Life Insurance & Disability Insurance in Duluth GA
Life Insurance
To properly plan life insurance three pieces of information are required: How Long? How much Death Benefit is needed? How much do you have to spend?
- How Long? – Is this temporary insurance for a temporary need? Perhaps the birth of a child causes the parent to rethink life insurance until college graduation. A SBA (Small Business Association) loan requires coverage for the duration of the loan. Is this a permanent need to cover a loved one 50 or 60 years into the future?
- How Much Death Benefit? – There are two ways to calculate the death benefit.
- One, is to look at the economic value of the insured. Given age, income and net worth insurance companies will insure only to the economic value of the insured.
- Second, would be to calculate based on needs.
The answer is only as good as the input in either method.
- How Much Can You Spend? – All the desire for more coverage matters little if there is no money to purchase. Insurance is a long-term commitment. I’d rather see a comfortable amount that fits within a budget than a stretch that is not sustainable.
Disability Income Insurance
A large percentage of Americans could not last a month in their current lifestyle if the key income earner was not able to work. Disability Income Insurance replaces income lost due to accident or illness.
Cost is based on age, health, occupation, elimination period, benefit period and benefit amount. There are policies that cover business overhead expenses, buy-sell provisions, student loans and retirement plan contributions.
In addition to Life and Disability Insurance for individuals, these policies can be structured to accommodate Buy-Sell Agreements, Business Exit Planning and Group or Executive Benefits.
At Community Risk Advisors, we know that the planning for death or disability can be uncomfortable. Our knowledgeable and caring team of advisors are here to make sure planning for your family’s uncomfortable times is a positive experience. Knowing that we will do everything possible to see that you and your family have the best coverage to meet your individual needs both now and for the future.
To properly plan life insurance three pieces of information are required: How Long? How much Death Benefit is needed? How much do you have to spend?
- How Long? – Is this temporary insurance for a temporary need? Perhaps the birth of a child causes the parent to rethink life insurance until college graduation. A SBA (Small Business Association) loan requires coverage for the duration of the loan. Is this a permanent need to cover a loved one 50 or 60 years into the future?
- How Much Death Benefit? – There are two ways to calculate the death benefit.
- One, is to look at the economic value of the insured. Given age, income and net worth insurance companies will insure only to the economic value of the insured.
- Second, would be to calculate based on needs.
The answer is only as good as the input in either method.
- How Much Can You Spend? – All the desire for more coverage matters little if there is no money to purchase. Insurance is a long-term commitment. I’d rather see a comfortable amount that fits within a budget than a stretch that is not sustainable.