Protect Your Family with Term Life Insurance.
More than one in three parents with children under the age of 18 have no life insurance. And 33% of those that do have less than $100,000 in coverage.1
In the event of an unexpected death, your family needs to be protected from the potential loss of income. Through an affordable term life insurance plan, you can get the coverage you need. And Capital Choice can help you find the plan that’s right for you to help cover expenses — from debts, to the mortgage, and other every-day costs — should something happen.1 “Survey: How many of us have life insurance? And how many have enough of it?” Bankrate, July 8, 2015
Term life policies are easier to understand and more affordable than whole life insurance. A 30-year-old male, for example, may pay around $4,675 a year for whole life versus only $242-$403 a year for term life.2
This cost difference allows you to invest the saved money and/or apply it toward a debt—bringing your financial wellness plan full circle.2 “The Differences Between Term and Whole Life Insurance” NerdWallet, March 29, 2017
With the DIME Method. This technique gives you a complete view of your financial profile. By segmenting your finances into the four DIME categories—death and debt, income replacement, mortgage, and education—you can determine the coverage you need to protect your family against potential income loss from an unexpected death.
This is the amount of money needed to pay death expenses and settle any remaining debts.
This is the amount of money needed to cover monthly living expenses for your surviving family.
This is the amount of money needed to pay off any outstanding mortgage balance.
This is the amount of money needed to pay for your child’s—or children’s—education.
This is the amount of money you currently have in the form of liquid assets.
Add these amounts together, and you can get an idea of how much coverage you need. And the good news is, with term life insurance, coverage is extremely affordable — typically a fraction of what most whole life premiums are.
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Interested in learning more? Contact Capital Choice today.