Life Insurance
What is Life Insurance?
Life Insurance is a way to give your family a financial peace of mind in case you pass away before your children are out of the house or your home is paid off or have debt.
What are the different types of Life Insurance?
► Term Life Insurance - Low cost, coverage length 10, 20 or 30 years.
► Permanent Whole Life - fixed premiums, coverage length for life, builds cash value.
► Permanent Universal Life - flexible premiums, coverage length for life, builds cash value.
How much Life Insurance do I need?
If you are buying life insurance to replace your income, it is recommended you multiply your annual income x 10 ($50,000 x 10 = $500,000).
If you are buying life insurance to pay for final expenses such as funeral cost, small debt, cars, and others. It is recommended you get a permanent plan from $15,000 to $75,000 (depends on your age and budget).
What is the monthly cost of a Life Insurance policy?
Monthly premiums for a life insurance depends on at least 5 factors your age, sex, height, weight, and medical condition.
Example:
A 30 year Term Life Insurance for $100,000
Age 35
Healthy
Height 5'10
Weight 180
No Medical Condition
Monthly Premium
Pays around $17 a month
A 30 year Term Life Insurance for $100,000
Age 55
Healthy
Height 5'10
Weight 180
No Medical Condition
Monthly Premium
Pays around $93 a month
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