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Results from search: http://www.life-line.org/life/ins_needs.html

life insurance   elcome to the LIFE-Line Life Insurance Needs Calculator. This following interactive program will provide a rough estimate of your life insurance requirements. So, how much life insurance do you need? Well, the answer isn't really how much life insurance you need... it's how much investment capital your family will need at the time of your death. Their need for capital -- on a gross basis -- is really a function of two variables: 1. How much will be needed at death to meet immediate obligations; and 2. How much future income is needed to sustain the household. The first category is fairly easy to estimate. It's the sum of final expenses (including uncovered medical costs, funeral expenses and final estate-settlement costs) and other lump-sum obligations (such as outstanding debts, mortgage balance, and college costs). The second variable is a bit trickier. It involves calculating the "present value" of future needed cash-flow streams. By answering a few simple questions below, you can get a rough sense of the needs for capital that might exist at your death.   A few tips: Our analysis of your needs depends upon the answers you provide us to the questions below. Please answer all questions. If you do not understand a question, click on the highlighted term for more information and we'll explain what we're driving at. This calculator has provided a rough sense of your potential life insurance needs. To the extent that you or your beneficiaries are eligible for Social Security benefits, those benefits have not been included in this analysis. Social Security benefits, if available, will somewhat reduce the need for life insurance. For a more accurate and detailed analysis, contact a professional life insurance agent. Below, please estimate some of the lump-sum needs that would exist at the time of your death. Enter only numbers, no commas or dollar signs. 1. Final expenses: 2. Outstanding debts (other than your mortgage): 3. Outstanding mortgage: 4. College funding needs: Estimate your family's income needs in case of your death: 1. Monthly amount you would need to provide to your surviving spouse: 2. How many years should income be provided? 3. What is your current investment capital (include retirement plan assets)? 4. What is the value of the life insurance in force on your life ? Please note: The following assumptions are incorporated in the calculation. You may enter your own data and override these assumptions to gain an even more personalized analysis. 1. Estimated inflation rate: % 2. After-tax investment yield: % Return to calculator input. Final expenses: Typically the greater of $10,000 or 4% of your estate. This would include uncovered medical costs, funeral expenses, and final estate settlement costs. Note: If your estate is over $600,000, your final expenses may be much higher due to federal and state estate or inheritance taxes. College funding: Total projected college costs (tuition plus all other costs such as room and board, books, etc.), less current funds in the child's name. Current investment capital : Includes savings, investments, 401(k) and other retirement funds. Life insurance in force : Includes individual policies, group term coverage available through work, and any other life insurance on your life payable to your family or for the benefit of your family. Do not include accidental death insurance or "double indemnity" insurance.    

Results from search: http://www.prudential.com/

SITE TOUR    SITE MAP    SEARCH      GO > LOGIN  Select an Account COMMAND or Securities Account Mutual Funds & Annuities Insurance Policy FREE 60-Day Research Trial ---------------------------------------- View All Login Options        HOME    PRODUCTS & SERVICES    ADVICE & PLANNING    MARKETS & RESEARCH    CUSTOMER SERVICE    ABOUT PRUDENTIAL   Why Prudential Financial? Get Started With Us SAVING FOR EDUCATION GUIDE Get smart about college funding- our brochure outlines two new ways to save for education. PREPARING FOR TOMORROW Create a life insurance plan that can provide for the ones you love.   View other publications If you have a Prudential Account, Access it Online Brokerage Accounts Bank Products Mutual Funds & Annuities 401 (k) Insurance Policies   Education Funding Arrive Education Savings Plan SM Make the dream of higher education a reality with the Arrive Education Savings Plan, a 529 college savings plan. Life Insurance Are You Prepared For The Future? Our Universal Life Insurance policies provide the flexibility you need to meet life's challenges. Managed Money Balancing Growth & Risk Managed Money programs help you develop and execute a portfolio management strategy right for you. Long Term Care Protecting Your Future Prudential Long Term Care SM Insurance may help you secure a comfortable future for you and the people you love. Annuities Tomorrow's Retirement Will Be About You Our variable annuities combine tax-deferred growth potential with the power to choose. Get an Insurance Quote Select Quote Type Life Auto Market Commentaries Learning Guides & Planning Tools Take a Site Tour Real Estate: Find a Home Employee Benefit Services Relocation Services Business Services Real Estate Franchising     Privacy and Business Integrity | Terms and Conditions Charts and quotes are Copyright ©1998-2002 Marketwatch.com Inc.  User Agreement applies. Intraday data provided by S&P Comstock and subject to a terms of use . Intraday index data is real-time; all other data is at least 15 minutes delayed. All times are Eastern Time. Historical and current end-of-day data provided by Interactive Data Corp. Charts and quotes have been provided by BigCharts.com and are for informational purposes only. No representation is made that the information is accurate or complete. Please speak to your Prudential Securities Financial Advisor before making any investment decisions. Securities products and services are offered through Prudential Securities, 199 Water Street, New York, NY 10292, Pruco Securities Corporation, 751 Broad Street, Newark, NJ, 07102, and Prudential Investment Management Services LLC (PIMS), Three Gateway Center, 14th Floor, Newark, NJ 07102-4077, members SIPC. All are Prudential Financial companies. This site is best used with Netscape Communicator 4.7 or Internet Explorer 5.0. The information presented in this Internet site is intended to be made available only to persons in the United States. Persons outside the United States can access our international sites . Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ, and its affiliates. © Copyright 2002 Prudential Financial, Inc, Newark, NJ, USA. All rights reserved.  

Results from search: http://www.insurancefinder.com/

InsuranceFinder is the Insurance Search Engine Individuals and Families Group Plans for Employees Long Term Care Disability Senior Health Homeowners Condominium Renters Auto Motorcycle and ATV Boat and Watercraft RV Term Life Whole Life Universal Life Business Owners Commercial Auto / Truck Workers Compensation Liability Computer Pet Travel Insurance Glossary Get a Mortgage Credit Card Finder Get a Personal Loan Auto Loans Electric Business (800) 949-2919 Insurance Finder .. Instant Approval Credit Card | Home Loans | Get a Personal Loan START HERE to FIND INSURANCE We are the 100% advertiser supported insurance search engine. Health, Home, Term or Whole Life, Business, Auto and Vehicle and Specialty insurance... it's your choice! Select Your State Alaska Alabama Arkansas Arizona California Colorado Connecticut District of Columbia Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming Select Insurance Term Life Whole Life Universal Life More... ------ Health (for individuals and families) Health (for seniors) Group Health Insurance (for employees) Long Term Care Disability More... ------ Homeowners Insurance Condominium Renters More... ------ Auto Motorcycle and ATV Boat and Watercraft RV More... ------ Business Owners Commercial Auto and Truck Workers Compensation Liability More... ------ Computer Pet Travel More... MONEY SAVING Insurance Resources Tips to Lower Insurance Premiums Insurance Coverage Glossary Do You Need Life Insurance? How to File an Insurance Claim Home Insurance Plans Credit Card Finder Get Your Credit Report FREE Credit Repair Tips . Cash out your home's equity! Make home improvements Consolidate your debts Cash for any reason Property Location... Alaska Alabama Arkansas Arizona California Colorado Connecticut District of Columbia Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming Powerful Insurance and Financial Calculators Insurance Calculators Find the best life insurance policies! How much life insurance do I need? What is my return on a whole life policy? What is my return on a universal policy? What is my return on a variable universal policy? Which is better: Term or Whole Life? Which is better: Term or Universal Life? Which is better: Term or Variable Universal Life? Insurance Calculator Glossary Mortgage Calculators Find the best Loan! Am I better off renting or buying? Is a Fixed or Adjustable mortgage better? Should I pay points to lower the rate? How much can I save in taxes? Should I refinance now? How advantageous are extra loan payments? Should I consolidate my debts? More... About  |  Disclaimer | Privacy | Suggestions | Advertise / Affiliate | Log-In InsuranceFinder is the 100% advertiser supported insurance search engine. We are not a carrier, agent or broker. When you choose to inquire with an advertiser on InsuranceFinder, your information remains between you and that advertiser(s). Advertisers are solely responsible for keeping their information current. Rates and programs cannot be guaranteed and are subject to change without notice. InsuranceFinder shall not be responsible or liable for any products, services, information or other materials displayed, purchased, or obtained as a result of any information or offer in or results of any kind obtained in connection with this website, including, without limitation to any agent referrals, recommendations, application, approval, prequalification, analysis. Nothing on this website contains an offer, promise or otherwise, either to make a specific policy or that any participating advertiser will make any policy for any purpose or on any specific terms. Please refer to the "Disclaimer" link for further information on our disclaimer policies. Copyright © 2001 InsuranceFinder.comT All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

