Do You Have Enough Life Insurance?

Life Insurance Consumer Tips

by Duaine Owings, President Plan To Win Agency

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Do you have enough life insurance?

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Life insurance is very often purchased to replace income. The idea is that your surviving family will need to live on funds fairly equal to your current paycheck.

So how much insurance should you buy?

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Factors

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The factors in this decision include:

(1) the period in which your beneficiaries will need to receive income,

(2) the monthly income required,

(3) the interest rate on the insurance benefit not yet withdrawn,

(4) and your tax bracket.

Once money for final expenses is taken off the top, it becomes a matter of calculating how long the balance will last. Clearly, the higher the monthly income, the shorter the period the benefit will last.

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Scenario

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To illustrate the point, suppose* you purchase a $1,000,000 life insurance policy. Your family could receive a monthly income of $10,247 for 10 years or $5,147 for 30 years.

* This scenario assumes that your family (1) receives a lump sum benefit, (2) spends $25,000 for final expenses, (3) receives 5% interest on the balance lump sum, and (4) is in the 28% tax bracket.

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Have a question?

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As always, our toll-free line, (800) 559-8777, is open at your convenience. Please do not hesitate to call me with any questions or concerns.

With best wishes for health and success,

Duaine Owings

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About Duaine

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Duaine Owings, is an independent life insurance broker and a recognized expert in field underwriting for people considered high risk.

Consumers and consumer advocates are warmly invited to email or call Duaine for experienced and patient guidance. Duaine currently serves as a preferred life insurance provider for many professional advisors and their clients, including attorneys, accountants, financial planners, and business loan officers.

Duaine Owings

1 (800) 559-8777 Phone (Toll-Free)

1 (816) 224-9466 Phone (Local MO)

duaineowings@uslifeplans.com

Licensed in: California, Florida, Iowa, Kansas, Missouri, North and South Carolina, Ohio, Pennsylvania, Tennesse and Texas.

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Legal Notices

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This newsletter is presented for educational purposes only. It is not to be considered professional financial, legal, or medical advice. Be sure to consult with your professional advisor when purchasing life insurance.