Life insurance for your partner is more important than you can imagine. Consider for a moment what your partner manages in your home. While it will be different for every family, your partner contributes something of need…something that fills a void for you.
A great example to consider would be the job of a full/part-time stay-at-home parent – what goes into a day at home?…laundry, vacuuming, meal prep, managing of finances, family calendar, driving kids to activities. How much would you have to pay someone to get all of this done?
Understand, that life insurance for your partner allows the living to deal with the loss without the additional worry of paying for the home, putting food on the table, making the car payment, keeping the lights on and staying warm. Listen to Byron’s sage advice for a couple minutes, then you decide.
Now that you’re clear on the facts, take our nifty calculator for a spin. Once you’ve nailed down the coverage you need, give us a buzz. We’re old school so you’ll have to speak with a real person, but we’re guessing that’s the type of service you’d expect.
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.
Call us at 877-794-9817 and let’s chat about the types of coverage that may make the most sense for you.
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