Results from search: http://www.lifeinsurance.net/premieragents.htm

Life Insurance . net -- Insurance Education Center Agent Locator Agent Locator Submit your 3-digit area code to find a local agent. Area Code Welcome to LifeInsurance . Net 's Premier Agent Profiles. Here you'll find financial experts dedicated to serving you, listed alphabetically under each subcategory.   Asset Management David C. Wright - Chicago Metro Area Benefit Plan Bayou Benefits Group - AZ , CA, CO, LA, NM, TX - If you want a Straight Answer from an insurance expert and are looking for group employee benefits in the Southwest and West, look no further. BenefitSpecialists, Inc - all over the US and the world . Coordinated Benefit Planners - Metropolitan Chicago area - When was the last time an employee said 'Thanks'? Whose fault is it if you don't tell them what you're doing for them? Best Rate A Better Way Quotes - all 50 states - We provide Term Life Insurance Quotes from over 200 of the nations Leading Companies. Family & Business Insurance Planners - all over the US and the world - specialists in providing the best life insurance rates and the premiums to pay them no matter what physical shape the client is in. LifeCycle Insurance Specialists, Inc. - Washington, D.C. Metro Area, MD and VA - Excellent service and low rates for Term Life Insurance and related products. Business Insurance Insurance Designers Incorporated - Washington, D. C., MD and VA Elder Care Careplans Connecticut, Inc - CT, MA, RI - Specializing exclusively in long-term care insurance.  As an independent agency, we are able to select the companies which we represent based on their superior value. Employee Benefits J.S. Clark Agency, Inc. - Michigan - An employee benefits expert in the State of Michigan.  We specialize in providing employers with the best value in benefits. We would be happy to work with you. Raymond Flores - Arizona - Accumulate Wealth Tax Deferred Musante Reihl - CT,  FL, MA, NC , PA - Employee Benefits and Individual Insurance Needs Estate Planning The Financial Solutions Group - Florida Intrusco Associates, Inc. - Fort Worth, Dallas, Arlington, Texas Teders Financial and Insurance Center - Oklahoma and Southern Kansas - We collect information and data from clients, listen to what their primary goals are, and work out the best solution to meet their future needs. Westland Financial Services, Inc. - Entire USA (except New York) Financial Planning Abrams Financial Associates - Pennsylvania, New Jersey, Delaware Chase Warner Financial - Dallas Metroplex The Coplin Agency - WA, OR, CA, ID, MT, NV, AZ, NY, PA, TX Creative Insurance Consulting, Inc. - Florida FIRST Financial Group - North Carolina Future Financial Planners - Michigan Gardner Financial Services, Inc. - PA, NJ Hughes Financial Group - Phoenix, AZ, metro area Investment & Retirement Strategies - New York State Midwest Financial Architects- KS, N. Dakota, MN, and Missouri - Providing comprehensive financial services with an emphasis in high net worth or income clients throughout the United States. Areas of expertise include estate, retirement and charitable planning. Retirement Income Counselors Inc. - Indiana and Ohio - Financial, Retirement, Estate Planning, Living Trusts and Family Limited Partnership (FLP), Life, Health, Annuities, Load and Noload securities, Annuities, CD's, secured and unsecured notes, Limited partnerships. Tierney & Associates - Florida Health Insurance California Health Services - throughout California Creative Benefit Solutions, Inc - New York and across the USA Group Benefits Plus - California John Hancock Mutual Life Insurance Co.- LA, MS, Gulf Coast and Southeast TX Nalven & Shroeder Insurance Agency of Illinois, Inc. - serving Chicago and surrounding areas, and southern Wisconsin The Sanders Agency, Inc. - Illinois, Indiana and Michigan Thomas Abrams Associates - PA, NJ, DE - We Specialize in Health Insurance and Employee Benefits, serving small to medium size companies, and individuals. We search for the most cost effective products for our clients. Life Insurance Peter Abbate - New York City Ashish Consultants - India - Life Insurance Corporation of India Expertise as Life Insurance, Financial, Investment & Tax Consultants Quality & Quick Customer Services. Assett Growth with Debt Reducton - California Insurance for Tax Free Growth, Risk Management and Retirement puposes. Self-Employed, Family and Mortgage Protection Plan s. Ralph V. Allen, CLU - Insurance and Financial Services - Utah Allstate/Sean Husseman - Washington - I provide free consultations for clients that are not sure how much insurance they need or are not sure which type of insurance is best for their situation. Fred Bailey - Tennessee, Arkansas, Mississippi - all life and medical coverages. DENNIS A. BARAS California - REPRESENT OVER 100 LIFE & HEALTH INSURANCE AND INVESTMENT COMPANIES Calvin Beecher - Illinois - I believe in listening to people, gathering information, analyzing their situation, and coming up with a plan that fits their particular need. John Berlet - Texas - Life Insurance,Term,Variable, Mortgage Protection, Disabilty,Health, Medical Savings Plans for self employed, Pre Paid legal Ins,Annuities Jason L. Bierman - South Dakota - Life Insurance, Medicare Supplements, Longterm Care, Health Insurance, Annuities. Vince Bondi - Florida - state of Florida certified in life,annuities financial plan and medical insurance, since 1984 Sheila Bonnette - Louisiana - Life, health, disability, long term care, annuities, home, auto & flood Insurance available Gayle Braun - Georgia - Final Expense Insurance Coverage with Memorial Harold D. Bright - Washington - All lines of insurance,(life, auto, home, commercial, long term care, etc) with referral to other financial needs you may have. Brian Briscoe - Maryland - Life Insurance Mortgage Protection Income Unemployment Rider- pays premium if you become unemployed Money Back Rider- Refunds all your premiums dollar for dollar, Level Term CARLO BRUNACHE - Georgia - LIFE ,HEALTH ,LONG TERM CARE, DISABILITY David B. Brookbank, Jr . - North Carolina - We are the third largest independent insurance agency in North Carolina.  We represent over 70 different companies for any/all insurance needs. Stephanie S. Brown - Washington - Life insurance, Annunities, Long-term care and health insurance coverage (Medical coverage for persons age 65) Joseph Butler - California - *Affordable Term Life Insurance *Whole and Universal Life Products *Financial Services *Fixed and Index Annuities Stephen J. Cagnassola Northern New Jersey Services include: Life Insurance Disability Income Employee Benefits Retirement Planning Estate & Business Planning Investments Trust Services Long Term Care Devin J. Campbell - Eastern Oregon and Washington - Campbell Financial Group is a financial services firm offering professional Investment products and services to clients in the states of Oregon, Washington, Nevada, Montana and Alaska. Professional Insurance products and services are offered in the states of Oregon and Washington. Jim Carlough - Texas - Individual and small group health and life expertise. We also offer disability, critical illness, short term major medical, student coverage, and health coverage for visiting foreign nationals. Michael K. Carroll - Virginia - A simplified term mortgage policy package that returns all premiums at the end of the 10, 15, 20, 25, 30 term period, level or decreasing options, individual or joint coverage, disability, critical illness, and job loss coverage available in most states that pays your monthly mortgage/rent payment...utilities...and a vehicle payment. Solon P. Cast - CA - Solon P. Cast Life Insurance Agency Joe Chetwood - Texas - Health Insurance for the self employed; Group Health Insurance; Life Insurance for Diabetics; 30-year Level Term Insurance (50 years or younger); 1 Million Life Insurance Plans for business executives; Whole Life; Burial Insurance (50 years or older); Competive Universal Life Plans; Medicare Supplement Plans Jack W. Coers - New York - We offer over 29 years of expierience in working exclusively with NY State Employees, as well as Public School Teachers. Herbert H. Council - North Carolina - Over 40 years of experience in Estate Planning, Business Planning (Buy-sell, and Employee Benefits). We offer personal service in the life insurance field and represent numerous companies.Council and Associates. Randall Creech - Kentucky Life, Health, Disability, Cancer, Accident and Medicare Supplement. Kelly M. Davis - Tennessee - Licensed in Life, Health, Property, Casualty, and Variable Annuities. Licensed in TN & GA. Fellow Member of Life Management Institute 20 Years Combined experience. Diversified Financial Resources - DE, NJ, NY, PA, VA - The Premier Term Insurance Quote Service in The U.S.A.  Please contact us for your free, accurate term insurance quote. Cathy E. Dougherty - Central Florida - Specializing in individual and group life and health insurance services. This includes Long Term Care and Medicare Supplement as well as Employee Benefit Plans. Estate and Pension Plans, Inc. - FL, IL, IN, KY, MD, MI, NC, OH, TN , WI Dan Finke - Ohio, Kentucky, Indiana, Michigan, Pennsylvania - My expertise is in the area of providing low cost term life insurance plus disablity income, individual or group medical insurance, and cash benefits provided upon serious illness policies plus long term care. Foresight Planning Associates, Inc. - AL, FL, MN, NJ - Consultants for financial & insurance products. Never a fee. Jeremy Friss - Maryland - Personal Planning - Insurance Services Life Insurance (Term & Permanent) Disabilty Insurance Health Insurance Long-Term Care Insurance - Financial Planning College Planning. JEFF GATTON - MN - TOTALLY INDEPENDENT INSURANCE MARKETING COMPANY. QUALIFIED PENSION CONSULTANTS.MORE THEN 60 YEARS OF INSURANCE AND UNION EXPERIENCE.GUARANTEED PERSONAL, "MEMBER FRIENDLY"SERVICE. Dan Gullickson - Minnesota - Life, Auto, Home, Commercial Richard U. Guntner, LUTCF - Maryland - A licensed agent/broker since 1973. A Registered Representative since 1989. My clients are comprised of Individuals and Small Business owners alike. My primary responsibility is to help you make some sense out of your current financial situation and to help you understand and realize your future dreams, desires and aspirations. This is done with a thorough and detailed process customized to assist you in achieving your financial goals. Charles Hall Jr - Louisiana - Life <> Health <> Disability <> Dental <> Long Term Care <> Medicare Supplements <> Annuties <> Final Expense Plans J.T. Hamid - Louisiana - Life, Health, Disability, Group Chris Hanney - Worldwide Providing Health, Life and Disability Insurance for the International Traveller Worldwide. We Provide online Quotes, Brochures and sign up. Coverage available in as little as 2 hours. Lorne Hargis CLU,ChFC,RHU - New Jersey - Life Insurance, Income Replacement Plans, Health Insurance and Accumulation Plans for Individuals, Families and Businesses. Sidney Hatch - Texas - Life Insurance - Wide range of plans and companies to choose from - Let me do the shopping for you! Paul Hayes - Southeastern US: GA, FL,TN, NC and SC - We specialize in estate planning, college planning and asset liquidation for people of all economic situations.  We'll find a way to help you. Vern Henifin - Oregon & Washington - We specialize in tax advantaged programs, educating those seeking long term growth and family security. We strive to educate you on the least expensive method to produce the maximum results in your insurance and investment programs. Andrew A. Henske - Missouri - Our focus is on individual family financial planning.Protecting the mortgage, college education, family income, supplemental retirement, wealth accumulation, and final expense plans are some of the tracks that we can provide. Mo Herzallah - California Mark Hite - Illinois - Life Products, Low Cost Term Life, (10, 20, 30 year) Individual and Group Health Insurance Infinet - Internationa l - banking, offshore, investment and insurance services to individual and international clients Insurance and Investments - North Carolina - Employee benefits, life insurance, retirement planning, 401ks, annuities. Ron Jacobson - Baltimore, Maryland - Specializing in Long Term Care and Medicare Supplements, we are experts in the proper use of strategies to protect assets when long term care is needed. Other areas of expertise include: pre-retirement planning , IRA's and annuities, group and individual health insurance. Christopher Jones - Tennessee - Assist business owners in designing benefits to attract and retain employees. Implement programs to minimize loss of time and money before the unexpected occurs, giving owners more control of their business. Michael Juarez - Minnesota Our product focus is long term care and home health care insurance. Other products offered are annuities, life insurance and Medicare supplements. Juengel & Associates, Inc - AR, TN, MS - Firm specializing in Life, Disability, health, and annuity products; and investment in annuity and mutual funds. George M. Jula, LUTCF - Pittsburgh, PA J. W. Topping & Associates - New Jersey Melodee Kelly - Oklahoma - Life insurance and retirement planning for families. We take into consideration your needs AND your budget. Hank Kuonen - Arkansas independent insurance agency specializing in Universial Life, Term Insurance, Second-to-Die, and Substandard Business with many of the strongest companies David B. Kline - Washington - Woman's life & annunity products, Mortgage life,First to die, Estate planning, final benefit life. Pamela Lee - Indiana - Life is not simple, Insurance can be. Let me be your agent for life, call today for a free review. Charles Lembo - Connecticut - Life insurance, health insurance, mutual funds, long term care, annuities, disability income insurance, IRA's, 401k's LEUSCH Insurance Services Agency - Ohio - Complete range of Personal and Business insurance products and service. Products offered include Life, Health, Disability, Dental, Auto, Home, Boat, Recreational Vehicles, and a complete range of Business Insurance Plans and Programs. Sean Link - Illinois - Life,Health, Disability & Long Term Care Insurance] Patrick J. Luby, CLU, ChFC - HAWAII - Life Insurance consulting Agent representing a multitude of the highest quality companies for: life insurance, disability income insurance, and long-term care insurance David Lyman - Massachusetts - We specialize in the following key areas: Business Insurance, Group Benefits, Individual Life Insurance Disability Plans, Auto/Homeowners/Yachts Marcus & Associates - Massachusetts - Mitch Marcus can provide consumers with a 'one-stop' shopping experience for insurance products at the best prices available. Todis McDonald - Oklahoma - Personal and business planning for large and small businesses. Edward K. Meyer - MA, NH, VT, RI, CT, NY, NJ, CA, MI and FL - Employee benefit plans, 401k plans and group insurance. Life insurance, long-term care plans, senior settlements and survivor insurance.  We can insure the "uninsurable". Peck Moxley - Florida - G. Peck Moxley is an independent agent for insurance, estate, business and retirement planning. He is nationally recognized for his term life insurance quoting system which searches out the best policies, lowest prices and safest companies. Daniel Norris - PA DE, MD, DC, WV, NC, SC, GA, TN, MO, NE, IA, ND, SD, CA - My expertise is in the area of providing Life, Health, and Disability Insurance for individuals and businesses.  I also offer Annuities and Long Term Care products. Free quotes and easy to read computer proposal showing rates and benefits. Northeast Planning Corporation - CT, MA, NC, NJ, NY and PA Omega Financial Group - AL, AR, GA, KY, NC, OK, SC, TN, TX, VA - Work Site Payroll Deduction Insurance Services James R. Overton - AL, FL, GA Richard O'Neil - VIRGINIA - Life Insurance, Health Insurance, Disability, Annuities, Deferred Compensation, Split Dollar Arrangements, 401(k), Profit Sharing Noel Padilla - Chicago, IL - Our specialty is helping middle income Americans take control of their finances. We give clients a financial education, we don't just sell them products. We do not implement a program unless a client fully understands that program. We wouldn't do business any other way. David T. Parke - Ohio Christopher Piazza - New York - Financial Planning For Tomorrows Dreams! Specialize in:Retirement, Estate and Long Term Care Planning. Jamie Pope - TN , NC -Specializes in Mortgage Protection Insurance Debt Management Programs Income Replacement Plans Advanced Disability Income Business Continuation Plans Consumer Life Insurance Needs Analysis Savings & Retirement Planning Guaranteed College Funding Plans BARNETT PRAGER - Metropolitan New York & Long Island - Over 40 years experience in business and personal life insurance - annuities - medical - disability income replacement - long term care - group insurance. Larry Prascus - Maryland - Full service firm providing investments,insurance, mort gage cancelation,college financial aid,estate planning, annuities, senior insurance, & financial planning,retirement plans. Jason Reis - New Hampshire & Maine - Health Insurance, Medicare Supplement Insurance, Disability Insurance, Long Term Care Insurance, Life Insurance (Term & Whole), Annuities, and Mobile, Motor Home, Trailer Insurance. ReliaStar - North Carolina - Mutual Funds,Variable Annuities (60 Companies),Variable Universal Life (30 Companies),Term Insurance, Universal Life, 2nd-To-Die . RMM Financial Services - State of Ohio & Countries Outside the USA - Mutual Funds, Life Insurance, Retirement Plans, Health Insurance, Disability Insurance Armando Ruano New York - Life insurance, health insurance, mutual funds, long term care, annuities, IRAs ,TSA, 401K, rollovers, disability income insurance. Saul Schildhorn - DE, NJ, NY, PA - Specializing in competitive life, disability and nursing care and medical insurance coverage, with companies rated A or better. I have over 26 years in the insurance field, and take pride in my reputation as an ethical agent, oriented to the consumer. Mark Schultz - Califoirnia - Assisting clients to match future needs and goals with high quality Disability, Life, Long-Term Care and Personal Lines products as well as Retirement Planning vehicles. We offer these with the highest level of professionalism and service as well as that "personal touch." Wade A. Scronce - West N. Carolina - Employee benefits for small to medium sized business/industry professional employer organization (PEO), payroll administration, workers compensation insurance. Total employee administration package for less than you are currently paying to do it yourself! Individual health plans, long term care plans, retirement-investment planning, life insurance, asset protection. Schumaker & Associates - Tampa Bay, FL Henry W. Shaw - New Jersey - Independent Broker in business since 1968. I specialize in Life Insurance. The Soslow Company - DE, FL, PA, NJ - Best Long Term Care Policy Best Annuities Low Cost Term Insurance. The Sultan Agency - Twin Cities, Minnesota - Life, Disability Income and Medical Insurance for businesses and individuals. Terry Swaim - South Carolina - Long Term Care Insurance, Retirement Investment Strategies. United Benefits - Entire USA - Viatical settlements for the healthy and the terminally ill. U.S. Brokerage Services, Ltd. - NY, NJ, FL, CA, IL, MA, MI, CO, WA, AZ, CT, PA, IN, VA, GA, MO, OH Richard Van Houten - New Jersey - We specialize in investments,life insurance, and retirement plans for induviduals and groups. Washington Square Insurance - North Carolina - Investment Products and Life Insurance The Western and Southern Life Insurance Co. - Illinois Kirby Thomas - California Life insurance and annuities for individuals and businesses. Impaired risk life insurance . Dennis G. Wilson - New York- Personal Insurance Planning, Education Funding, Retirement and Estate Planning Michael Wilson - Georgia - We are a certified risk management group specializing in Life, Health, Business, and Worker's Compensation\Employee Benefits insurance programs.**Great Service with a Real Person **Flexibility in choice of Companies **Timely Paid Claims**All Certified Agents** Jeff T. York - Missouri - Specializing in senior needs, Medicare Pension Planning Jay Goldby - California Retirement Planning John Hancock Financial Services - Mississippi Murray Financial Services - Texas

