< Moderate VP
  • >Trans AA - Conservative VP
  • This may seem like an obvious reason to have life insurance, but it is extremely important to make sure that your loved ones are provided for in the case of a tragedy.
  • In 2011, the median household income was $51,413

  • College Costs for Children

    • The cost of sending a child to college is increasing every year. Life insurance may be a way to fund your children's college education.
    • The average cost of private four-year college is $32,614 per year.
    • The average cost of public four-year college is $8,751 per year.

    Value of your Services at Home

    • These services can range from child care to mowing the lawn. It is any service that would need to be replaced if you were no longer there to provide it.
    • Your services at home are often overlooked. If paid, a stay at home parent would earn $122,611 annually.

    Final Expenses

    • Final expenses are something no one wants to think about, but they can add up quickly.
    • The average funeral cost today is between $7,000-$10,000.

    Debt (Mortgage, Credit Card, etc)

    • Life insurance death benefit proceeds are federal income tax free, and may pay off or reduce any outstanding debt.
    • The average American home mortgage debt is $119,000.
    • The average credit card debt per household in the United States is $15,956.

    Employer Provided Benefits

    • Any employer sponsored life, health, or disability insurance benefit may have to be replaced in the event of a tragedy.
    • In 2011, the average annual premiums for employer-sponsored health insurance plans were $5,429 for single coverage and $15,073 for family coverage.
    • Over the past decade, health care premiums have risen 131%, while wages have increased just 38%.

    These are just a few factors that may go into determining your life insurance needs. Remember, the best way to make sure your life insurance needs are met is to meet with a financial professional who is a qualified life insurance agent.