Life Insurance Services

Life insurance ensures that, when you die, your beneficiaries will have the financial resources in place to protect their future income and pay for immediate and future financial obligations. Life insurance proceeds are paid quickly to the beneficiary(ies) without the delay of probate and are income tax-free.  Without life insurance, your surviving family members could become financially burdened or even devastated at the time of your death.  Survivors could possibly lose the house, children may not be able to attend college, a family business could be lost, monthly family bills could go unpaid, the family could be forced to increase their debt burden to pay for things like last illness expenses and burial costs, or any number of other possible issues.

Do you need life insurance? 

If your financial obligations at death exceed the assets which will be in place to meet those financial obligations, you need life insurance. With life insurance in place, the family’s standard of living is protected and gives them critical support during a very trying time.
   
Understanding Life Insurance can be difficult, which is why our counselors are standing by to assist you.
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How much life insurance do you need?
 

Various methods can be used to calculate an individual’s need for life insurance.  These methods include: Rules of Thumb (e.g., 10 times your annual salary); The Human Life Value (i.e., present value of the family’s share of the wage earner’s future income); Capital Retention (i.e., preserve assets and have the beneficiary’s income needs supported by income from assets); and The Needs Approach (i.e., considers assets and income at death to pay the for the remaining financial obligations).  The needs approach is the most comprehensive in calculating the amount of life insurance needed.  It subtracts the total assets from the total financial obligations to determine the amount of  life insurance required.  A “Life Insurance Needs Analysis” calculator is available to help you assess your needs. Below is a list of some of the financial obligations and assets that should be considered in your insurance needs calculation:        
 

Future income for beneficiary(ies)                                                        Child(ren)’s educational expenses

Outstanding debts (e.g., credit cards)                                                   Funeral and Burial expenses
Estate taxes and administrative expenses                                              Mortgage payment
Business expenses                                                                               Last illness expenses
 

Investments (stocks, bonds, etc.)                                                        Bank accounts (savings, CD’s)
Current life insurance plans                                                                 Annuities with survivor rights
Retirement Funds (IRA, 401(k), Pension, etc.)                                   Real Estate
Employer’s Survivor Benefit Plan                                                       Social Security