUA Insured Not Insured By Any Federal Government Entity Not a Deposit May Lose Value No Bank/Credit Union Guarantee Subject to Underwriter Approval What

More information

How you can protect wildlife for the future

How you can protect wildlife for the future How you can protect wildlife for the future Some helpful advice for making or changing your Will Dear Supporter Thank you for caring about your local wildlife for caring enough to take this very important

More information

Your wisdom is just one gift that can last a lifetime.

Your wisdom is just one gift that can last a lifetime. Your wisdom is just one gift that can last a lifetime. Turn your savings into a legacy in an instant. Saving is smart. Getting more out of your savings is smarter. You ve made some smart decisions and

More information

LIFE INSURANCE GUIDE. Important Facts You Should Know Before Buying Life Insurance

LIFE INSURANCE GUIDE. Important Facts You Should Know Before Buying Life Insurance LIFE INSURANCE GUIDE Important Facts You Should Know Before Buying Life Insurance Life Insurance Is Financial Protection. Life Insurance comes in many different forms and what you choose for protection

More information

Why should I buy life insurance?

Why should I buy life insurance? Why should I buy life insurance? Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations: 1. Replace income

More information

Purpose Driven Life Insurance

Purpose Driven Life Insurance Purpose Driven Life Insurance American National Insurance Company Galveston, TX Has someone ever called you on the phone and tried to sell you life insurance or another product without knowing anything

More information

Your helpful life insurance guide: Shopping for life insurance

Your helpful life insurance guide: Shopping for life insurance Your helpful life insurance guide: Shopping for life insurance When it comes to shopping for life insurance, you may need help making an informed decision. At Amica Life, we believe helpfulness is what

More information

Life Insurance Made Easy The basics on buying Life Insurance

Life Insurance Made Easy The basics on buying Life Insurance Life Insurance Made Easy The basics on buying Life Insurance Introduction Hi There! Before you begin reading, I d like to take the time out to truly thank you for downloading this guide. There is A LOT

More information

What you need to know about life insurance

What you need to know about life insurance What you need to know about life insurance Chances are, you need L ife insurance is a simple answer to a very difficult question: How will my family manage financially when I die? It s a subject no one

More information

TMAIT Insurance Guides for Physicians. Life Insurance

TMAIT Insurance Guides for Physicians. Life Insurance TMAIT Insurance Guides for Physicians Life Insurance TMAIT Insurance Guides The TMAIT Insurance Guides are intended to help physicians make sound insurance decisions for themselves and their families.

More information

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer Buyer s Guide to: s Guide to: Fixed Deferred Annuities Prepared by the Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association

More information

Do You Have the Right Life Insurance?

Do You Have the Right Life Insurance? Do You Have the Right Life Insurance? Having adequate life insurance should be an important part of your financial planning. The type(s) you choose will depend on your needs and goals. Life insurance was

More information

Life Insurance Tutorial & Calculation Worksheet

Life Insurance Tutorial & Calculation Worksheet Life Insurance Tutorial & Calculation Worksheet Provided By NAVY MUTUAL AID ASSOCIATION Henderson Hall, 29 Carpenter Road, Arlington, VA 22212 Telephone 800-628-6011-703-614-1638 - FAX 703-945-1441 E-mail:

More information

Life Insurance Buyer s Guide

Life Insurance Buyer s Guide Life Insurance Buyer s Guide This guide can help you when you shop for life insurance. It discusses how to: Find a Policy The Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

Financial security at death. Why life insurance? Let s talk about how life insurance protects you

Financial security at death. Why life insurance? Let s talk about how life insurance protects you Financial security at death Why life insurance? Let s talk about how life insurance protects you Who needs life insurance? People with responsibility for others n Take care of the immediate challenges

More information

Life Insurance Information Guide

Life Insurance Information Guide Life Insurance Information Guide Chapter 1 Mortgage Insurance vs. Life Insurance Talking about your death is never easy or fun, but it is essential. When organizing your finances to provide for your family

More information

What Would Your Family Do Without Your Income?

What Would Your Family Do Without Your Income? What Would Your Family Do Without Your Income? Income Protection Option You Know What Matters That s why you work hard to provide for your family. Late nights. Early mornings. Working over the weekend.