Results from search: http://www.navymutual.org/lina/

NMAA Life Insurance Needs Analysis Worksheet   This worksheet can assist you in calculating the approximate amount of life insurance that is currently required to support your beneficiary(ies) in the event of your death today by allowing you to calculate the difference between your assets and liabilities. Although this worksheet can be an excellent tool for estimating today's life insurance needs, it is not intended to be a replacement for a financial planner or insurance counselor. If you would like to look at our online tutorial before completing this worksheet, click here. Name:   Part I. Lump Sum Liabilities Death Expenses. Burial, funeral, and estate settlement expenses. Typically the greater of $10,000 or 4% of estate. More info... Outstanding Mortgage(s) . Amount of mortgage to be paid at death. More info... College. Total estimated college costs needed today. More info... Calculate College Costs Personal Debts. All personal debts such as car loans, credit cards, etc. Other . Emergency fund and any other lump sum expenses not provided above. More info... Assets Current Investments . The current value of investments and bank accounts (e.g. mutual funds, savings accounts, etc.). More info... Current Life Insurance . The total current death benefit coverage on your life. More info... Lump Sum Pension Amount. Contact pension plan documentation or plan administrator to determine the amount (if any) that would be paid as a lump sum. Other . Other assets that will be sold or received to provide money for supporting the beneficiary. More info...   Part II. Income Liability Annual Target Life Income for Beneficiary . Desired annual income to support your beneficiary's living expenses. More info...   Beneficiary's age today. Assets Annual (SBP) Income (if applicable). For SBP explanation, contact Navy Mutual Aid Association at 1-800-628-6011. Annual Social Security Income (if applicable). Contact the Social Security Administration at www.ssa.gov to obtain a statement on survivor benefits. Pension Annual Income.  Contact pension plan documentation or plan administrator to determine the amount (if any) that would be paid annually. Other Annual Income . Beneficiary's annual income and miscellaneous annual investment income (rental income, survivor annuities, etc.) More info... Top Last updated September 6, 2000

Results from search: http://www.gofso.com/Premium/LE/08_le_bi/fg/fg-Life_Ins.html

