It’s a great question. Can you be your own bene? While it might seem odd to consider, it’s a tool that shouldn’t be overlooked when buying a life insurance policy. Especially if you plan on living far past the average human age of 79.
There are big perks to being your own life insurance beneficiary! So take a few and let Byron teach you how being your own life insurance beneficiary is the smartest thing you can do today…heck maybe even all year!
Crazy smart move huh? If your family makes 85 look like 18 then being your own bene is the way to go. Now, take our nifty calculator for a spin, get clear on the 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.
Now call us at 877-794-9817 and speak to a real person! (yes, we’re old school.) You have enough things to think about, so we’ve taken the stress out of shopping for life insurance.
Keep Reading and Learn How to Save Money for Life