More information

LIFE INSUfW[E AND ANNUITIES

LIFE INSUfW[E AND ANNUITIES ESO 455 No. 6 LIFE INSUfW[E AND ANNUITIES When developing a sound insurance program a person must face the possibilities of dying too soon or living too long. Very few people will die at the "right time,"

More information

YOUR GUIDE TO. Understanding life insurance

YOUR GUIDE TO. Understanding life insurance YOUR GUIDE TO Understanding Making life less complicated. Most people know that can provide their families with a death benefit if the unexpected should happen. But they may not know that it can also be

More information

Voluntary Life Insurance FOR EMPLOYEES OF FAYETTE COUNTY PUBLIC SCHOOLS

Voluntary Life Insurance FOR EMPLOYEES OF FAYETTE COUNTY PUBLIC SCHOOLS Voluntary Life Insurance FOR EMPLOYEES OF FAYETTE COUNTY PUBLIC SCHOOLS Answers to your questions about coverage from Standard Insurance Company STANDARD INSURANCE COMPANY About This Booklet This booklet

More information

Local 804 Pension Plan

Local 804 Pension Plan Local 804 Pension Plan A guide to your pension plan benefits Union Benefit Plans Services Contact Contact us If you have any questions about the plan, please contact the plan administrator: Union Benefit

More information

Your helpful life insurance guide: Buying a home

Your helpful life insurance guide: Buying a home Your helpful life insurance guide: Buying a home 1 When it comes to buying a home, you may not realize that having life insurance is an important part of the process. Amica Life is here to help answer

More information

Foresters. A guide to. life insurance

Foresters. A guide to. life insurance Foresters life insurance A guide to life insurance What is life insurance? Life insurance is a contract between an insured person and a life insurance provider that pays out a lump sum of money to a beneficiary

More information

What you need to know about life insurance

What you need to know about life insurance What you need to know about life insurance Special Advertising Section ife insurance is a simple answer to a very difficult question: How will my family manage financially when I die? It s a subject no

More information

FREE REPORT. 10 Critical Questions to Ask when Buying Life Insurance

FREE REPORT. 10 Critical Questions to Ask when Buying Life Insurance FREE REPORT 10 Critical Questions to Ask when Buying Life Insurance 1. How much life insurance should an individual own? Rough "rules of thumb" suggest an amount of life insurance equal to 6 to 8 times

More information

Equity Release your essential guide

Equity Release your essential guide Equity Release your essential guide Welcome This guide has been put together to explain equity release, what it means and the options it can offer. We aim to give you as broad an overview as possible and

More information

You can use life insurance

You can use life insurance Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals

More information

What Would Your Family Do Without Your Income?

What Would Your Family Do Without Your Income? What Would Your Family Do Without Your Income? Income Protection Option You Know What Matters That s why you work hard to provide for your family. Late nights. Early mornings. Working over the weekend.

More information

Your helpful life insurance guide: Raising a family

Your helpful life insurance guide: Raising a family Your helpful life insurance guide: Raising a family Being a parent is one of life s greatest joys. As your family grows, it s essential to have enough life insurance protection in place to help ensure

More information

Financial Wellness & Education Life Insurance. Understanding life insurance

Financial Wellness & Education Life Insurance. Understanding life insurance Financial Wellness & Education Life Insurance Understanding life insurance For all of life s stages People require financial protection at virtually every stage of their lives. As you get older, the amount

More information

YOUR PRODUCT GUIDE. Making it easier to protect what matters most in life. Nationwide YourLife Guaranteed Level Term

YOUR PRODUCT GUIDE. Making it easier to protect what matters most in life. Nationwide YourLife Guaranteed Level Term YOUR PRODUCT GUIDE Making it easier to protect what matters most in life. Nationwide YourLife Guaranteed Level Term Life s complicated. Protecting it shouldn t be. There are so many things competing for

More information

QUOTES FOR $1 MILLION TERM LIFE POLICY from www.quickquote.com October 2007. 27-year-old male non-smoker