Financial Guide:  LIFE INSURANCE: How Much And What Kind To Buy Click on any of the topics in the Table of Contents listed below to go directly to that discussion. Press "Home" to return to top. LIFE INSURANCE: How Much And What Kind To Buy How much life insurance do you need? What type is appropriate? You should review your life insurance needs each time you have a major life event. Here is what you need to know to properly plan for your life insurance needs-to buy enough and to get the most for your money. TABLE OF CONTENTS Do You Need Life Insurance? Types Of Insurance How Insurance Products Differ How To Shop For Insurance Shopping For A Policy INFOSOURCES The prospect of planning for your family's life insurance needs may seem daunting. The array of confusing products available, coupled with the calculations needed to find the right amount of insurance, would put anyone off. Yet the hard fact is that life insurance is an essential part of your family's financial well-being. The more you know about it before you go to your agent, the better your coverage will be. If you don't plan for your life insurance needs, the result could be a waste of thousands of dollars on inappropriate or ineffective life insurance or, worse, financial hardship due to not having enough insurance. The advice of an insurance agent is often taken with a grain of salt because of the possible lack of objectivity resulting from the commission structure of the insurance industry. We've tried to make the process of buying life insurance easier and more informed by providing you with objective, unbiased information and a plan of action. This Financial Guide gives you some basic guidelines about whether and when you should purchase life insurance, and provides you with a system for determining how much you need. It also discusses the types of insurance available, their suitability for various situations, and how to comparison shop for a policy. DO YOU NEED LIFE INSURANCE? The purpose of life insurance is to provide a source of income, in case of your death, for your children, dependents, or other beneficiaries. Life insurance can also serve other estate planning purposes, such as giving money to charity on your death, paying for estate taxes, or providing for a buy-out of a business interest. However we won't go into these other purposes in this guide. Related FG : Please see the Financial Guide: ESTATE PLANNING: How To Get Started. Whether you need to buy life insurance depends on whether anyone is depending on your income. If you have a spouse, child, parent, or some other individual who depends on your income, you probably need life insurance. (Also, if your estate would be worth more than the unified credit exemption equivalent amount, or would contain a business interest or a large piece of realty, you need life insurance to pay estate taxes that will be due on your death or to buy out your interest. The exemption equivalent amount is $650,000 for 1999, $675,000 for 2000 and 2001, $700,000 for 2002 and 2003, $850,000 for 2004, 950,000 for 2005, and $1 million for 2006 and thereafter.) Here are some typical insurance situations along with typical insurance needs: Situation 1 . Families or single parents with young children or other dependents. The younger your children, the more insurance you need. If both spouses earn income, then both spouses should be insured, with insurance amounts proportionate to salary amounts. If the family cannot afford to insure both wage earners, the primary wage earner should be insured first, and the secondary wage earner should be insured later on. A less expensive term policy might be used to fill an insurance gap. If one spouse does not work outside the home, insurance should be purchased to cover the absence of the services being provided by that spouse (child care, housekeeping, bookkeeping). However, if funds are limited, insurance on the non-wage earner should be secondary to insurance on the life of the wage earner. Situation 2. Adults with no children or other dependents. If your spouse could live comfortably without your income, then you will need less insurance than the people in situation (1). However, you will still need some life insurance. At a minimum, you will want to provide for burial expenses, for paying off whatever debts you have incurred, and for providing an orderly transition for the surviving spouse. If your spouse would undergo financial hardship without your income, or if you do not have adequate savings, you may need to purchase more insurance. The amount will depend on your salary level and that of your spouse, on the amount of savings you have, and on the amount of debt you both have. Situation 3. Single adults with no dependents. You will need only enough insurance to cover burial expenses and debts, unless you want to use insurance for estate planning purposes. Situation 4. Children. Children generally need only enough life insurance to pay burial expenses and medical debts. In some cases, a life insurance policy might be used as a long-term savings vehicle. Situation 5. Retirees. There is less of a need for life insurance after retirement, unless it is to be used for other estate planning purposes. You may need to provided an income for the second spouse to die if your retirement assets are not large enough. Further, you will need some insurance to pay burial expenses, final medical costs, and debts. MORE : Obviously, your situation may very well differ from the typical situations discussed above, see How Much Life Insurance Do I Need. TYPES OF INSURANCE After deciding on the amount of coverage you need, you can decide on the type of insurance product would best  fill those needs. Although the array of insurance products may seem confusing, there are really just two types of insurance: Term , whereby you pay for coverage for a specified amount of time, and if you die during that time the insurer pays your survivors the death benefit specified; and Cash value-- whole life or universal life--which, in addition to paying a death benefit, also provides you with some other redeemable value. Term Insurance For individuals age 40 or less, a term policy will almost always be less costly than a whole life policy. Although term policies do not build cash values, many are convertible to whole life policies without a physical exam. Thus, a term convertible policy may be a good option for someone who is under 40. There are various types of term insurance, which we will discuss briefly here. Renewable. With the typical renewable term policy-the most common type-the policy renews automatically every year. You do not need to take a physical or verify the fact that you are employed. The premium goes up at the beginning of each new term to reflect the fact that you are older. Most renewable term policies can be renewable until you reach age 70 or so. Re-entry. With this type of policy, you must undergo a physical exam after a certain period, or pay an extra premium. Level . With level term policies, the premium is guaranteed to stay the same over a certain period. This period may be shorter than the term of the policy. Decreasing . With a decreasing term policy-a good option for insuring mortgage payments-the face amount of the policy decreases over time while the premium payments remain the same. Cash Value Insurance There are four types of cash value life insurance: (1) whole life,  (2) universal life, (3) variable universal life and (4) variable whole life. The first two types are the most common and have a guaranteed cash surrender value; in the last two types, the cash surrender value is not guaranteed. Whole Life. This is the traditional life insurance policy. It provides a death benefit, has a cash value build-up, and sometimes pays dividends. You do not need to renew a whole life policy. As long as you pay your premiums, you will have coverage, usually until your death. The premium for a whole life policy remains the same for the amount of time you own the policy; the premium is "level" in insurance parlance. Thus, when you are younger, the premium you pay for whole life will be greater than what you would pay for term, but when you are older, the premium will be much less than a term premium. Part of each premium goes into the cash value of your policy. Your cash value, which is actually an investment, is guaranteed to grow at a fixed rate. You do not have to pay current income taxes on the growth in the cash value-it is tax-deferred. TIP: You can borrow against your cash value at a rate that is usually better than the prevailing consumer lending rates. If you die with an outstanding loan amount, the loan amount, plus interest, will be subtracted from your death benefit. Dividend-paying whole life policies-termed "participating" policies-are usually offered by mutual life insurance companies. Mutual life insurance companies are generally owned by policyholders, while other insurance companies are owned by shareholders. The dividends are refunds of insurance premiums that exceed a certain level. They are paid when the insurance company does well during a quarter or a year. Of course, premiums for participating policies are usually higher than those paid for non-participating policies. Note : Term policies can also be participating, but the dividends paid are usually minimal. Universal Life. Universal life, also known as "flexible premium adjustable life," is similar to whole life, but offers more flexibility in terms of payment of premiums and cash value growth. With a universal life policy, your monthly premium amount is first credited to your cash value. The company then deducts the cost of your death benefit and the expenses of the policy. These costs are about equal to what it would cost to buy term coverage. As with whole life, your cash value grows at a fixed minimum rate of interest. The growth of the cash value is tax-deferred, and you can borrow against it or make partial withdrawals. CAUTION: A special feature of universal life is that you can vary the premium paid from month to month. You can pay more or less-within certain limits-without jeopardizing your coverage. You can even let the cash value absorb the premium. However, the danger here is that if the premium payments fall too low, your policy may lapse. While some states require the insurer to tell you when your cash value is at a dangerously low point,  you will, if you live in another state, have to maintain a careful watch on the amount of cash value if premiums are skipped. Variable Universal Life. Variable universal life allows you to choose the investment for your cash value. You have a potentially greater cash value growth, but you also have added risk, depending on the type of investment you choose. Variable Whole Life. With variable whole life, the death benefit and cash value will depend on the performance of an investment fund that you choose. Again, you have potentially greater reward, with its accompanying risks. MORE : For a summary of the differing features of the various types of life insurance, please see How Insurance Products Differ . HOW TO SHOP FOR INSURANCE In order to be able to shop for the best premiums, it's a good idea to know how premiums are calculated by insurers. Bear in mind that premiums vary among insurance companies, and it is a good idea to ask several insurers for their rates. Insurance companies place individuals into four risk groups: preferred, standard, substandard, or uninsurable. The premiums charged will be commensurate with the category you are placed in. Thus, a standard risk will pay an average premium for similarly situated insurers. If you have a high risk job or hobby, you will be considered substandard, a high risk. A terminal illness at the time you apply for insurance will render you uninsurable. Having some type of chronic illness will place you in the substandard category. People with conditions such as diabetes or heart disease can be insured, but will pay higher premiums. TIP : One company's category for you may not hold with another company. Thus, it still pays to shop for insurance with other companies even though one may have labeled you "substandard." TIP : Once an insurance company approves you for coverage, you cannot be dropped unless you stop paying your premium. SHOPPING FOR A POLICY In most states, there are rules, set by a group of state insurance regulators, requiring the agent to calculate two types of cost indexes that can help you to shop for a policy. You can use the indexes to compare policy costs. One type of index, the net payment index, gauges the cost of carrying your policy for the next ten or twenty years. The lower the number, the less expensive the policy. This index is useful if you are most interested in the death benefit aspect of a policy, as opposed to the investment aspect. The other type of index, the surrender cost index, is useful to those who have a high level of concern about the cash value. This index may be a negative number. The lower the number, the less expensive the policy. These two indexes apply to term and whole life policies. With universal life policies, focus on the cash value growth and the cash surrender value to make comparisons. Cash surrender value is the amount you receive if you cancel the policy. It is not the same as cash accumulation value. If you are shown two universal life policies, and they have the same premium, death benefit, and interest rate, then the one with the higher cash surrender value is generally the better policy. Be aware that the projections of cash values given by some insurers may use unrealistic assumptions, and therefore might be misleading. Here are some questions to ask