Did you know that 1 out of 3 Americans between the ages of 35 and 65 will suffer a long-term disability lasting at least 90 days? You are also 4 times more likely to become disabled than you are to die before 65 years of age. The facts are a bit jarring, but armed with them you can make a solid decision about life insurance protection.
Because these facts are an actual thing, life insurance carriers offer an optional rider (or life insurance feature) that is available for many insurance policies. With this waiver of premium rider, the insurance company will cover the cost of your premiums if disabled.
Becoming sick or injured isn’t something you can control; however, you may be able to control who pays your insurance premium while unable to work with a waiver of premium. Take some minutes and listen to Byron explain how Waiver of Premium might be a good fit for your life protection.
The facts are great to have when getting life insurance protection for those who love you. Now, take our nifty calculator for a spin, get the facts on the amount of coverage you need, then give us a call!
Nifty Life Insurance Calculator
Our Life Insurance Calculator can help you get a rough idea of how much coverage you’ll need to make sure your family is okay financially when you die.
Annual income before tax: $Annual income is an important factor in determining your needs, but it’s not the only one. When you die, your life insurance is like your final paycheck.
% of income needed by dependents: %Because you’ll be gone, presumably they won’t need as much as you’re currently earning. Typically, 80% of your current income is a good place to start.
Your Age: yearsThe younger you are, the more years of your income your family stands to lose when you die.
Number of years benefits are needed:If you died tomorrow, how many years of income do you want to provide for your family?
Annual inflation rate (estimate): %Because of inflation, in order to maintain your family’s current standard of living, you’ll need to plan for increases in their annual income to keep pace. Historically, inflation has averaged between 2% and 4%.
Annual interest rate (estimate): %This is an assumption as to how much you believe your spouse will be able to earn on the death benefit proceeds. We have found that most surviving spouses are usually very conservative in how they invest the death benefit. The most common thing we see is that the money gets deposited into a bank account. You know your spouse better than anyone. Pick a number that you feel your spouse will be able to comfortably earn on the proceeds.
So what’s next? Call us at 877-794-9817 and let’s chat about the types of coverage that may make the most sense for you.
Keep Reading and Learn How to Save Money for Life
Your life insurance rate class
Diabetes and life insurance. It’s possible!
5 Things you didn’t know about life insurance