Life Insurance

10 important reasons for life insurance

1. Help pay final expenses

2. Help replace lost income

3. Help payoff debt

4. Help fund education and leave a legacy for family

5. Help offset income or estate tax burden

6. Help provide for a special needs family member

7. Help provide future access to cash accumulation

8. Help reach goal for charitable giving

9. Help to equalized inheritance

10. Help with business planning

Median and Maximum price for funeral

$9135 / $17,000

Costs associated with funeral & final expenses

• Funeral costs

• Estate taxes

• Debts

• Attorney fees

Estate taxes must be

Paid in cash within 9 months of death

Debts

Automatic loans, credit cards, promissory notes, income tax, property tax

Attorney fees include

• Executor fees

• Executor attorney fees

• Court and probate costs

• Appraising

• Maintenance

• Cost of defending contested will

Planning for future security of family

• Mortgage/Rent

• College education

• Dependency period

• Survivor's blackout period

• Survivor retirement

Saving for retirement methods

• Savings

• Portfolio investments

• Life insurance

State regulation catagories

1. Establishing dept of insurance and commissioner

2. Establishing criteria for insurance companies in the state

3. Monitoring finances

4. Establishing and enforcing marketing standards and trade practices

5. Approving and issuing policies

6. Reviewing rates charges by insurance companies

7. Qualifying and licensing individuals who sell insurance

ClearVantage Index Universal life

• Indexed flexible premium life insurance, traditional protection while keeping in tune with financial needs

• Appealing to underage market - fund education or retirement planning

• Link to S&P 500