about policies: How do cash values accumulate? An early, rapid build-up is generally preferable. How has the policy's cash value performed in the past? You can get this information from a publication called Best Review, Life and Health. Determine how the policy performed in comparison with the company's projection and with other insurers. Are any special features merely bells and whistles, or do they add value for you? What is the company's rating with Best, Standard & Poor's, and Moody's? You can find these publications in public libraries. The rankings should be in the top three to ensure that a company has financial stability. Planning Aid:  To view rating information on-line, see Standard & Poor's Rating Service BACK TO TOP                                                                       Provides month by month suggestions and ideas to improve your financial life. Related FGs ESTATE PLANNING: How To Get Started External Sites AARP Life Insurance - Read about insurance products, get tips about choosing insurance, request info, or follow a link to the American Association of Retired Persons. Insurance Company Guide describes companies and policies from the Insurance News Network. Instant Quote Network - Provides price comparisons for term-life insurance plans. Select companies, plans and risk classes to get the quote. Life Insurance Analysis Center - Helps consumers learn about life insurance, assess their own needs and get quotes on different types of policies. Life Insurance - InsureMarket - Helpful advice and an easy look-up tool point you to insurance deals. Life-Line - Easy-to-navigate, informative site that can lead you through the maze of life and health insurance questions. What kind of insurance is right for you? How do you choose the right policy? The answers are all here. Financial Calculators Life Insurance Calculator   Books and Other Publications Ben Baldwin, The Complete Book of Insurance: Protecting Your Life, Health, Property and Income , (Chicago, Probus Publishing Co., 1991) ISBN 1557380791. Terry R. O'Neill, The Life Insurance Kit (Chicago, Dearborn Financial Publishing Inc., 1993). Dorothy Leeds, Smart Questions to Ask Your Insurance Agent: A Guide to Buying the Right Insurance for Your Family's Future , (New York, Harper Paperbacks, 1992) ISBN 0061041343. What You Should Know About Buying Life Insurance (Washington, DC, American Council of Life Insurance). Government And Non-Profit Agencies The National Insurance Consumer Help line, sponsored by three national insurance associations. Tel. (800) 942-4242.   BACK TO TOP                                             HOW INSURANCE PRODUCTS DIFFER Here, in table form, is a summary of the different features of the various types of life insurance.   Term Life Universal Life Whole Life Variable Whole Life Variable Universal Life Policy term Stated in policy Until age 95 Life Life Life Type of death benefit Determined Variable Determined Variable Variable and determined Existence of cash value No Current rate, guaranteed minimum Fixed rate, guaranteed Variable rate, not guaranteed Variable rate, not guaranteed Ability to choose cash value investments N/A No No Yes Yes Regulatory agency Insurance Insurance Insurance Insurance and securities Insurance and securities BACK TO TOP    BACK TO MORE                                             HOW MUCH LIFE INSURANCE DO YOU  NEED? Determining how much insurance to buy requires you to invest some time in calculating Your current annual household expenses Your assets, debts, and other sources of income. We've provided a work sheet, which we will refer to in our discussion. TIP : Find out how much insurance you need before considering which type of insurance to buy. Having enough is more important than having the right type. You should provide for your insurance needs immediately, although you can always switch to a more cost-effective or investment-oriented type of insurance later. The ideal amount of coverage is the amount that would allow your dependents to invest the insurance proceeds after your death and maintain their desired standard of living without touching the principal. Although the old rule of thumb-to buy five, six or seven times your annual salary-may serve as a starting point, it is no substitute for making the calculations to find out how much you really need. By using the worksheet and our explanations, you will be able to make a fairly good estimate of your insurance coverage needs. You will need to make some assumptions about your family's future.  It's important to be as accurate as possible in filling out the worksheet, since an underestimation could lead to your being underinsured, and an overestimation will lead to money wasted on unnecessary coverage. Here is a line- by-line discussion of how to prepare the worksheet. Line 1:Calculate The "Annual Income Needed" Line 1 of the worksheet, "Annual Income Needed," is the amount that your survivors would need to live comfortably. It is important not to underestimate this amount. If there are recurring expenses that your family incurs but that are not shown on the list below, do not neglect to include these. To arrive at the "Annual Income Needed," find the following amounts paid monthly. Then multiply the figure you arrive at by 12 to arrive at an annual amount. Add the following amounts: Mortgage or rent, and other home-related expenses. Include your monthly mortgage payment, with insurance and real estate taxes, or the amount paid for rent. Also include the amounts you spend monthly on home repairs-e..g, plumbers, contractors, electricians, appliance repair-and on home improvements. Add to this the amounts spent monthly on furniture, appliances, linens, and other items bought for the home............................. $___________ Heat, electricity, insurance (life, health, and liability) water, gas, trash collection, and other monthly bills.............................. $___________ Food, including other items bought at grocery stores or drug stores, such as toothpaste, and including restaurant bills.............. $___________ Clothing........................................................ $___________ Travel, including car payments, gas and oil, car repair, and car payments.. $___________ Child care or other dependent care.................................................. $___________ Recreation, including travel, gifts, theater, cinema................. $___________ Other......................................................................... $___________ Total................................................................................................. $___________ Multiply by 12 and enter amount in Line 1 of the worksheet (below) ........................................... $___________ Line 2: Subtract "Other Sources" The next item on the worksheet represents the income that your survivors will have. If there are sources of income other than the ones listed, do not neglect to include them. TIP : To calculate Social Security benefits, you may wish to obtain an estimate of your benefit from the Social Security Administration. You can obtain a request form by calling SSA's toll-free number-800-772-1213. Since you cannot predict the amount your survivors will receive (it will depend on your age at death, your earnings, and the ages of your children), you may use the following as rough estimates: $4,000 per year if you have one child under 16, or $5,000 for two or more children under 16. Do not include other insurance proceeds here; this will be accounted for later. Line 3: Determine The "Shortfall" Line 3 represents the shortfall, i.e., the amount you need your insurance proceeds to replace. This is determined by subtracting the "Annual Income From Other Sources" amount from the "Annual Income Needed." Line 4: Determine the "Amount Of Proceeds Needed" Line 4 is the amount that will generate the investment income needed to make up the annual "Shortfall" in Line 3. The amount by which you should divide line represents the after-tax rate of return you can expect on the invested life insurance proceeds. The amount you choose to divide by depends on how conservative you want to be. It is reasonable for most people to expect an after-tax rate of return of at least 6%. But if you want to ensure that you are protected from inflation risk and interest rate risk, use the lower divisor of 4%. The middle divisor of 5% represents a "middle of the road" approach. The amount you arrive at is the amount of death benefit (proceeds) you will need. The amount will be further adjusted as you work through the worksheet. Line 5: Add the "Lump-Sum Expenses" These are the items your family will have to pay for at the time of death. They differ from the "annual income needs" amounts in that they are not part of the family's everyday living expenses. Further, unlike the annual income amounts, they represent pure guesswork. If you wish to strive for a higher rate of accuracy, you can try to adjust these items for inflation, but this is not strictly necessary. The estimate for funeral expenses should be at least $5,000. Depending on your desires and those of your family, you can adjust this figure upward. The final medical expenses will be minimal if you have adequate health insurance. You can estimate this amount by finding out how much your policy requires you to contribute per illness. The estate administration and probate costs can be estimated at 5% of your estate for the sake of simplicity. Your estate is the total value of your assets at death. You will only owe federal estate taxes if your taxable estate exceeds the amount of the unified credit exemption equivalent. Your state inheritance taxes will depend on the laws in your state. The "emergency living expenses" amount can range from three to six months' worth of family living expenses. The "debts" amount represents debts that your family desires to pay off at your death. Normally, it does not include items that make up the "annual living expenses"-e.g., mortgage payments, car payments. However, if you decide that you wish to use insurance proceeds to pay off such expenses, then add in the amounts you estimate will be needed to pay off such debts. As for future education expenses, it is suggested that you use an annual cost of $20,000 per child, per year, for the sake of simplicity. Line 6: Determine the "Interim Insurance Proceeds Amount" Subtract the "future expenses" on line 5 from the "proceeds needed" amount on line 4. This is the amount of insurance you will need to buy on your life. The amount will be further adjusted. Line 7: Subtract the "Assets That Can Be Sold and Other Insurance" For line 7, determine the amounts that represent assets that your survivors could liquidate to pay future expenses. Do not include any assets your survivors will be using to produce income that you included in "other sources." Also, note that you should include insurance payments and pension death benefits here, and not on the line for "other sources." This is because such proceeds will represent one-time payments, and not sources of annual income. Line 8: Determine the "Total Insurance Needed" Subtract the "assets that can be sold and other insurance" on line 7 from the interim insurance proceeds amount" on line 6. This is an estimate of the amount of insurance coverage you need. Life Insurance Worksheet ITEM YOUR ESTIMATE 1  Annual income needed.......................................................................... $__________________ 2. Subtract other annual income sources:   Salary of surviving spouse and other family ............. $__________________ Estimated earnings on investments........................ $__________________ Social Security..................................................... $__________________ Pension income.................................................... $__________________ Other income........................................................ $__________________ Total other annual income sources $__________________ 3. Subtract total of line 2 items from line 1........................ $__________________ 4. Amount of proceeds needed (divide line 3 by 4%, 5%, or 6%) $__________________ 5. Lump-sum expenses Funeral expenses.................................................. $__________________ Final medical costs............................................... $__________________ Estate administration and probate costs.................. $__________________ Federal estate and state inheritance tax.................. $__________________ Emergency living expenses fund............................. $__________________ Debts to be paid  off.............................................. $__________________ Education expenses.............................................. $__________________ Other lump-sum expenses.....................................   Total lump-sum expenses: $__________________ 6. Interim insurance proceeds needed (add line 4 and total of line 5 items) $__________________ 7. Assets that can be sold and other insurance..................   Employer-provided group life insurance.................... $__________________ Other life insurance............................................... $__________________ Death benefit from pension plan.............................. $__________________ Cash, savings....................................................... $__________________ IRA, Keogh, and 401(K) plan lump sum amounts..... $__________________ Other assets that can be sold................................ $__________________ Total assets :    8.Total insurance needed (subtract total of line 7 items from line)  $__________________ BACK TO TOP   BACK TO MORE                

Results from search: http://moneycentral.msn.com/articles/insure/life/1415.asp

The Basics -- How to assess your life insurance needs - MSN Money   MSN Home    |   My MSN    |   Hotmail    |   Search    |   Shopping    |   Money    |   People & Chat    |      Home       My Money       Investing       Banking       Planning       Taxes       |   Help         Planning Home       Retirement       Budgeting       Insurance       College        Insurance Quotes   Auto Insurance   Home Insurance   Life Insurance   Health Insurance   Planner   Insurance Planner   Resources   Step-by-Step Guide     Articles   More Tools     Related Links   Message Boards   Retirement Planner Print-friendly version Send this to a friend Insure Your Life Go to Step by Step A R T I C L E S How to assess your life insurance needs The lowdown on life insurance medical exams When it pays to consult an insurance professional How to spot unethical sales practices The raging debate over term vs. whole life Avoid the insurance illustration trap Be wary of offers to 'replace' your current policy Understanding the importance of financial ratings sponsored by: The Basics How to assess your life insurance needs Marital status, number of dependents, your income and their college expenses. By weighing these and other factors, you can calculate your life insurance needs. By Ginger Applegarth What's your life worth? If you've shopped for life insurance, that's sort of what you're trying to find out. Chances are you've heard different people suggest vastly different calculations on how to reach the right number. The problem is that every person's situation is different, and although your financial situation may look the same as your colleague's in the office next to you, your needs are different. MSN MoneyCentral's life insurance Needs Estimator is based on a time-tested method used by reputable agents and financial planners for decades: the capital needs analysis. The beauty of the capital needs analysis is that it takes into account all of the quirks that make you and your situation unique. Calculating how much life insurance you need shouldn't be a guessing game. You can assess your needs -- and the needs of your loved ones -- and make a calculated assessment. The Needs Estimator walks you through typical costs like a funeral (the average funeral in the U.S. is now more than $6,000), to the atypical, such as the special needs slush fund most people should include in their insurance calculations. (A safe estimate is about $20,000 to $25,000 to cover unexpected one-time and ongoing expenses.) Most important factor is your dependents A lot of insurance advice seems to be based on your marital status to determine your insurance needs. That's not exactly the issue. The most important factor is if you have any dependents -- those who are (or who will be) counting on you to support them, either partially or fully -- and how many dependents you have. Here are other major factors to consider:  The kind of lifestyle you want to provide for your family. Your non-working spouse, who wouldn't have an income if you died. Your working spouse, who would "retire" to raise your children if you died. Other sources of household income (such as a second paycheck). Any debts that you want paid off (such as a mortgage, car loan or credit card). Your family's college expenses. Any special needs, such as a handicapped child or a child who will never be self-supporting. Your parents, who may eventually become financially dependent on you. Even if you're wealthy and think you might not need coverage, think again. You still may need life insurance if your taxable estate approaches $700,000 if you're single or $1.4 million if you're married (in which case you should have already done proper estate planning to minimize estate taxes). If either of the above applies to you, and your estate doesn't have enough liquid assets to pay estate taxes, you need more insurance. The Internal Revenue Service will want cash from your estate within nine months, and you might have to invest in a life insurance policy to do this. Childless now, but what about the future? If you're married and don't have children, your insurance needs could vary from almost nothing to needing heavy coverage. If your spouse can live on his or her income alone and you don't have a mortgage or don't care whether it's ever paid off, your only need may be to cover any final expenses incurred at your death. You still should consider the possibility that your parents may depend on you in the future, or that you may want to help pay for college costs for a family member (a niece or nephew, for example). Special needs of divorced people, singles Divorced people have special insurance needs. If you fall into that category, you'd better dig out your divorce agreement. It may stipulate that you have to keep a certain amount of life insurance in force for your ex-spouse or to pay your part of your children's education. Even if your divorce agreement doesn't require it, if you have children, you should have life insurance in order to leave them an inheritance and to cover your part of their college costs. Single people are often told that they don't need insurance, or that the small policy that comes with their work benefits is enough. In many cases, that's absolutely right. If you lead a simple life with no mortgage and no significant other, a life insurance policy may just be an unnecessary expense. There are certain instances where you may need it, however. If one of these scenarios applies to you, start thinking about life insurance:  You have a mortgage that is more than the value of your house. A relative has co-signed on your mortgage; having it paid off immediately at your death means he does not have to make monthly payments until your home is sold, were you to die with not enough insurance coverage. You have a friend or relative to whom you want to leave money. You have bought a house with your live-in partner and you have an agreement that each person's share of the mortgage is to be paid off upon his or her death. Your parents won't be able to manage financially if you're not around. You want to leave money to a charity or other nonprofit organization.  Resources Read/Post comments on the message board Find a problem in this article? Send us e-mail Free Newsletters! Search MSN Money      tips   ©2002 Microsoft Corporation. All rights reserved. Terms of Use    Advertise    TRUSTe Approved Privacy Statement

