Tennessee Life Insurance | Tennessee Term Life
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Life insurance protects your family from financial burden on top of emotional burden of the loss of a family member. Here at Life Planning TN, we believe in a multi-faceted approach to life insurance coverage, while trying to keep your premiums to a minimum. Life insurance does not have to be a financial burden.
My favorite strategy for life insurance involves the combination of a small burial policy on each family member, usually a policy that only has to be paid on for a set number of years, combined with term insurance to cover debts and income replacement. This allows most of your life insurance needs to all be taken care of before you retire, while still earning an income.
Tennessee Funeral Insurance | Tennessee Burial Insurance
Final expense insurance is the common industry name to describe all life insurance that is used to pay for end of life expenses, such as burial and estate transfer. Commonly it is known as burial insurance, or funeral insurance, but this is a understatement of the uses that you can have for this kind of insurance. Typically, life insurance products designed as solutions for this need might not be the best value available in all cases. On healthy seniors under age 75 a $10,000 in whole life insurance can cost around $100 per month, but $25,000 in universal life that does not expire until age 121 is the same price. The only difference is that the universal life company will require a medical exam. My opinion is that if I believe someone can pass the exam, it is worth the extra trouble to get their family an extra $15,000 for the same price. There are also strategies involving pre-paid and single pay policies that benefit people who already have money set aside for burial by giving them much better return on their premiums than leaving those funds sitting in a CD or bank account, while still having access to the money. Putting the funds into life insurance also guarantees that the funds will be distributed according to your wishes, instead of being left up to a probate court to decide how they interpret your will.
For specific quotes on this type of insurance visit my Tennessee Whole Life insurance quotes page. I suggest first looking at quotes for $25,000 then working down from there, because most universal life policies are minimum of $25,000. This will allow you to compare rates of the universal policies against the traditional whole life policies.
Tennessee Term Life Insurance
Tennessee Term Life insurance is a great way to insure temporary needs, such as outstanding debt, that in the case of death of a breadwinner would be impossible to manage on the remaining family income. This method of insurance is very cost effective, flexible in duration, and if you qualify for the lowest possible rates is extremely inexpensive. Policies of over $500,000 can be had on a 30 year old for under $20 per month. Our common strategy involves insuring all of the income earning members of a household with term insurance to cover all outstanding debts, or enough of the debts that the remaining income will be able to provide for the remaining family members.
For specific quotes on this type of insurance visit my Tennessee Term Life insurance quotes page.
Life Insurance for Children
Small Universal Life insurance or Whole Life Policies that are guaranteed level premium to age 121 are a great way to insure your entire family for life, while the flexibility of the universal life policy design will allow you to make the premium affordable. This type of policy is great for anyone, but in particular can be a fantastic policy for a minor child. You will see life insurance policies offered that are "grow up" plans of term coverage that cost around 15 dollars per month for around $50,000 in coverage, but you can get a guaranteed universal life policy that will not expire until age 121 for near the same cost (around 25$), and it will be paid in full for life after 20 years and guaranteed to never need a payment again until after age 121. The great value of a strategy such as this one, is that the family will never have to worry about the expense of burial of that member for life, and the total cost ends up being around $6000.
For specific quotes on this type of insurance visit my Tennessee Whole Life insurance quotes page. I suggest first looking at quotes for $50,000 on a 20 pay till age 121. On most people under age 40 that works out to being an incredibly good value, especially if you consider the total premium vs the amount that will be paid in benefits. In most cases you would have to average over a 5% compounding rate of return for over 50 years to accumulate the same amount of money, and that money would not be available before then.
Do you need life insurance?
There are very few people in the world that could not benefit in some way from having life insurance to cover their existing needs. Over insuring is not a good thing but we work hard to set up your life insurance in a way that protects your family without breaking the bank. Life insurance allows you the comfort of knowing that if tragedy does strike and you, your spouse, or god forbid one of your children were to tragically pass away tomorrow, that you would not be burdened by financial loss to compound the already tragic event.
Call us today at 866-314-2747 for a free life insurance quote and needs assessment.