Term Life Insurance: Basics
Everything you need to know – in under 3 minutes!
Life insurance is not that complicated! We help break it down.
You want to have a financial safety “NET” for your family or business and a life insurance policy can do that.
and it’s affordable.
What does term life insurance provide?
Money For Dependants
If you have a spouse or children, you need a life insurance policy. If there was an unexpected death, would your family be able to survive finacially?
A life insurance policy will provide your family with money to: pay the mortgage, school/college, bills and debt, kids activites.
Single
If you are single with no dependents you my still benefit from a policy. It’s affordable and if you have a mortgage, school loans, debt- this will protect your parents/family from financial stress if you were to pass.
Funeral Expenses
You can use a life insurance policy to cover funeral expenses and final estate obligations when you die.
Funerals today can cost $10-40K
Essential Employee
If you have a business and an employee you couldn’t live without – you should protect these assets with a life policy. If your employee unexpectedly dies, you will have time to restructure your business or cover payroll till you are able to find a replacement.
Business Partner
If you have a business with a partner and one of you dies, a life policy will provide funds to pay his/her portion of the business to their family and till control your business.
Loan Collateral
Business loans often require collateral and many banks will accept a life insurance policy as collateral. This can be a smart way to either leverage a policy you already have or put one in place specificly for that purose.
What is the difference between life insurance policies?
Term Life
Sample $250,000 policy for
healthy 45 year old.
$20/month
A life insurance policy typically used to replace lost income due to death during working years, or used for business needs such as Key Man, Buy Sell, or loan collateral.
Whole/Permanent Life
Sample $250,000 policy for
healthy 45 year old.
$175/month
A permanent life insurance policy that will accumulate cash value over time. These policies are typicaly used for estate needs or passing on funds to family.
Universal LIfe and Index UL
Sample $250,000 policy for
healthy 45 year old.
$150/month
A type of permanent life insurance that has an option to earn interest based on either fixed rates or positive gains to the tied index such as the S&P500.
How much life insurance do I need?
Consider the amount left on your home mortgage.
If you die, would your family be able to pay the monthly house payment and stay in the home financially?
Factor this into the policy amount needed.
Include any student loans you have left to repay.
Do your children attend private school? Do they plan to attend college?
Make sure there is enough to cover your childrens future.
Don’t leave debt to you loved ones to stress about.
Include car loans, credit cards, medical bills and other things that would need paid.
With inflation now things are becoming more expensive.
Consider your families monthy utilites/food/dining/entertainment.
Now that you have above expenses covered, subtract what you already have in savings and investments.
MAKE IT EASY- often times we say, “your yearly income x 10 = good minimum policy amount”
Too Overwhelming?
USE OUR LIFE INSURANCE CALCULATOR
Policies In 4 Easy Steps!
Decide which policy is best for you; Term vs Whole/Permanent
Most clients choose a Term policy but if you want to look at a Whole life or Universal Life policy – We love helping you evaluate all your options.
Apply
Fill out an application and we help you shop around for the best policy with the most trusted life insurance companies.
Underwriting
Life insurance companies will request to review your health records to determine your premium amount. Also you may be asked to do a simple
in-home exam.
Policy Accepted
Underwriting complete! Premium Paid! You are covered!
Ready to get started?
Sometimes the hardest part is …
getting started!
Let us be your “expert” guide! We are here to help answer all your questions and make this easy.
800-777-8376
Fax 800-765-9173
PO BOX 683306
Marietta, GA 30068
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