Results from search: http://invest-faq.com/articles/ins-life.html

Invest FAQ:Insurance:Life  Navigate    ..FAQ home    ..search    Articles    ..index    ..previous    ..next    ..full text    Browse    ..the bookshelf    Join    ..the email list  Surf    ..invest links  Tour    ..for beginners    ..for investors    ..for traders  About    ..what is it?    ..what's new?    ..contributors    ..contact info Subject: Insurance - Life Last-Revised: 30 Mar 1994 Contributed-By: Joe Collins [ A note from the FAQ compiler: I believe that this article offers sound advice about life insurance for the average middle-class person. Individuals with a high net worth may be able to use life insurance to shelter their assets from estate taxes, but those sorts of strategies are not useful for people with an estate that falls under the tax-free amount of just over a half-million dollars. Your mileage may vary. ] This is my standard reply to life insurance queries. And, I think many insurance agents will disagree with these comments. First of all, decide WHY you want insurance. Think of insurance as income-protection, i.e., if the insured passes away, the beneficiary receives the proceeds to offset that lost income. With that comment behind us, I would never buy insurance on kids, after all, they don't have income and they don't work. An agent might say to buy it on your kids while its cheap - but run the numbers, the agent is usually wrong, remember, agents are really salesmen/women and its in their interest to sell you insurance. Also - I am strongly against insurance on kids on two counts. One, you are placing a bet that you kid will die and you are actually paying that bet in premiums. I can't bet my child will die. Two, it sounds plausible, i.e., your kid will have a nest egg when they grow up but factor inflation in - it doesn't look so good. A policy of face amount of $10,000, at 4.5% inflation and 30 years later is like having $2,670 in today's dollars - it's NOT a lot of money. So don't plan on it being worth much in the future to your child as an investment. In summary, skip insurance on your kids. I also have some doubts about insurance as investments - it might be a good idea but it certainly muddies the water. Why not just buy your insurance as one step and your investment as another step? - its a lot simpler to keep them separate. So by now you have decided you want insurance, i.e., to protect your family against you passing away prematurely, i.e., the loss of income you represent (your salary, commissions, etc.). Next decide how LONG you want insurance for. If you're around 60 years old, I doubt you want to get any at all. Your income stream is largely over and hopefully you have accumulated the assets you need anyway by now. If you are married and both work, its not clear you need insurance at all if you pass on. The spouse just keeps working UNLESS you need both incomes to support your lifestyle (more common these days). Then you should have one policy on each of you. If you are single, its not clear you need life insurance at all. You are not supporting anyone so no one cares if you pass on, at least financially. If you are married and the spouse is not working, then the breadwinner needs insurance UNLESS you are independently wealthy. Some might argue you should have insurance on your spouse, i.e., as homemaker, child care provider and so forth. In my oponion, I would get a SMALL policy on the spouse, sufficient to cover the costs of burying them and also sufficient to provide for child care for a few years or so. Each case is different but I would look for a small TERM policy on the order of $50,000 or less. Get the cheapest you can find, from anywhere. It should be quite cheap. Skip any fancy policies - just go for term and plan on keeping it until your child is own his/her own. Then reduce the insurance coverage on your spouse so it is sufficient to bury your spouse. If you are independently wealthy, you don't need insurance because you already have the money you need. You might want tax shelters and the like but that is a very different topic. Suppose you have a 1 year old child, the wife stays home and the husband works. In that case, you might want 2 types of insurance: Whole life for the long haul, i.e., age 65, 70, etc., and Term until your child is off on his/her own. Once the child has left the stable, your need for insurance goes down since your responsibilities have diminished, i.e., fewer dependents, education finished, wedding expenses done, etc Mortgage insurance is popular but is it worthwhile? Generally not because it is far too expensive. Perhaps you want some sort of Term during the duration of the mortgage - but remember that the mortgage balance DECLINES over time. But don't buy mortgage insurance itself - much too expensive. Include it in the overall analysis of what insurance needs you might have. What about flight insurance? Ignore it. You are quite safe in airplanes and flight insurance is incredibly expensive to buy. Insurance through work? Many larger firms offer life insurance as part of an overall benefits package. They will typically provide a certain amount of insurance for free and insurance beyond that minimum amount is offered for a fee. Although priced competitively, it may not be wise to get more than the 'free' amount offered - why? Suppose you develop a nasty health condition and then lose your job (and your benefit-provided insurance)? Trying to get reinsured elsewhere (with a health condition) may be very expensive. It is often wiser to have your own insurance in place through your own efforts - this insurance will stay with you and not the job. Now, how much insurance? One rule of thumb is 5x your annual income. What agents will ask you is 'Will your spouse go back to work if you pass away?' Many of us will think nobly and say NO. But its actually likely that your spouse will go back to work and good thing - otherwise your insurance needs would be much larger. After all, if the spouse stays home, your insurance must be large enough to be invested wisely to throw off enough return to live on. Assume you make $50,000 and the spouse doesn't work. You pass on. The Spouse needs to replace a portion of your income (not all of it since you won't be around to feed, wear clothes, drive an insured car, etc.). Lets assume the Spouse needs $40,000 to live on. Now that is BEFORE taxes. Lets say its $30,000 net to live on. $30,000 is the annual interest generated on a $600,000 tax-free investment at 5% per year (e.g., munibonds). So this means you need $600,000 of face value insurance to protect your $50,000 current income. These numbers will vary, depending on interest rates at the time you do your analysis and how much money you spouse will need, factoring in inflation. But the point is that you need at least another $600,000 of insurance to fund if the survivng spouse doesn't and won't work. Again, the amount will vary but the concept is the same. This is only one example of how to do it and income taxes, estate taxes and inflation can complicate it. But hopefully you get the idea. Which kind of insurance, in my humble opinion, is a function of how long you need it for. I once did an analysis of TERM vs WHOLE LIFE and based on the assumptions at the time, WHOLE LIFE made more sense if I held the insurance more than about 20-23 years. But TERM was cheaper if I held it for a shorter period of time. How do you do the analysis and why does the agent want to meet you? Well, he/she will bring their fancy charts, tables of numbers and effectively lead you into thinking that the biggest, most expensive policy is the best for you over the long term. Translation: lots of commissions to the agent. Whole life is what agents make their money on due to commissions. The agents typically gets 1/2 of your first year's commissions as his pay. And he typically gets 10% of the next year's commissions and likewise through year 5. Ask him (or her) how they get paid. If he won't tell you, ask him to leave. In my opinion, its okay that the agents get commissions but just buy what you need, don't buy some huge policy. The agent may show you compelling numbers on a $1,000,000 whole life policy but do you really need that much? They will make lots of money on commissions on such a policy, but they will likely have sold you the "Mercedes Benz" type of policy when a Ford Taurus or a Saturn sedan model would also be just fine, at far less money. Buy the life insurance you need, not what they say. What I did was to take their numbers, review their assumptions (and corrected them when they were far-fetched) and did MY analysis. They hated that but they agreed my approach was correct. They will show you a 12% rate of return to predict the cash value flow. Ignore that - it makes them look too good and its not realistic. Ask him/her exactly what they plan to invest your premium money in to get 12%. How has it done in the last 5 years? 10? Use a number between 4.5% (for TBILL investments, quite conservative) and 8-10% (for growth stocks, more risky), but not definitely not 12%. I would try 8% and insist it be done that way. Ask each agent these questions: What is the present value of the payment stream represented by the premiums, using a discount rate of 4.5% per year (That is the inflation average since 1940). This is what the policy costs you, in today's dollars. Its very much like paying that single number now instead of a series of payments over time. If they disagree with 4.5%, remind them that since 1926, inflation has averaged 3.5% (Ibbotson Associates) and then suggest they use 3.5% instead. They may then agree with the 4.5% (!) The lower the number, the more expensive the policy is. What is the present value of the the cash value earned (increasing at no more than 8% a year) and discounting it back to today at the same 4.5%. This is what you get for that money you just paid, in cash value, expressed in today's dollars, i.e., as if you got it today in the mail. What is the present value of the life insurance in force over that same period, discounted back to today by 4.5%, for inflation. That is the coverage in effect in today's dollars. Pick an end date for comparing these - I use age 60 and age 65. With the above in hand from various agents, you can see fairly quickly which is the better policy, i.e., which gives you the most for your money. By the way, inflation is slippery and sneaky. All too often we see $500,000 of insurance and it sounds great, but at 4.5% inflation and 30 years from now, that $500,000 then is like $133,500 now - truly! Have the agent do your analysis, BUT you give him the rates to use, don't use his. Then you pick the policy that is the best value, i.e., you get more for your money. Factor in any tax angles as well. If the agent refuses to do this analysis for you, get rid of him/her. If the agent gets annoyed but cannot fault your analysis, then you have cleared the snow away and gotten to the truth. If they smile too much, you may have missed something. And that will cost you money. Never agree to any policy unless you understand all the numbers and all the terms. Never 'upgrade' policies by cashing in a whole life for another whole life. That just depletes your cash value, real cash available to you. And the agent gets to pocket that money, literally, through new commissions. Its no different that just writing a personal check, payable to the agent. Check out the insurer by going to the reference section of a big library. Ask for the AM BEST guide on insurance. Look up where the issuer stands relative to the competition, on dividends, on cash value, on cost of insurance per premium dollar. Agents will usually not mention TERM since they work on commission and get much more money for Whole Life than they do for term. Remember, The agents gets about 1/2 of your 1st years premium payments and 10% or so for all the money you send in over the following 4 years. Ask them to tell you how they are paid- after all, its your money they are getting. Now why don't I like UNIVERSAL or VARIABLE? Mainly because with Whole Life and with TERM, you know exactly what you must pay because the issuer must manage the investments to generate the appropriate returns to provide you with the insurance (and with cash value if whole life). With UNIVERSAL and VARIABLE, it becomes YOU who must decide how and where to invest your premium income. If you guess badly, you will have to pay a higher premium to cover those bad decisions. The insurance companies invented UNIVERSAL and VARIABLE because interest rates went crazy in the early 80's and they lost money. Rather than taking that risk again, they offered these new policies to transfer that risk to you. Of course, UNIVERSAL and VARIABLE will be cheaper in the short term but BE CAREFUL - they can and often will increase later on. Okay, so what did I do? I bought both term and whole life. I plan to keep the term until my son graduates from college and he is on his own. That is about 10 years from now. I also bought whole life (NorthWestern Mutual Life, Milwaukee, WI) which I plan to keep forever, so to speak. NWML is apparently the cheapest and best around according to A.M. BEST. At this point, after 3 years with NWML, I make more in cash value each year than I pay into the policy in premiums. Thus, they are paying me to stay with them. Where do you buy term? Just buy the cheapest policy since you will tend to renew the policy once a year and you can change insurers each time. Check your local savings bank as one source. Suppose an agent approaches you about a new policy and wishes to update your old ones and switch you into the new policy or new financial product they are offering? BE CAREFUL: When you switch policies, you close out the old one, take out its cash value and buy a new one. But very often you must start paying those hidden commissions all over again. You won't see it directly but look carefully at how the cash value grows in the first few years. It won't grow much because the 'cash' is usually paying the commissions again. Bottom line: You usually pay commissions twice - once on the old policy and again on the new policy - for generally the same insurance. Thus you paid twice for the same product. Again - be careful and make sure it makes sense to switch policies. A hard thing to factor in is that one day you may become uninsurable just when you need it, i.e., heart attack, cancer and the like. I would look at getting cheap term insurance but add in the options of 'guaranteed convertible' (to whole life) and 'guarranteed renewable' (they must provide the insurance). It will add somewhat to the cost of the insurance. Last thought. I'll bet you didn't you know that you are 3x more likely to become disabled during your working career than you to die during your working career. How is your short term disability insurance looking? Get a policy that has a waiting period before it kicks in. This will keep it cheaper. Look at the exclusions, if any. These comments are MY opinion and not my employers. All the usual disclaimers apply and your mileage may vary depending on individual circumstances. Sources for additional information: Consumers Reports printed an in-depth, three-part series in their Jul/Aug/Sep 1993 issues. Many sites on the web offer life insurance quotes. Here are a few that have been rated highly by consumer advocates. Also see the article in the New York Times of 1 August 2001. Insweb.com , NetQuote.com , Quicken.com , Quotesmith.com , Youdecide.com , Term4sale.com . Search for: Only in Invest-FAQ.com In Google's web index Previous article is Insurance: Annuities Next article is Insurance: Viatical Settlements Category is Insurance Index of all articles This page's URL is http://invest-faq.com/articles/ins-life.html The Investment FAQ is copyright © 2002 by Christopher Lott . Please read the terms of use , disclaimer , and privacy statements.

