Mark and Rebecca are a married couple in their late 30’s who, in addition to managing their own families, are self-employed.
Mark is a 38 year old self-employed carpenter and Rebecca is 37 and manages an office. In terms of their finances, the couple has identified a need to enhance their life insurance policies in order to have enough to cover final expenses. They have each taken out a $20,000 whole life policy for this purpose, and have requested an additional $100,000 30-year term policy.
Mark and Rebecca have three teenage children, aged 13, 16 and 18 respectively, and are both smokers. Mark and Rebecca’s income is dependable, and their health is generally good.
Mark and Rebecca each have a $20,000 whole life policy set it aside for final expenses. Mark and Rebecca requested an additional $100,000 30 year term policy.
Mark and Rebecca also want to make sure that their children are taken care of financially if they are no longer there. This term coverage would give their children a large enough financial resource.
Their Cost
Mark – $100,000 in coverage for only $67.00 per monthRebecca – $100,000 in coverage for only $46.00 per month
Both Mark and Rebecca’s polices also come with living benefits at no additional cost.
TERMINAL ILLNESS ACCELERATED BENEFIT RIDER
You can receive payment of up to 100% of the face amount of your policy if diagnosed as terminally ill where life expectancy is 24 months or less
CHRONIC ILLNESS ACCELERATED BENEFIT RIDER
With this benefit you can accelerate a portion of your death benefit early if an authorized Physician certifies that you are permanently unable to perform at least two activities of daily living (ADL’s). Activities include eating, toileting, transferring, bathing, dressing and continence.
Mark and Rebecca have taken the sensible step of setting aside a whole life policy for final expenses and requesting a $100,000 30-year term policy for their children’s financial wellbeing.
Disclaimer: Names, images and identifying details have been changed to protect the privacy of individuals.