Did you know?
Nearly 1 in 2 US households have no life insurance coverage at all
Nearly 2 in 5 in the US have a gap between current coverage and actual need
Half of US households would feel the impact of the primary income earner's death within 6 months
Sources: 2024 Insurance Barometer Study Reports 1 & 2
Life insurance can help protect your family or business from the financial impact of your premature death. Even if you already have some life insurance, remember, life changes fast. Make sure your coverage keeps up!
How Much May Be Enough?
Here's what to factor in when determining the amount of life insurance that may be appropriate for you:
Replacement wages from now until retirement age
Outstanding debts
Final expenses
If you have children: college tuition and educational expenses
If you have disabled children or elderly parents: dependent care
Once you've totaled the above items, subtract from that existing life insurance policies, cash, savings and other assets. The number you're left with represents your current life insurance gap.
Is Your Current Policy Up-to-Date?
If you've experienced any of the following events, your current policy may not be up-to-date:
Did you get married?
Did you have a child?
Did you start a business or new job?
Did you purchase a new home?
Did you increase your household debt?
Life Insurance Solutions
Broadly speaking, there are basically three ways to buy life insurance:
Term life insurance provides coverage for the term of the policy, usually somewhere in the range of 10 to 30 years.
Cash value life insurance (universal life, formerly whole life) is designed to provide permanent coverage, lasting for the policyholder's entire life. These polices accumulate interest on the paid premiums and can be loaned against among many other features.
Cash value life insurance with a long-term care (LTC) rider. These policies do everything a cash value life insurance policy does with the added feature of the LTC rider. In the event you qualify for LTC, you can draw a fixed percentage of the face value of the policy per month to help with LTC expenses.
Get a Term Life Insurance Quote Right Now!
I have partnered with the life insurance industry’s most groundbreaking paperless term solution yet – Vive. The Vive portal allows carriers to issue term policies in a matter of days without traditional underwriting and with no paperwork. If you're looking for quick, simple term life coverage, this is an easy option you can use right now!
For more long-term planning needs such as lifelong cash value life insurance with enhancements such as long-term care riders, please contact me for assistance.
Call Me for a Life Insurance Checkup!
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