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Life Assurance needs analysis tool Life Insurance Audit Enter Your annual earnings Liabilities that may need covering:- Income Protection Insurance Protect your income in the event of long term illness or disability (1) What is your current level of Income Protection Insurance. ? (2) This calculator is designed for guidance only . Please click on the links in each section for further information. Critical Illness Insurance Ensure yourself a financial breathing space in the event of suffering from a critical illness. What is your current level of Critical Illness Insurance , EXCLUDING any insurance related to your mortgage? Family Income Benefit Protect your family in the event of your death. (3) . What is your current level of Family Income Benefit policies? Age of youngest child. (Put 0 if further children planned) (4) Mortgage Protection Protect your mortgage. (5) What is the size of your mortgage? Existing Life Insurance for Mortgage: Existing Critical Illness for Mortgage: Business Protection Protect your business. (6) Size of maximum business liabilities: Existing Life Insurance for Business: Existing Critical Illness for Business   The suggested amounts of cover are as follows: Income Protection (5) : Critical Illness (6) : Family Income Benefit (7) : Mortgage Life Insurance: Mortgage Critical Insurance (8) : Business Life Insurance (10) : Business Critical Insurance (10) : Previous Page  

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Life Insurance Traps, Tips and Suggestions Life Insurance Traps, Tips and Suggestions Life insurance is an important and integral part of comprehensive and sound financial planning. A life insurance policy is a legal contract between you and the life insurance company.  While price is an important consideration, the terms and conditions of the contract are of utmost importance. In simple terms, you agree to pay money in regular installments (the "premium") and the insurance company ( subject to the terms, conditions, limitations and exclusions of the contract ) agrees to pay a sum or sums of money if you die and/or if certain other event(s) or actions or situations occur while the policy is in force as set out and defined in the contract. Just like any other contract, life insurance contracts have terms, conditions, limitations and exclusions. Some life insurance contracts are relatively 'simple' whereas others are highly complex legal-financial documents. Tip: Make sure that you understand the policy, its terms, conditions, limitations and exclusions before you accept the policy. Any ambiguity should be clarified in writing. Trap: "No agent" Mail order life insurance Tip: The slick sales pitches of  "no-agent", mail order life insurance ads are best to ignore. The insurance peddled by these canned sales pitches may turn out to be more expensive than competitive insurance normally available on the market. Seek the advice and assistance of a qualified professional life insurance agent, broker or financial planner to help you assess your needs and to choose the life insurance contract that best suits your requirements. It is also important to remember that the application forms a part of the life insurance contract. An error on the application could void your contract and could result in no coverage at all. Don't gamble with mail-order insurance. Trap: Signing a life insurance application before carefully reading and reviewing each question and answer Tip: Never sign before you carefully read the application and all entries made thereon . Remember, the application forms part of the contract.  Check to make sure that the application is fully and properly completed. "If in doubt check it out!" Don't be shy of asking questions. A professional and knowledgeable life insurance agent, broker or financial planner will be more than happy to explain each and every item to you. Don't take a comment such as "it's not important" as an answer. Every item on the application is important and may affect your coverage. A fully and properly completed application will expedite issuance of the policy and will reduce the potential of difficulties later on. Trap: Replacing your existing life insurance contract without very careful examination of available alternatives. The following are some of the reasons why replacing an existing life insurance contract may not be to your benefit Contract arrangement costs (known as acquisition costs) have already been paid by you for the existing contract. By replacing the contract, you may be paying for these acquisition costs again. Acquisition costs include but are not limited to: Advertising and Commissions Medical examination fees Underwriting costs Administration costs The cost of insurance portion of the premium for life insurance is dependent on the age at which you purchase the life insurance contract. Since the existing contract was purchased at a younger age, it is very likely that you will be paying more for a new contract having the same or similar benefits. Most life insurance contracts contain clauses which may lead to denial of payment (denial of claim) by the insurance company during the early years of the term of the contract. The two most common exclusions, normally applied during the first two years of the contract, are the suicide and incontestability clauses. These clauses may have already expired in your existing contract (this is to your benefit) while in the replacement contract these clauses may be in force again (certainly not to your benefit). (Canada) Replacement of a contract of life insurance which was acquired prior to December 2, 1982 (or in the case of corporate insurance, June 29, 1982) may cause the loss of valuable tax advantages. Since your health may have changed, your insurability (acceptability to the insurance company) may be adversely affected. A replacing contract may therefore be more costly and may contain additional contractual restrictions and/or limitations. Tip: If someone suggests that you replace your existing insurance, take the following common-sense financial self defense steps: 1. Demand a completed "Basic Disclosure Statement Regarding Replacement of Contracts of Life Insurance" for each of the policies considered for replacement and do not terminate the existing policy. 2. If the replacement is recommended by someone because your needs have changed, consult with the existing insurer ( the insurance company who you have the existing insurance policy with) to see whether the existing contract could be amended to suit your current needs. (You may be able to avoid some or all of the costs and traps associated with replacement) 3. Get another opinion from an independent life insurance or financial planning professional. Trap: Replacing existing individual life insurance with creditor group life insurance. The sellers of group creditor insurance normally refer to such life insurance as "Mortgage Insurance", "Credit Card Balance Insurance", "Loan Balance Insurance" etc. Tip: Don't do it! In addition to the other hazards involved with replacing of life insurance contracts (see above), the following hazards, risks and uncertainties are added when individual life insurance is replaced with group creditor insurance: Group creditor insurance coverage normally decreases as you pay off the loan or mortgage but the premiums you have to pay often remain the same or even increase over time. Normally you cannot continue with the same group insurance if you decide to re-finance the mortgage or the loan with another lender. If your health or other factors affecting insurability change, it may not be as easy to shop the market for the best loan rate and to keep the insurance. If your health or insurability deteriorates, you run the risk of your lender getting this information and this, in turn, may affect your ability to renew or continue with the loan itself. With group creditor insurance, the creditor is almost always the beneficiary. If the policy expires before you do...they profit If you expire while the policy is still in force...they are usually the beneficiary. You will rarely, if ever, get a fair opportunity to fully examine the policy contract. (Normally all you receive is a single 'certificate' which is subject to the Master Policy which, of course, you don't normally get) You have less regulatory protection since the regulators rarely, if ever, require that the creditor complete a comparison disclosure form when they replace individual insurance with their group creditor insurance. You have far less control and the group creditor life insurance may be cancelled with little or no notice to you. Trap: Snappy and Sloppy "needs analysis" Snappy and sloppy so called "needs analysis" that are short on substance but long on the gab can be next to worthless.  In most instances these are nothing but disguised sales pitches.  A proper needs analysis is detailed and takes into account your existing insurance, your existing financial resources and assets, government benefits, your income needs, your tax liabilities, other liabilities etc. In a proper needs analysis, each of the above details is shown clearly in an easy to follow and understand format.   A proper insurance needs analysis also provides for adequate reserving for unforeseen expenses and liabilities. The preparation of a full, fair and proper needs analysis requires the right tools, such as LifeGuide , and the knowledge and expertise of a qualified life insurance agent, broker or financial planner. Tip: Avoid the trap of quick, sloppy and snappy so called 'needs analysis' which may be long on words but which lack detail or fails to take into account the minimum requirements as set out above. Trap:  The illusion of so called "comparisons" where you are shown only a small number of choices In these smoke-and-mirror "comparisons", a small number of choices (sometimes as few as only three or five) is shown under the pretense of "comparison".  In such a so called "comparison", your range of choice is very limited and better options are often missing. Tip:  Be skeptical of these illusions.  If you are presented only with one of these "fiew-pick"  "comparisons", demand to see a detailed print-out of an overall survey of available options over the same number of years .  If the sales rep refuses or is unable to comply, give him/her a "2-pick" - the choice of leaving through the front or rear door!  Trap:  Sweeping statements and so called 'advice' by self-serving "wannabe experts" such as "Replace your life insurance every 10 years", "Consider convertible policies only if you are in bad health", etc. are outright dangerous.   "Always buy term" is as wrong as "Always buy cash-value policies" and is as wrong as "Universal life is the universal solution". Sweeping statements and generalizations like these are a sign of lack of knowledge or lack of care or both. Tip:   Avoid falling into these traps. Check out the relevant professional qualifications of self-appointed "Wannabe Experts"; often they have none!  Consult with a qualified life insurance professional or financial planner who will review your individual needs and make recommendations based on your individual financial requirements and resources. Trap: Life insurance market 'surveys' based solely on 'Initial Term Premium rates' While 'Initial Term Premium' surveys for automobile or home insurance rates may be adequate, such 'surveys' for life insurance are lacking and can be misleading. In contrast to automobile and home insurance policies which are normally short term (usually 1 year policies with no guarantee of future renewal rates or benefits), life insurance contracts are normally purchased for the long term. Life insurance contracts normally contain guarantees of renewal rates and future benefits which also need to be taken into account. Some life insurance companies may set initial premiums at very low levels to appear competitive but set renewal rates at an uncompetitive, high level. A so called 'survey' of policies offered by different companies but done on the basis of 'initial' premium only ignores the renewal rates.  It therefore ignores the true over-time real cost of the policy and may result in thousands of wasted dollars. Tip:  Demand a comprehensive survey of policies offered by different insurance companies which takes into account the cost and net cost (net of cash values, if any) of the coverage for the entire time period for which it is expected to be required (and perhaps also to other points during the coverage-required time period). If you are considering a policy contract that features cash values or paid up values, also demand a detailed illustration showing cash and paid up values for EACH AND EVERY YEAR OF THE POLICY Trap:   Altered, or otherwise manipulated 'survey results' Just because you are presented with a computer-generated comparison survey, this does not necessarily mean that the comparison survey is objective.   If a so called comparison survey was manipulated to pre-determine the results, the on screen display may even fail to clearly disclose the artificial manipulation. An artificially manipulated, so called comparison survey, with pre-determined results is not a survey at all. Such manipulated so called 'comparison surveys' may not be to your best interest. If there is nothing to hide, why hide it? Tip: Don't count on insurance regulators to protect you from artificially altered so called life insurance 'comparison surveys'!  Demand confirmation that the software used to produce the comparison survey is not one that is designed to allow pre-determination of survey results by artificial omission of available information. Why you can't rely on the Regulators to protect you: .  As was proven in 1994 (Province of Saskatchewan), the mandate and jurisdiction of insurance Regulators are narrow and limited.  They have no jurisdiction over software companies which produce life insurance software.  Pre-determination of multiple-company term insurance 'survey results' by intentional omission of available information in and by itself is not sufficient to "substantiate" a complaint.  To "substantiate" a complaint of this nature, they require proof that a  'loss' had occurred . Trap: Artificial, overly optimistic projections of values for dividends on 'participating' policies This trap is similar to the trap set by artificial elimination of policies or companies from a computerized 'survey' without your knowledge. The trap is set to make you believe that dividend results will be higher than the average long-term performance. Due to the power of compounding, this trap could cost you thousands of dollars. Tip: If the survey involves illustrations of 'participating' policies (policies offering 'dividends'), please remember that 'dividends' are projections and not guarantees of future results or performance. Demand a written disclosure of long-term past performance and of present performance. Also demand a full disclosure of the projections and projection rates used on the illustration. Trap: "Premium Offset" illustrations which promise a "quick-pay" arrangement where the policy will be "paid-up" early using "policy dividends". Tip: Remember, life insurance policy 'dividends' are usually NOT GUARANTEED !!! Unless the company is prepared to provide you with a written guarantee of a minimum level of dividends, it is best to make very conservative assumptions of very low dividends or no dividends at all. Trap: Artificial, overly optimistic projections and assumptions of fund growth in 'Universal life" policies This trap is vicious and can lead to significant, unplanned, additional costs. Due to the highly complex nature of many 'Universal Life' policies, these policy contracts can be quite difficult to understand! The complexity of 'Universal life' policy contracts often requires complex calculations which could be beyond the ability of the average person. Tip: Be very careful when considering a 'Universal life' policy and demand full disclosure of the terms and conditions of the policy contract . Also demand full disclosure about the cost of insurance element (Is it level? Is it Increasing? Is the cost of insurance guaranteed or adjustable?) Also demand full disclosure of the fund growth assumptions and of all surrender and other charges . ('Surrender' charges can be as high as 100% of your accumulated 'fund value' during the early years of the policy and may be applied (normally on a sliding scale basis) against your 'fund value' for as long as 15 years into the policy term.) In addition to the illustrations which you will be presented with, make sure that you carefully examine illustrations that are based on the minimum guaranteed fund returns in conjunction with the maximum guaranteed costs and charges . Beware of the promise of "flexibility". "Flexibility" often comes together with the reality of "Complexity" and "uncertainty". Trap: Purchasing a life insurance policy as an RRSP or tax shelter without comprehensive tax and financial planning. This trap, while possibly a short-term gain, may turn into a costly, long-term pain. Tip: Never purchase a life insurance policy as an RRSP or as a tax shelter without extensive consultations with qualified life insurance, financial and tax planning professionals. Always seek professional advice if you are considering registering a life insurance policy as an RRSP or using a life insurance policy as a 'tax shelter'. There are many potential pitfalls, especially with registering a life insurance policy as an RRSP and there are often much better alternatives available. A good strategy to reduce the chance of hasty and costly mistakes is to avoid registering a life insurance policy as an RRSP during the annual RRSP "Hype-Season" (During the months of January and February). Trap:  Shiny glossy sales brochures, 'get rich quick' schemes, slick 'retire early' commercials etc. Tip: Remember the 'golden rule': "If it sounds too good to be true then it likely isn't true". Anyone with a few dollars or the ability to borrow a few dollars can have shiny, glossy brochures printed. Don't be blinded by the shine!. 'Get rich quick' schemes and slick 'early retirement' commercials are best to ignore. Sound financial planning requires careful consideration of needs, resources and alternatives. Impulsive financial decisions, regardless of how motivated, are the antithesis to sound and effective financial planning. Seek the advise and service of qualified life insurance and financial planning professionals and ignore fancy sales brochures, get-rich-quick schemes and slick 'retire early' commercials. Trap:   Sweeping, generalized claims such as "Our premiums are the lowest" or "We beat our competitors by 20% or more" Tip:  Be skeptical of such claims. Many independent life insurance and financial planning professionals are equipped with LifeGuide.  Ask an independent professional equipped with LifeGuide to check.  If they really have the lowest premiums, it's likely that they have made every effort to have their policies and premiums listed on the LifeGuide software - it would be to their advantage.  If they have not taken advantage of the opportunity, ask yourself "why"? Trap:   Not understanding your policy fully Tip:  Read your policy and review your policy and policy annual statements at least once a year. Life insurance policies, like other insurance policies, are legal contracts.  These contracts are drawn up by lawyers - not your lawyers but the lawyers of the insurance company.  Some contracts are easier to read than others but all require proper and good understanding.  The following is a short-list of some of the items that must be clear (Note: This is not an exhaustive list but merely a list of some of the key items): For all policies: -Are the premiums guaranteed? -Is the coverage amount guaranteed? -Is the policy "subject to" the clauses of another legal document such as a "master group policy" (If that's the case, have you read and understood the "master policy"?) -Is the policy cancelable by the insurance company? -Have you been supplied with a copy of the application upon which the policy is issued and is all the information in the application true and complete? -Is all the personal information in the policy, including spelling, age, etc. correct? -Is the beneficiary correctly noted and as per your instructions? For "term" policies: -Is the coverage renewable?  If yes, what is the maximum guaranteed renewability period? -What are the renewal rates, how soon will the policy premiums increase and how much will the increase be? -After the initial premium period is over, how often will renewal premiums increase? -If the policy is "convertible":     -What named policy is it convertible to     -Does the company currently offer a conversion policy?     -Can you convert immediately if you needed to?     -When will the policy no longer be convertible?     -Does the company publish the premiums for its conversion policy?     -Does the company offer a range of choice for conversion? Caution:  Renewability and convertibility are important features in term insurance.  However, not all term insurance is renewable and not all term insurance is convertible.  In some instances, the "conversion" policies may be much higher priced.  If you can't absolutely predict what your health and life insurance needs will be 10 or 20 years from now, don't gamble on these important features. For "permanent" policies: -Will the coverage remain fixed or is it periodically "adjustable" by the insurance company? -Are future insurance premiums guaranteed or are these "adjustable" by the insurance company? -Are all benefits in the sales illustration fully and clearly included in the policy? -What are the "administration" and/or "management" charges? -(On annual review):  Are policy values (cash values (and fund values in Universal Life Policies)) at least as much as shown on an original sales illustration? -Does the status of the policy indicate any potential tax ramifications?   Additional Tips and General Information 1. There are significant cost differences among life insurance companies for the same type and amount of coverage. No one company is either always best or always worst. It is always wise to check the offerings of various life insurance companies. To 'check out the market', you can interview a large number of agents, each showing you their company's proposal. Two significant difficulties with this method are: a. Who is prepared to endure dozens of hours of sales talk? b. You need to have extensive knowledge of life insurance or you may end up 'comparing apples and oranges'. Many agents, brokers and financial planners use or have access to computerized surveys by professional consumer oriented software such as LifeGuide(R) which survey a large number of insurance policies offered by various insurance companies. The LifeGuide software is not designed to allow the user to suppress information from appearing on surveys. If your agent is not using LifeGuide, you have to be very careful that the computerized survey or quotation software used by your agent is not one that allows the agent to artificially pre-determine the results by suppressing policies or companies.   Demand confirmation! 2. The size of an insurance company is not an assurance of long term financial strength of longevity. The demise of Confederation Life, one of Canada's largest and oldest companies is a good example. Actually, two of the total of three Canadian companies which failed since 1990, Confederation Life and Sovereign Life, were among the 20 largest Canadian life insurance companies in 1985. Of the over 100 smaller companies, only one has failed. It is therefore quite obvious that size is no indication of financial strength or stability. The only difference is that big companies make a bigger splash when they fall. 3. When you purchase a life insurance policy: At time of application: Read the application very carefully and make sure that you fully understand each and every question and each and every response made. Make sure that each and every question has been answered correctly and fully Don't accept "this can be completed later" If the new application is intended to replace an existing insurance contract, make sure that this is noted on the application and make sure that you receive a fully completed comparison disclosure form before completing the new application. Stating that the new application will cancel an existing contract does not mean that you are obligated to cancel the existing contract, nor does it cancel the existing contract . In fact, even if you are sure that you want to cancel the existing contract, you should NEVER cancel it before the new, replacing contract, is received and is fully satisfactory. (See above notes about the Traps in replacement) It is preferable to pay for life insurance premiums by cheque or money order always made payable to the insurance company . Avoid paying by cash. Retain with you all sales material, illustrations, computer print-outs, etc. which were used in presenting the policy. You will need these for comparison with the policy contract itself. When you receive the policy contract: Note carefully the date on which you receive your new policy. If the policy is unsatisfactory, you normally have 10 days from the date on which you receive it to return it for a full refund. Check the policy document very carefully and immediately upon receipt to at least: Make sure that it is complete, that a copy of your original application is included and that no pages are missing. That the stipulated premiums are those to which you agreed That the benefits are those for which you applied and that there are no exclusions of which you were previously unaware. If the policy features cash values or paid up values, check to make sure that these are the same as were illustrated. That any additional guarantees which were on the sales illustration are not missing from the policy contract. Read the policy document thoroughly. It is a legal contract. Make certain that you understand the terms, conditions, limitations and exclusions. Ask questions and make inquiries regarding anything that you are not sure of or cannot understand in the contract. Don't accept delays in receiving satisfactory answers to any questions that you have. Remember, you only have 10 days. If you choose not to accept the new policy: Make sure that by returning it you don't leave yourself without necessary coverage Make sure that you either have the agent pick it up and provide you with a current dated receipt or that you forward the policy to the insurance company thorough other means which provide you with proof of return of the policy and of the date on which it was returned. If you choose to accept the new policy: Arrange with your agent, broker or financial planner to review the policy and your financial plan periodically. Keep the policy contract in a safe, but accessible place (don't keep life insurance policies in bank safety deposit boxes). Advise your family or estate executor of the location of the policy contract.

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