Total Current Need = $460,000
Based on this example, Frank would require $1,810,000 of coverage (based on current need and income replacement) and Angela would require $1,960,000 of coverage. Based on the 30 year coverage need, the expected monthly premiums would be approximately $216 for Frank and $161 for Angela – that is less than $13/day combined to ensure their family is protected, by covering all outstanding debts, education costs, funeral expense, and replacing their income for loved ones left behind for the next 30 years!
Total Current Need = $335,000
Based on this example, Brian would require $335,000 of coverage (based on current need and future need). At the current time, Brian doesn’t have anybody relying on his income other than himself, but in the future this could change and require additional insurance coverage as in the example above. The expected monthly premium for this level of coverage would be approximately $20 – less than $0.70/day for a 10 year term policy. This would ensure that his loved ones aren’t left responsible for his outstanding debts, but perhaps more importantly, Brian has locked in his premiums for the next 10 years, no matter any change in his health or age!
Total Current Need = $185,000
Based on this example, Harold would require $1,535,000 of life insurance coverage (based on current need and income replacement), and Lorraine would require $1,085,000 of life insurance coverage. For a 20 year term policy (which could be cancelled at no cost after 18 years if they no longer require the coverage), the expected monthly premiums would be approximately $336 for Harold and $320 for Lorraine. Although the premiums are higher at their age (and in Lorraine’s case, because she is a smoker) they are ensuring that both of them will be able to retire on schedule with the funds to support the lifestyle they desire for less than $22/day combined. In the absence of life insurance, if something happened to either of them, the surviving spouse would likely never be able to retire, unless they significantly reduce their lifestyle expectations.
We have four insurance offices spread out across the Niagara region that allow us to serve our Permanent Life Insurance services and other insurance services conveniently to you in person or virtually: