Life Insurance
It Typically Provides Coverage For Parties Listed On The Policy Are Insured Against Damages Or Losses Caused By Hazards Such As Fires, Storms, Hail, Lightning, High Winds, Vandalism, Contamination, Explosions And Collisions.
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
If your husband died last night in a car wreck on the way home from work, what concerns would you have today?
What hopes do you have for your children’s future?
With the economy tightening and both parents working, what would happen to your family if you suddenly lost one income?
How long could you live on your savings if you became disabled tomorrow?
What do you feel is your most important personal goal?
projects
What do you feel is your most important financial goal?
Do you have specific questions about Life insurance or need help finding the right coverage?
Get Help With Insurance, Inc. can quote your insurance with several carriers that that provide insurance coverage for your family or business. Call us to get started!
We can get you Life insurance for any member of your family
We can find insurance for it.
We insure a wide variety of life insurance, including term, whole, indexed universal life and more.
Do you know what a life deductible is?
It is important to know that there is no such thing as a life deductible. However when one looks at what a deductible does with any insurance policy, that is, it causes the policy holder to have to pay their own money for part of the loss, then from that perspective, there is a life insurance deductible for most people.
Everyone has a life deductible on their life insurance. Take a look at the chart to the right.
What is the value of your auto?
What is your deductible for your auto? Look at your auto policy to find out? What does that mean?
That deductible is what you will pay when you pick your auto up after it has been repaired at the auto body shop.
What is the amount insured? That is how much the insurance company will pay.
What about your house?
What is your deductible on your home? Look at your home policy to find out? What does that mean. The deductible is how much you will pay after the rebuild is complete.
What is the amount insured? That is how much the insurance company will pay to repair the home after for example a fire or a water loss.
How much is your life worth? There are a lot of ways to figure out your worth but the easiest is to simply take your current annual earnings and multiply it by the number of years you have left to work. That wont take into account if your get a raise, but it will be close to accurate. Do the math.
Let’s do an example:
If you are 35 years old and make $50,000 per year. $50,000 x 30 = $1,500,000
Well, you will bring home $ 1,500,000 if you go to work every day for the next 30 years.
We still don’t know your deductible, but let me ask you this. If we didn’t know the auto deductible, could we simply subtract the number in amount insured column from the value column and arrive at the deductible?
Could we do the same with your home?
Could we also to do same with YOU?
So as you can see, your deductible is: $1,250,000
Who will have to pay this if you don’t come home from work?
What is your life value?
Shouldn’t we try to close this deductible gap somewhat?
How much is your life worth to your family?
Do you have insurance on yourself?
Remember the deductible could be massive with no life insurance in force!
Easy way to figure out how much life insurance your need
L. I. F. E. is a simple acronym that can help an agent complete a ‘Fact Finder’ in a limited period of time, and yet still be quite accurate as to most prospects real needs (if you are working with a sophisticated or wealthy prospect, you should use a more detailed fact finder.
There are a variety of ways to come up with the correct formula for you and your family. I have back at my office a “Comprehensive Needs Analysis” form that will take about 2 hours to complete. Once completed, I would take this back to my office and spend another few hours determining exactly how these numbers work in your case. Then I would come back to see you and spend another couple of hours explaining this process.”
“However, most people don’t care to spend this long and quite frankly,
neither do I.
I have also found that we get very close to the same set of numbers by just looking at four main areas, and it only takes a few minutes. Since I promised you that I wouldn’t spend more than 30 minutes, I’m sure you wouldn’t mind using this second method would you?”
Do you agree?
Loans (L):
“Do you want to leave your family debt-free when something happens to you?”
If yes: “How much would it take to retire all of your debts: mortgage, credit cards, loans etc.”
Income (I)
“You know that when someone dies, not only does this impact the family emotionally, but it also creates a tremendous financial burden on the family, due to the loss of that person’s income. How much income do you wish to provide for your family?”
A possible answer is: “Until your wife is 65?” Now let’s multiply it times 12 then times the number of years you wish to provide it.
Now this number can be artificially high. Would your spouse be okay if we provided income for 5-10 years and by the time he/she will have a new carerr that can support the family.
final expenses
The question here is: How much have you planned to spend on your final expenses?
Now remember, final expenses include more than just your funeral. They include additional medical expenses (those not covered by your health insurance), probate costs (about 5% of estate’s value) and extras.
A good funeral costs around $20,000. Think of your family.
education
Do you plan to send your kids to college?
How much will that cost?
Will they be going to a private, state and local/junior college schools?
Will they go to trade school, private university, or a public school?
Do you want to use today’s money value or future values?
Multiply that times how many kids.
A lot of parents plan that their children will work to teach them responsibility and help offset these costs. Have you though about this?
Life Insurance Formula
This is a tailored amount of life insurance each person in your family needs.
Since I showed you what any other agent didnt show you, I hope that when you do decide to take care of this deficiency, you will remember me and allow me to work with you at that time.
This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non admitted basis. Product availability is subject to change.
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