TOP 10 REASONS TO BUY TERM LIFE INSURANCE 1.To
replace your income
2.To
provide funds for your family’s future living expenses
3.To
pay off your mortgage
4.To
pay for college tuition for your kids or other family members
5.To
pay off outstanding debt
6.To
provide for your spouse’s retirement
7.To
provide additional coverage when adding family members
8.To
provide funds to continue a business or assist with tax planning
9.To
provide for your burial, funeral and final expenses
10.To leave money to your favorite charity or charities
To summarize, life insurance is the very foundation of a well
thought out financial plan. Those who purchase life insurance are planners and
forward thinkers.
They sleep well at night with an assurance and peace of mind
that only this coverage can provide. Your professional
insurance agent, Mike Sheehan, will shop all the highly rated carriers and come up
with an affordable protection plan for you, your family and loved ones.
To explore your options - click here - Because you care
Term life insurance provides a cost-effective solution to your temporary life insurance needs and gives you the flexibility to change your policy should your temporary needs turn into permanent goals.
Term life insurance is right for you if you want an affordable way to get maximum coverage. It is very effective in covering specific financial responsibilities like a mortgage or college expenses. Term life insurance can also be an excellent supplement to your permanent life insurance during periods when coverage needs are higher, such as family-growing, mortgage-paying years.
Term life insurance is exactly as the name implies – a life insurance policy that provides death protection for a stated time period, or term. Term life can be constructed for varying lengths ranging typically from 10 years to 30 years. One of the reasons term life is so popular is that it can be purchased in large amounts for a relatively small premium.
Term life is different from traditional whole life insurance in several ways. These features of term life make it attractive to those with shorter-range life insurance goals to consider. Here are a few characteristics of term life that you should know before buying:
• Guaranteed level term premiums that can remain the same over the duration of the term. This assists with budgeting. • Convertibility. Policies can be convertible from term to permanent policy up to age 75 (or higher) in most states. • Renewability. The policyholder can continue coverage (without proof of good health) past the original coverage period of the policy with a premium increase. • Accelerated Death Benefits. you can purchase a rider that allows you to collect a portion of your benefits while still alive if you are diagnosed with a terminal illness. • Disability Waiver of Premium. This rider waives premiums when you suffer a disability lasting six months or longer. • Accidental Death Benefits. You can purchase a rider that doubles or triples your benefit in the case of death by accidental means–so your benefit can increase when you are younger and more likely to die in an accident than from illness.
Term life is a shorter-term solution that can be terminated when the need for it is over and can be increased when the need for it is greater.
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Typically, term life insurance is purchased when lifestyle changes prompt clients to consider purchasing term life insurance:
• Making Significant Purchases. Buying a new home, new vehicle, or other “major” purchases that would leave your heirs in a bind should you pass away. These purchases should prompt a review of your insurance situation. • Extra Protection for child-rearing years. Adding coverage is appropriate for parents on a tight budget who require solid protection for their children. • Covering College Tuition. With the cost of four years of college at 30,000 or more, term life can ensure that your children can attend and finish school.
What is your plan? Do you have a plan? To start - CLICK HERE - Because you care
How much life insurance coverage I need to buy was something that really wasn’t important to me until I got married.
My first policy was a $100,000 Universal life insurance policy and I thought that was plenty. It was not until we had our first daughter, at age 26, that I quickly realized that was not nearly enough.
After her birth, I decided to increase it substantially. With us in the process of buying our first home and a second daughter on the way, I’m left wondering even with that increase if I really have bought enough life insurance.
Update: We now have five children and I have increased the amount of life insurance, at age 57, I have on myself and on my wife. Check the end of the post to find what I’ve increased my term life insurance to and my rationale. What insurance do I need to Buy?
I know many struggle with this same decision so I wanted to shed some light on how much life insurance is enough.
First things first, life insurance is for one purpose: income replacement. While there are times where life insurance can aid in more complex estate planning strategies, a majority of the time it’s purchased to take care of your family once you’re gone. What insurance do I need to Buy?
My reasoning for purchasing life insurance is that I want to leave my wife and kids without any debt and the ability for my wife to not worry about finances in the event of my unexpected passing.
I now have a $600,000 - 20 year level term policy and $250,000 of whole life insurance. My wife has a $200,000 Universal life policy
What insurance do I need to Buy?
I have peace of mind that my family is set – if I didn’t come home.
What is your plan? Do you have a plan? Click here – because you care.
