Learn What They Got and Why
These are examples of common customer profiles and coverage combinations.
Sheila, The Young Professional
$200,000 in Coverage
Why? Sheila makes around $22,000 a year, doesn’t have any significant savings at this point but wants to cover her student loan, car loan, and any debt accrued with credit. She doesn’t need more than this because she has no other financial assets she needs to cover.
Why? Though Sheila could apply for the longest term possible because she is only 26 years old, she opts for a 20-year term because she will have paid a significant portion of her debts by then. She also knows that she can always convert her policy, especially if she starts a family or buys a house.
$140.00 Premium Per Month
While any amount is significant to Sheila right now, securing a policy for this amount is a great decision, especially because it protects her family from any unnecessary financial hardship.
Daniel, The Busy Parent
$300,000 in Coverage
Why? Daniel makes $36,000 a year and is currently in his prime with a growing family, so he wants to lock in the best rate possible for as much as he thinks he will need. With a new mortgage and college tuition for two children in the future, there are a lot of potential expenses.
Why? Daniel wants the longest possible term he can get because he is 34 years old with a growing family. This should ensure greater benefit for his family as their circumstances evolve over time, including health problems, new children, college tuition, and mortgage.
$300.00 Premium Per Month
What matters most to Daniel is protecting the family and home that he and his wife have built. With this checked off the to-do-list. Daniel can rest easy knowing his family’s future is protected and his little girl will have everything she needs.
Craig, The Smart Investor
$500,000 in Coverage
Why? With a current policy covering the rest of his new mortgage, and new expenses to consider, like his child’s college and graduate school tuition, Craig needs to round out his life insurance coverage. Considering the $xxx,000 he earns a year and his adequate savings, he can supplement any policy with what’s in the bank. This keeps the additional coverage to a minimum.
Why? Craig is 45 and wants to make sure that policy will exist as long as the child is in school even if the child decides to go to graduate school.
$250.00 Premium Per Month
Craig is accepting this policy knowing that he can downgrade if certain debts get paid off or his savings become more sizeable over the coming years. The rate is mostly higher due to his age, but it is not as concerning because of his income.