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Life Insurance

Reasons to Buy Life Insurance...

Preparation for the Future Untimely Death Your Family Your Children

 

Why do I need Life Insurance?

Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace

income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure

that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your

dependents will not have to sell assets to pay outstanding bills or taxes. An important feature of life insurance is that

no income tax is payable on proceeds paid to beneficiaries.

How much Insurance do I need?

Before buying life insurance, you should assemble personal financial information and review your family's needs.

There are a number of factors to consider when determining how much protection you should have. These include:

  • any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes;

  • funds for a readjustment period, to finance a move or to provide time for family members to find a job

  • ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement.

Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs,

one rule of thumb used is buy life insurance that is equal to five to ten times your annual gross income.

 

Why is it critical to buy life insurance now?

There are several reasons for purchasing life insurance now:

1.    You cannot predict the future or the timing of your death.

2.    The cost of life insurance is based on your age: the older you get, the higher the premium.

3.    Buying now can help you avoid future insurability problems. Insurability is based on a variety of factors, including

 health and age, and rates are affected by certain health conditions, which may not be present now but may

 develop in the days ahead.

WOULD YOU  LIKE TERM INSURANCE THAT REFUNDS YOUR MONEY IF YOU DON'T DIE?

 

                                                               

Return-Of-Premium Term Life Insurance

Return-Of-Premium is a revolutionary term life insurance product that has been one of the most sought after life insurance

options to obtain. This new type of term insurance is geared toward one of the greatest consumer objections to

traditional term life insurance: One of the biggest objections to buying traditional term life insurance is that people see

themselves outliving the specified term and often think of the premiums as wasted money. With Return-Of-Premium
 
Term Life Insurance your beneficiary receives a death benefit if you die, but if you outlive the term period the

insurance company returns all of your premiums.  So what's the catch? Since the insurance

company is obligated to refund your money they will charge slightly more than traditional term insurance. The cost can

generally be 25% to 50% more depending on the company and other factors. Most financial planner will recommend term


life insurance for family protection as it is the most affordable and allows for the most amount of coverage to be obtained


still at an affordable rate. With peace of mind and a return of your money It's a win win situation.

Example:  Male, 35 preferred plus, $500,000.00 policy for a 30 year term:

Annual premium = $750, Return of Premium after 30 years = $22,500

($750 x 30yr = $22,500)  Income Tax Free, because the premiums are paid with after tax dollars.

With this type of life insurance everyone wins. Your family is protected if you die, and if you live out the term you get all your money back.

(For illustration purposes only)

  • 15, 20, 30 year Return-Of-Premium Term  term periods are available.

  • Stable Premium Term - Same Premium paid throughout all years of coverage.

    

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