Life Insurance 101

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Life insurance is a necessity for your family’s security. Having a good life insurance policy in force is the best way to ensure your family will be provided for. It’s important for you to be prepared for your family’s sake in the event of your untimely death. This report will cover the following facts regarding life insurance: * There are important reasons why you may need life insurance. * You can shop around for the best life insurance companies. * To calculate how much life insurance you think you’ll need, see the section titled: “How Much Life Insurance You Should Obtain” for specifics on how to do it. * Learn about the various types of insurance and when a particular type might best fit your needs. * Your life insurance can be used to help you financially in the long run. * In the event you’re listed as a beneficiary and the person on the policy dies, you have a choice about how you receive your life insurance payouts.

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LIFE INSURANCE 101

Why You May Need Life Insurance:

Why You May Need Life Insurance Having a life insurance policy provides you with peace of mind. You’ll have money available for your surviving spouse should they be left alone to take care of the family. Ensure your family will continue to live as well as possible after your untimely death.

Shopping for Life Insurance:

"Fred has a pressing need for life insurance to ensure that Wilma and Pebbles could maintain their standard of living if he were no longer able to provide for them." - David Woods Shopping for Life Insurance

Shopping for Life Insurance:

Shopping for Life Insurance

How Much to Obtain:

"Fun is like life insurance, the older you get, the more it costs." - Kin Hubbard How Much to Obtain

How Much Life Insurance to Obtain :

How Much Life Insurance to Obtain How much life insurance do you need? Look at some of the following websites: Smart Money, Yahoo Finance and Cash Money Life The next slide demonstrates a simplified method that provides a conservative estimate of the amount of life insurance you need. The following example assumes you've passed away and left a spouse who works and will be able to care for him/herself through working, once your 10-year-old child is raised to adulthood.

Calculating Total Funds:

Calculating Total Funds

Figuring Total Assets:

Figuring Total Assets Assets can reduce your overall life insurance needs: Subtract your social security payments Subtract your savings or investments Keep in mind that as you age, life insurance needs are going to change. You need to constantly address your life insurance needs to ensure that they are still being met.

Types of Life Insurance:

"I'd want to be sure that I've got adequate insurance for the sake of my loved ones." - Sheryl Garrett Types of Life Insurance

Term Life Insurance:

Term Life Insurance

Why Buy Term Life Insurance:

Why Buy Term Life Insurance In the event that you're already stretching your dollars, term life insurance tends to be the least expensive. I t's the simplest form of insurance, which makes it no-fuss. Finally, you have some choices to make within the range of term life insurance vehicles, which allows you to tailor the policy to your needs (length of the term, convertibility, and return of premiums).

Whole Life Insurance:

Whole Life Insurance

Why Buy Whole Life Insurance:

Why Buy Whole Life Insurance If you want life insurance plus a small investment to build over time, consider purchasing whole life insurance. Whole life insurance provides you with the possibility of borrowing against the accumulated value, in the event you need funds in an emergency.

Universal Life Insurance:

Universal Life Insurance

Why Buy Universal Life Insurance:

Why Buy Universal Life Insurance Universal life insurance shares similarities to whole life insurance, but it gives you a wider choice in your premiums and investment options. If you want the most flexibility that you can get from your life insurance policy, then universal life insurance is the choice for you.

Variable Life Insurance:

Variable Life Insurance

Why Buy Variable Life Insurance:

Why Buy Variable Life Insurance Most of your premium dollars for variable life insurance are applied toward the investment component of the insurance. This type of policy focuses largely on the investment aspect. For those who are well versed in watching the stock market, a variable life insurance policy may be ideal. You have the opportunity to make some real cash on a variable life insurance policy.

Survivorship Life Insurance:

Survivorship Life Insurance

Why Buy Survivorship Life Insurance:

Why Buy Survivorship Life Insurance Prevent your heirs from losing up to half of your estate to the federal government if you have over $1 million. If you plan to leave money for charitable purposes, this type of insurance ensures there will be enough of your money left to do so through the trust you established. A third reason to get survivorship life insurance is if you have a special needs child that will survive you who will need to be taken care of.

Using your Life Insurance:

"It's not an insurance product, but a safety-net package." - Joe Thompson Using your Life Insurance

Life Insurance as a Financial Tool:

Life Insurance as a Financial Tool

Life Insurance as a Financial Tool:

Life Insurance as a Financial Tool

Receiving a Pay-Out:

"Batman doesn't have anyone who depends on him financially and therefore probably doesn't need life insurance." - David Woods Receiving a Pay-Out

Your Choices:

Your Choices If listed as a beneficiary, you will be paid out the amount of the policy. There are several ways that you might receive proceeds from a life insurance policy.

Your Choices:

Your Choices

Annuity Payment Options:

Annuity Payment Options Monthly Income Payments Period Certain Payments Interest Only Payments Joint and Last Survivor Income Payments Specified Amount Payments

A Gift of Love:

A Gift of Love With life insurance, you could still send your children to college and help support your spouse even if death takes you at an early age. Purchasing life insurance is a gift of love to those you leave behind. So even though you can’t be there, at least you can relieve your loved ones’ suffering somewhat by providing for their financial security. Contact your agent today to find the right policy for you and your loved ones.

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