How much life insurance do I need? Wrong question!

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1 Hw much life insurance d I need? Wrng questin! We are ften asked this questin r sme variatin f it. We believe it is NOT the right questin t ask. What yu REALLY need is mney, cash. S the questin shuld be Hw much cash will I need? Many life events cause a need fr cash. At Petra Life Services we fcus n the amunt f mney needed at death. Generally, life insurance is an effective way t create cash at death because it is created at exactly the time the cash is needed. That des nt mean yu need life insurance. Yur needs will be based n yur bjectives and yur cash resurces. A simple, smewhat cmical example: Tw men - same age, same family circumstances (wife, tw kids) same financial situatin (same incme, same assets, same size huse, same mrtgage, etc.) - ne difference the first man lves his family dearly and wants t leave them financially stable the ther is bitter tward his family and wants t leave them destitute (nt a pretty picture, true enugh). Their needs will be quite different as yu can imagine. We encurage yu t see death, at least in this cntext, as a risk the risk that there will nt be enugh cash available t accmplish yur financial bjectives. We call it yur Cash Availability Risk. There are 3 ways t deal with any risk 1. Reduce the risk. This includes changing yur bjectives r circumstances. 2. Transfer the risk. This is what insurance accmplishes. 3. Accept the risk. D nthing. Yu can certainly decide the risk is small enugh t ignre r t cstly t reduce r transfer and that yu will simply live with it. In effect, yu self-insure. Neither Petra Life Services, Inc. nr its representatives may give yu tax r legal advice. We recmmend that yu cnsult with, and rely n, yur wn tax and legal advisrs abut the cncepts presented in these materials petralife.cm 1 f 6 PLS.117.1

2 Befre yu deal with a risk yu must see that the risk exists and then determine hw big the risk is. That is what calculating yur Cash Availability Risk is all abut. What is the risk f nt having enugh mney t fulfill yur legacy bjectives? If yu have plenty f cash t meet all yur needs, yu prbably dn t need life insurance. There are nly 3 reasns t need cash at death in ur view: 1. Cmmitments- pay things ff 2. Incme- replace lst incme 3. Liquidity- prvide liquidity t avid the need t sell gd assets at the wrng time, t pay taxes r fr ther purpses 1. Cmmitments pay things ff: This includes liquidating debts, fulfilling ther bligatins, r funding yur legacy fr yur family and the persnal passins yu are cmmitted t, such as a final gift t yur church r United Way. These needs usually require a lump sum f mney. If yu have a lump sum f cash available, yu then have the ptin f paying ff debts r nt, based n circumstances at the time. Hwever, we always strngly recmmend living debt free if at all pssible. 2. Incme - replace lst incme r a prtin f it: If yur incme is necessary, when it ges away it may need t be replaced perhaps fr a shrt recvery perid r perhaps fr the life f thse dependent n the incme. There are nly tw surces f incme peple at wrk r mney at wrk. If yu are nt at wrk, yu may want t prvide enugh mney at wrk t prvide incme. The amunt f mney yu need t prvide an incme fr a fixed perid f time, like fr 20 years r until age 65, is an easy calculatin and varies by the interest rate yu assume. The higher the interest rate the lwer the amunt yu need because there is mre interest t be earned t help prduce the incme. Neither Petra Life Services, Inc. nr its representatives may give yu tax r legal advice. We recmmend that yu cnsult with, and rely n, yur wn tax and legal advisrs abut the cncepts presented in these materials petralife.cm 2 f 6 PLS.117.1

3 Amunt f Mney Needed Fr $24,000 per year fr 20 years Rate f Return Amunt Needed 3.0% $ 367, , ,486 Nte: We have nt adjusted fr inflatin r taxes. This apprach is subject t investment risk. Hwever, if incme is needed fr the balance f the lifetime f anther persn, mre cmplex actuarial calculatins may be necessary. These calculatins may need t include assumptins as t mrtality fr the recipient. There are tw ways t prvide incme fr the life f an individual: Asset Preservatin In this apprach a pl f mney is created anticipating investment incme t prvide fr the incme desired. As a simple example, if the need is fr $24,000 per year and yu feel a reasnable investment return is 6%, a pl f $400,000 may prvide the incme. Using this apprach, yu wuld want t have $400,000 available fr investment at yur death, dedicated t prducing incme. Asset Preservatin Amunt f mney needed Fr $24,000 per year Amunt needed $400,000 Rate f Return 6% Annual Incme $24,000 Nte: We have nt adjusted fr inflatin r taxes. This apprach is subject t investment risk. Since nne f the pl f mney is used fr incme, the incme stream can g n indefinitely (as lng as the interest rate hlds up). Therefre, this strategy can prvide incme fr the lifetime f an individual and leave the full pl f mney fr ther beneficiaries after the death f the individual. Neither Petra Life Services, Inc. nr its representatives may give yu tax r legal advice. We recmmend that yu cnsult with, and rely n, yur wn tax and legal advisrs abut the cncepts presented in these materials petralife.cm 3 f 6 PLS.117.1

