Basic Term Life
Basic Term Life Insurance, which is paid for by your Employer, provides you with a certain level of coverage for your loves ones in the event of your death. Your designated Beneficiary would receive this benefit which could be used for funeral and other expenses they may face.
It’s not easy to think about how our loved ones will survive financially should we no longer be with them. Although Basic Life Insurance does provide them with some benefit in the event of our death, will that be enough? Unfortunately, when a primary wage earner passes away, 34% of households would have immediate trouble paying everyday living expenses; 29% could cover everyday living expenses for only several months; and only 36% could cover everyday living expenses well into the future.
While there are many different ways to estimate how much money your dependents may need, we suggest a combined amount of term life insurance that is five to eight times your annual income as a good starting place. Again, this is an estimated amount of life insurance coverage you and your family could consider. A complete financial plan for your family should take into account your specific circumstances including your debt, other obligations, available resources and many other factors.
Universal Life is a permanent life insurance that helps protect your family from financial hardship if something happens to you. The policy does even more than pay a death benefit to beneficiaries — it offers Living Benefits insureds can use during their lifetime.
- Builds a cash value that you can access during your working years.
- Long-Term Care (LTC) accelerates the death benefit for LTC
- Death Benefit Restoration restores the death benefit when LTC is paid
- Extension of LTC extends the benefit period and benefit amount available for LTC
- Combination Restoration/Extension restores the death benefit while doubling the amount of LTC benefits, in effect, tripling the policy value