QUOTES FOR $1 MILLION TERM LIFE POLICY from www.quickquote.com October 2007. 27-year-old male non-smoker QUOTES FOR $1 MILLION TERM LIFE POLICY from www.quickquote.com October 2007 27-year-old male non-smoker 27-year-old female non-smoker C:\! FWM fall 2007\! chapter 7 HANDOUTS.wpd 10/15/07 12:01 pm 120 INSURING

More information

Life Insurance Buyer s Guide

Life Insurance Buyer s Guide Life Insurance Buyer s Guide This guide can help you when you shop for life insurance. It discusses how to: Find a policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

Life Insurance Buyer s Guide

Life Insurance Buyer s Guide Life Insurance Buyer s Guide This guide can show you how to save money when you shop for life insurance. It helps you to: - Decide how much life insurance you should buy, - Decide what kind of life insurance

More information

Like all other permanent (cash value) policies, a whole life policy contains the following features:

Like all other permanent (cash value) policies, a whole life policy contains the following features: Whole Life What is it? Permanent (cash value) life insurance Whole life insurance is called permanent protection, meaning the coverage (and possibly the premiums) lasts for your entire (whole) life, as

More information

Community Legal Information Association of PEI, Inc. Making Your Will. Community Legal Information Association of PEI, Inc.

Community Legal Information Association of PEI, Inc. Making Your Will. Community Legal Information Association of PEI, Inc. Community Legal Information Association of PEI, Inc. Making Your Will Community Legal Information Association of PEI, Inc. 902-892-0853 or 1-800-240-9798 clia@cliapei.ca A will is a legal document that

More information

Foresters. A guide to. life insurance

Foresters. A guide to. life insurance Foresters life insurance A guide to life insurance What is life insurance? Life insurance is a contract between an insured person and a life insurance provider that pays out a lump sum of money to a beneficiary

More information

The Homeowner s Perspective on Obtaining a Government- Sponsored Home Mortgage Modification

The Homeowner s Perspective on Obtaining a Government- Sponsored Home Mortgage Modification The Homeowner s Perspective on Obtaining a Government- Sponsored Home Mortgage Modification A research study conducted by the U.S. Department of the Treasury to better understand the experiences of homeowners

More information

CREATE TAX ADVANTAGED RETIREMENT INCOME YOU CAN T OUTLIVE. create tax advantaged retirement income you can t outlive

CREATE TAX ADVANTAGED RETIREMENT INCOME YOU CAN T OUTLIVE. create tax advantaged retirement income you can t outlive create tax advantaged retirement income you can t outlive 1 Table Of Contents Insurance Companies Don t Just Sell Insurance... 4 Life Insurance Investing... 5 Guarantees... 7 Tax Strategy How to Get Tax-Free

More information

Life Insurance and Estate Planning

Life Insurance and Estate Planning EBNY Financial, LLC Kevin Kautzmann, CFP Certified Financial Planner 80 Fifth Avenue #1403 New York, NY 212-269-2625 kevin@ebnyfinancial.com www.ebnyfinancial.com Life Insurance and Estate Planning Page

More information

Life insurance. Shedding light on A PRACTICAL GUIDE TO HELPING YOU ACHIEVE A LIFETIME OF FINANCIAL SECURITY. Life s brighter under the sun

Life insurance. Shedding light on A PRACTICAL GUIDE TO HELPING YOU ACHIEVE A LIFETIME OF FINANCIAL SECURITY. Life s brighter under the sun Shedding light on Life insurance A PRACTICAL GUIDE TO HELPING YOU ACHIEVE A LIFETIME OF FINANCIAL SECURITY LEARN MORE ABOUT: Safeguarding your loved ones Protecting your future Ensuring your dreams live

More information

Preserve what you spent a lifetime creating

Preserve what you spent a lifetime creating An Overview Guide for Consumers Preserve what you spent a lifetime creating A look at MassMutual Survivorship Whole Life insurance Insurance Strategies Contents 1 Life insurance that works as hard as you

More information

How Much Life Insurance Do You Need?

