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Life Insurance Corner

An article from our partners at Auto-Owners Insurance:

 

Estimating Your Life Insurance Needs

It’s that time of year, again: Time to reset the new year with a resolution.

What type of resolutions have you set for this year? Was it a new weight-loss goal? Was it putting more money into savings? Taking up a new hobby? How about protecting your finances with a life insurance policy?

What better way to prepare your family for the future than to secure the mortgage or student loans. This sounds like a great plan, but what if you don’t know how much life insurance you need?

Calculating life insurance needs could be easier than you think! With available industry resources, determining coverage requisites might be exactly what you need to set up your new year for success.

The industry provides a variety of resources to calculate the coverage your family would need in the event of a death. With the help of our agency, these estimates encourage certainty when deciding what type of policy matches the financial needs of your life.

The Auto-Owners Life Needs Estimator is a perfect example of one of these tools. The program prompts you to take into consideration loans, income, expenses, education and any other insurance you may carry to give an accurate picture of what the family’s financial needs are.

Try to imagine how your family would get through their day-to-day life if they didn’t have you. Would they be able to cover the car loan, education costs, or credit cards if they didn’t have your income to take into consideration? Estimating your life needs will help you put into perspective the coverage needed to alleviate any financial strain on your loved ones in the event of a death.

Every step toward a financially protected future is a resolution. Don’t wait to find out how much your life insurance needs are; contact our agency for more details on how to calculate your needs!

 

(For a PDF version of this article click here: AO Life Article FEB)

 

Whole life is the most versatile financial instrument ever devised for the protection of families and businesses and the creation and enhancement of wealth. To appreciate the great values of this type of life insurance protection, this article explores how it works, its uses, its benefits and the options you have in structuring a contract to meet your specific needs, and why Auto-Owners Life Insurance is the company of choice.

“Whole life provides lifetime insurance protection with significant guarantees and tax benefits…”

DID YOU KNOW…

Walt Disney, unable to land a substantial bank loan, used the cash value from his whole life policy to build a sprawling theme park that is now known to the world as “the happiest place on earth.”

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If you watch television you are probably familiar with commercials for the Gerber Grow-Up® Plan.  “For just pennies a day, you can help your child get off to a good financial start!”  Doesn’t that sound like a fantastic idea? As parents, isn’t it our job to help plan for our children’s’ future and get them started on a track to financial security? Gather your pennies and listen up!

I compared the nationally advertised plan to a similar plan offered by the Kasmann Insurance Agency through Auto-Owners Insurance.  While both plans are somewhat similar in design, there are advantages to one over the other.

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For many years, especially when the estate tax exemption was low, the focus of estate planning strategies with life insurance often shifted to how the minimum premium can be leveraged for maximum death benefit. With the 2017 estate tax exemption at $5.49M for individuals and $10.98M for married couples, the time may be ripe for the planning pendulum to swing back towards a balance between securing the proper amount of death benefit and the opportunity for cash accumulation in permanent life policies.

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