4 Asset Liquidatin The Asset Liquidatin strategy is exactly what it sunds like a strategy t liquidate the mney ver the life f the individual. Since the date f death is unknwn, the nly way currently available t be certain the mney will last fr the entire life f the individual is t purchase an incme annuity frm a life insurance cmpany. The price will vary based n the age f the recipient. The lder the individual is the less mney that will be needed t prvide a lifetime incme. The advantage it csts less. The disadvantage nthing is left. Asset Liquidatin Amunt f mney needed Fr $24,000 per year fr life Age when Estimated cash flw starts amunt needed 40 $375, $350, $315, $265,000 Nte: We have nt adjusted fr inflatin r taxes. The amunt needed is an estimate f the cst f a life nly annuity and will vary with prevailing interest rates. Payments are guaranteed fr the life f the recipient. There is n investment risk beynd the credit cnditin f the life insurance cmpany. Neither Petra Life Services, Inc. nr its representatives may give yu tax r legal advice. We recmmend that yu cnsult with, and rely n, yur wn tax and legal advisrs abut the cncepts presented in these materials petralife.cm 4 f 6 PLS.117.1

5 The fllwing chart summaries the differences in the tw strategies. Asset Preservatin Asset Liquidatin Cre Strategy keep the assets spend the assets Value at death full value n (r minimal) value Advantage assets transfer t beneficiary larger cash flw Disadvantage smaller cash flw assets dn t transfer t beneficiary Hw live n investment earnings nly live n principal and investment earnings Hw t handle Inflatin reinvest a prtin f cash flw prgram an increasing cash flw r reinvest a prtin f the cash flw We believe the Asset Preservatin strategy makes mre sense fr individuals belw age 60 when interest rates are lw. Fr individuals ver age 60, the lwer amunt f mney needed using the Asset Liquidatin strategy may be appealing. Often, a cmbinatin f the tw is cst effective and apprpriate. Taxes: These strategies have different incme tax implicatins. Fr example, Generally distributin frm an annuity are nly partially taxable because a prtin is cnsidered t be a return f principal. Yu shuld cnsult yur accunting and tax experts fr the details apprpriate t yur circumstances. 3. Liquidity avid the need t sell an asset befre yu (r yur heirs) want it t be sld: Here are tw situatins that encurage having cash available at death. Estate taxes: When husband and wife bth die, Uncle Sam gets his last sht at yur mney thrugh the estate tax. He wants his tax mney in cash. The tax can be significant if yur estate is large. Nte: There is great uncertainty as t the future existence and size f estate taxes. Legal and tax cunsel shuld be cnsulted in yur planning t help align yur plans with the existing tax envirnment. Estate equalizatin: Let s assume yur primary estate asset is a family farm r family business and yu want t leave it equally t yur children r ther heirs. Sme f the heirs may want the farm r business while thers may nly want their share f the inheritance in cash. Prblems can arise Neither Petra Life Services, Inc. nr its representatives may give yu tax r legal advice. We recmmend that yu cnsult with, and rely n, yur wn tax and legal advisrs abut the cncepts presented in these materials petralife.cm 5 f 6 PLS.117.1

6 when multiple beneficiaries inherit a prperty that is difficult t segment. Having cash available can help prvide the flexibility t allw the prperty t be given t thse mst interested in maintaining it while prviding a cash inheritance t the thers. Cash can cme frm many surces. Life insurance is just ne f them. Cash and investments. Retirement Plans, including 401(k) plans and IRA s. Life insurance r ther assets. If yu dn t have enugh cash available, life insurance is an effective way, given the uncertainty f the timing f death, t help prvide cash at yur death. Deciding the amunt f cash needed can be challenging given the changing nature f circumstances but estimates can be made with the help f an bjective advisr. An ften ignred prblem in planning is recgnizing that the value f mst assets will change ver time. Smetimes the value increases and smetimes it decreases. And remember, inflatin can change the real value even if the dllar amunt stays the same. As family and business circumstances change, yur bjectives may change as well. Fr a plan t succeed in the midst f cntinuus change, it must be flexibly designed and diligently mnitred. Petra Life Services ffers a cnfidential, prprietary reprt ur C.A.R.E. (Cash Availability Risk Evaluatin) Reprt that can assist yu with the estimates and help yu determine what ptins may best fit yur needs t help fill any gaps in yur cash availability needs. We als ffer ur nging Stewardship Supprt Prgram (SSP) t help yu keep yur plans n target. If yu wuld like t discuss yur situatin with us please feel free t cntact us and we will be glad t discuss hw we can help. Neither Petra Life Services, Inc. nr its representatives may give yu tax r legal advice. We recmmend that yu cnsult with, and rely n, yur wn tax and legal advisrs abut the cncepts presented in these materials petralife.cm 6 f 6 PLS.117.1

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