How Much Life Insurance Do You Need? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Much Life Insurance Do You Need? In Canada,

More information

Life Insurance Basics

Life Insurance Basics Thad Johnson, AIF, MBA 222 2nd Ave SE Hutchinson, MN 55350 320-587-3444 thad.johnson@flagship-advisors.com Life Insurance Basics Page 1 of 5, see disclaimer on final page Life Insurance Basics Life insurance

More information

Helping your loved ones. Simple steps to providing for your family and friends

Helping your loved ones. Simple steps to providing for your family and friends Helping your loved ones Simple steps to providing for your family and friends Contents 01 How can I take control of who gets what? 02 Inheritance Tax 04 Do you know how much you re worth? 06 Making lifetime

More information

Life insurance It s not just for dying anymore. Wednesday, 21 September, 11

Life insurance It s not just for dying anymore. Wednesday, 21 September, 11 Life insurance It s not just for dying anymore Questions Do you need life insurance? How much life insurance do you need? What are the different types of life insurance you can buy? What is the right type

More information

TERM OR PERMANENT LIFE INSURANCE

TERM OR PERMANENT LIFE INSURANCE TERM OR PERMANENT LIFE INSURANCE WHICH OPTION IS RIGHT FOR YOU? It s the age-old life insurance question: Should you buy term or permanent life insurance? Some personal finance experts would have you believe

More information

Life Insurance Buyer s Guide

Life Insurance Buyer s Guide Life Insurance Buyer s Guide This guide can help yyou ou when yyou ou shop for life insurance. It discusses ho w to: how Find a Policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance

More information

Compliments of Paralegal-Brain-Blog A Division of Tehachapi Court Services

Compliments of Paralegal-Brain-Blog A Division of Tehachapi Court Services GOD BLESS AMERICA AND ALL WHO DWELL WITHIN Understanding ESTATE PLANNING AND LIVING TRUSTS, ELIMINATE ESTATE TAXES AND MORE Rule of Thumb: Living Trusts are not just for the wealthy. If your assets exceed

More information

INDIVIDUAL LIFE INSURANCE

INDIVIDUAL LIFE INSURANCE INDIVIDUAL LIFE INSURANCE NOT INSURED BY FDIC OR ANY FEDERAL GOVERNMENT AGENCY INSURANCE PRODUCTS: MAY LOSE VALUE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE FDIC BANK Table of Contents

More information

Estate Tax Concepts. for Edward and Tina Collins

Estate Tax Concepts. for Edward and Tina Collins Estate Tax Concepts for Edward and Tina Collins Joseph Davis, CLU, ChFC 215 Broad Street Charlotte, North Carolina 26292 Phone: 704-927-5555 Mobile Phone: 704-549-5555 Fax: 704-549-6666 Email: joseph.davis@aol.com

More information

Protecting Your Loved Ones Every Step of the Way

Protecting Your Loved Ones Every Step of the Way Protecting Your Loved Ones Every Step of the Way Gerber Life Insurance Company Gerber Life Insurance Company, White Plains, NY 10605 5/10/2011 Gerber Life Insurance Company is a financially separate affiliate

More information

Life Insurance. A Consumer s Guide to INSURANCE FACTS. for Pennsylvania Consumers. 1-877-881-6388 Toll-free Automated Consumer Line

Life Insurance. A Consumer s Guide to INSURANCE FACTS. for Pennsylvania Consumers. 1-877-881-6388 Toll-free Automated Consumer Line INSURANCE FACTS for Pennsylvania Consumers A Consumer s Guide to Life Insurance 1-877-881-6388 Toll-free Automated Consumer Line www.insurance.state.pa.us Pennsylvania Insurance Department Website Buying

More information

Self-directed support

Self-directed support Self-directed support Wills and trusts: leaving money to someone with a disability By writing a will and setting up a trust, you can make sure that a family member or friend with a disability will get

More information

GETTING THE MOST OUT OF YOUR LIFE INSURANCE

GETTING THE MOST OUT OF YOUR LIFE INSURANCE GETTING THE MOST OUT OF YOUR LIFE INSURANCE The Irrevocable Life Insurance Trust AMERICAN ACADEMY OF ESTATE PLANNING ATTORNEYS, INC. Getting The Most Out Of Your Life Insurance 1 If you own life insurance,

More information

PLANNING FOR THE FUTURE. Inheritance Tax

PLANNING FOR THE FUTURE. Inheritance Tax PLANNING FOR THE FUTURE Inheritance Tax What is Inheritance Tax? Inheritance Tax is tax paid on an estate when a person dies. It is sometimes payable on trusts or gifts made during a person s lifetime.

