2022 HEALTH INSURANCE
Individual Level-term insurance is inexpensive. Life insurance and its benefits are often misunderstood. Life Insurance can provide your family or loved ones with a sizable lump-sum tax-free benefit in the event of your untimely death. Most financial experts see life insurance as a way to “buy time”, hence the word “term” until you accumulate adequate savings to cover your financial obligations – such as a mortgage, auto loan, provide education savings, and most importantly replace your income to care for those who are depending upon your income. Life Insurance is not as a permanent need in your financial program and whole life insurance should be avoided.
Do you have others depending on YOU for income support?
Do you have a non-earning spouse and/or children?
Do you have a significant financial obligation – mortgage, auto loan, student loans?
Are you single with no children and have a minimum of $50,000 in liquid cash resources/savings?
Do you have children and have a minimum of $50,000 in liquid cash resources/savings?
I don’t have an Individual Level – Term policy, but I am on a group policy with my employer. Is that sufficient?
Do you have a non-earning spouse and/or children?
Do you have a significant financial obligation – mortgage, auto loan, student loans?
If you answered “YES” to either of the above questions – YOU NEED LIFE INSURANCE!
Are you single with no children and have a minimum of $50,000 in liquid cash resources/savings?
Do you have children and have a minimum of $50,000 in liquid cash resources/savings?
If you answered ‘NO” – YOU NEED LIFE INSURANCE!
I don’t have an Individual Level – Term policy, but I am on a group policy with my employer. Is that sufficient?
“NO”, please see the illustration below.
Level Term Insurance Benefits
Affordable
Pure Protection
Better Option
Tax-Free Benefit
Disability Waiver of Premium
Child Life Insurance
Accelerated Death Benefit
Terminal Illness Benefit
“Term life is the simplest, the least expensive and the most widely applicable”
Forbes.com, “Ten Things You Absolutely Need to Know About Life Insurance,” January 5, 2016
The average funeral can cost $15k - $25k. “If you love your loved ones, you buy Life Insurance!”
Victor R Henderson, World Financial Group Associate Partner
