Term life insurance often costs less than permanent types of insurance because the coverage and timeframe are set, and it doesn’t accumulate cash value. Plus, the rate you pay each month stays the same. Compare quotes from national providers instantly with no obligation to buy.
In life, timing is everything. With set periods of coverage, you can be sure your family is protected until, for example, your kids are out of college or your house is paid off. Whether that day is 10 years from now or 30, term life insurance gives you options.
With term life insurance, you determine the benefit amount your family will receive. How do you determine the right amount? Consider things like your mortgage, car loans, the monthly income your family needs to live comfortably, and how much your child’s education might cost.
|What are your financial obligations?||Ex. mortgage: $250,000
Ex. car loans: $50,000
Ex. credit cards: $20,000
|How much income does your family need?||Ex. $5,000 per month|
|How much will your children’s education cost?||Ex. $100,000 for college|
|What might your funeral cost?||Ex. $20,000|
|TOTAL||$500,000 (for a 10-year term)|
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications. The guarantees provided by the insurance company are contingent on the claims-paying ability of the issuing company.
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Located at: Hancock Whitney Financial Consultants, 525 Florida Avenue SW, Denham Springs, LA 70726, 1-800-385-4188
Hancock Whitney Financial Consultants is a marketing name of Cetera Investment Services. Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with Hancock Whitney Bank where investment services are offered or Hancock Whitney Corporation. Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
Investments and Insurance products are: *Not FDIC insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.
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