Most people know life insurance can help provide financial security and continuity during one of life’s most difficult times: the death of a loved one. What few people know is that life insurance can also help during another one of life’s most difficult times: a chronic, critical or terminal illness. This help comes in the form of optional riders called Accelerated Death Benefit Riders, also generically known as Living Benefits, which can be added at no additional cost.*
If you have loved ones who count on you to care for them, you should own life insurance. But, how much do you need? Some experts say eight times your current salary. Do you buy term insurance or permanent life insurance? How much can you afford to spend?
Here is an example. A 40-year-old male (preferred rated) can get $250,000 coverage with a level term for 20 years life insurance policy for about $300 a year. For a permanent insurance policy, like an indexed universal life, he would spend about $300 a month or $3,600 per year. Remember, the premium amount you pay is based on your age, health, and underwriting findings.
Please review the following questions to help you estimate how much life insurance coverage you will need.
How much money will be needed for burial expenses?
For how many years into the future will your income need to be replaced?
How much annual income your survivors will need?
Do you have any children who may go to college?
How much do you estimate is needed for future college expenses per child?
How much in liquid or semi-liquid investments do you have available?
If you would like one of our financial professionals to contact you, please call us at 855-535-2470 or email National Retirement Group by filling out the form below.or