Life Insurance

How much life insurance do you need?

Knowing you’ve addressed your family’s income needs in the event of your untimely death can give you peace of mind. Focusing on these three major categories can help those who depend on you to continue their current lifestyle.

Income Continuation

You want the people that rely on you to maintain their established pattern of living. Replacing lost income with your life insurance should help ensure that lifestyle.

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This amount could include your spouse’s income, Social Security or other income sources.
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Immediate Cash Needs

A comprehensive life insurance policy assures that your family will not suffer unforeseen economic consequences when you die. You want to know they are taken care of. So your policy should provide an adequate settlement fund to cover personal debts, emergency reserve fund and other expenses.

Your home is likely your largest asset. At the same time, your mortgage is likely your largest cash need.
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Personal debts (credit cards, personal loans, student loans, car loans, etc.), emergency reserve fund (extraordinary medical expenses, a reserve for emergency and unexpected expenses, 5%-10% of annual income is suggested) and other expenses.
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Final expenses can include the cost of arrangements your survivors need to make at the time of your death and the elimination of any expenses associated with your death.
Did you know: The average cost of a funeral (including casket and vault) is over $8,000.*
*2012 National Funeral Directors Association General Price List Survey, 2013
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Education Fund

With life insurance, you can help guarantee that – even in the event of your death — funds will be available for your children’s education. An education at a four-year institution will cost about $75,000*.

What percentage do you want to fund?

*Trends in Higher Education Series: Trends in College Pricing 2013, The College Board, 2013.

Please enter your annual salary.

Existing Assets

You may already have some life insurance. If so, enter that amount so we can take it into consideration.
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Other Liquid Assets could include mutual funds, stocks, CDs, retirement funds, savings, etc.
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