More information

Plain talk about life insurance

Plain talk about life insurance Plain talk about life insurance Questions Do you need life insurance? How much life insurance do you need? What are the different types of life insurance you can buy? What is the right type of life insurance

More information

Understanding the Basics of Term Life Insurance LIFE INSURANCE. Your future. Made easier.

Understanding the Basics of Term Life Insurance LIFE INSURANCE. Your future. Made easier. Understanding the Basics of Term Life Insurance LIFE INSURANCE Your future. Made easier. I already have group insurance with my company. Why should I purchase more insurance? Since many companies offer

More information

Helping you understand inheritance tax planning. We ll help you get there

Helping you understand inheritance tax planning. We ll help you get there Helping you understand inheritance tax planning investments pensions PROTECTION We ll help you get there As Benjamin Franklin said, In this world nothing is certain but death and taxes. Inheritance tax

More information

Determining the Need for Life Insurance: How Much Is Enough? (General Discussion)

Determining the Need for Life Insurance: How Much Is Enough? (General Discussion) Securities America AMRISH PATEL Financial Advisor 16815 S. Desert Foothills Pkwy #130 Phoenix, AZ 85048 480-221-6502 gwstrategies@yahoo.com www.gwstrategies.com Determining the Need for Life Insurance:

More information

Transition: Now before we go further into the benefit, let me tell you a little about our company, so you can know who we are.

Transition: Now before we go further into the benefit, let me tell you a little about our company, so you can know who we are. Warm up (5-7 Minutes) (VERY IMPORTANT) Sample Warm-up questions: How long have you lived here? Do you have family in the area that live near by? What do you do for work?/ What did you do for work before

More information

DEVELOPING AN ESTATE PLAN

DEVELOPING AN ESTATE PLAN DEVELOPING AN ESTATE PLAN The first step in estate planning is very personal. You must decide who inherits which assets and when they should receive them. The following are a handful of the questions you

More information

Sales Ideas FOR THE INSURANCE PROFESSIONAL

Sales Ideas FOR THE INSURANCE PROFESSIONAL Sales Ideas FOR THE INSURANCE PROFESSIONAL Form 15081 FOR DOWNLOAD ONLY 18664 325291 (Rev.2/12) Sales Ideas FOR THE INSURANCE PROFESSIONAL Poor s, and Standard & Poor s makes no representation regarding

More information

Second to Die (Survivorship)

Second to Die (Survivorship) WD & Associates WILLIAM DELMAGE President 22 Hemingway Drive East Providence, RI 02915 (401) 435-4239 103 wmd@wdandassociates.com www.wdandassociates.com Second to Die (Survivorship) WD & Associates Page

More information

Will and Living Trust information Packet

Will and Living Trust information Packet Will and Living Trust information Packet University of the Nations Gift Planning Services 75-5851 Kuakini Hwy, #433 Kailua-Kona, Hawaii 96740-2199 Phone 808-326-4453 Dear Friend of YWAM Kona, Many people

More information

Life Insurance. Nationwide and the Nationwide Frame are federally registered service marks of Nationwide Mutual Insurance Company.

Life Insurance. Nationwide and the Nationwide Frame are federally registered service marks of Nationwide Mutual Insurance Company. Life Insurance Nationwide and the Nationwide Frame are federally registered service marks of Nationwide Mutual Insurance Company. Facilitator s Guide Life Insurance Overview: If you ask people to name

More information

WILLS & ESTATE PLANNING GUIDE

WILLS & ESTATE PLANNING GUIDE WILLS & ESTATE PLANNING GUIDE Many people don t make a Will because it never seems to be the right time. We all lead busy lives and making a Will might not seem like a priority so we have made the process

More information

A good man leaves an inheritance for his children s children. Proverbs 13:22

A good man leaves an inheritance for his children s children. Proverbs 13:22 A good man leaves an inheritance for his children s children. Proverbs 13:22 A good man leaves us an inheritance for his children s children. Proverbs 13:22... As we read this verse in Proverbs, the inheritance

More information

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings 1 Many people think of life insurance as something they ll need when they get a bit older and want to ensure their loved

More information