Things Are Looking Better – Time To Review Life Insurance

As the economy begins to improve and the mood shifts toward one of hope and optimism, more and more people are determined to create “safety nets” for their families to ensure their futures are as secure as possible.

Life insurance is an important step to helping secure your family’s future.  Life insurance benefits can help your family pay a variety of expenses, including outstanding loans, credit card bills, a home mortgage, child-care costs and educational expenses for your children or spouse.  The cost for life insurance may be less than you might think — and it can be guaranteed for 10, 15, 20, 30 years or more.

This example gives you an idea of the monthly premiums you could pay for 20 years of life insurance:
Preferred No Nicotine Use:

  Age 30 Age 40 Age 50
  Male Female Male Female Male Female
$250,000 $16.97 $14.44 $22.29 $19.73 $53.78 $39.09
$500,000 $29.43 $24.06 $40.06 $34.64 $103.36 $73.36
$750,000 $41.89 $33.67 $57.84 $49.55 $152.95 $107.62

You can pay fixed premiums for term insurance that stay the same for a set number of years (5, 10, 15, 20, 30).  There is also term insurance that will refund you your premiums at the end of the term if you are still alive.  Or, for additional flexibility, you might consider a Universal life policy that has the ability to build up cash value that will grow tax-deferred.  These types of policies are great for people who are maxing out their company retirement plans and still want to save more inside a tax deferred vehicle.

If you own a life insurance policy that is more than 4 years old, you should review it to see if you can get the same or better coverage from a new policy for less.  Life insurance costs continue to decline due to people living longer and longer.  So even though you are now older, your premiums could still be lower for the same coverage.  Or, you may be able to increase your coverage without having to pay more for it (assuming your health has not changed significantly).

Interested?  Call or e-mail me today to learn more and make one of the most important promises to your family.  It’s worth at least a few minutes to review and get a second opinion.

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