Tom and Kristin Scott, age 40 and 35, have two daughters, Daisy and Jody, age 10 and 8. We analyzed how much life insurance the Scotts should acquire to take care of both girls' needs through their college years should something happen to their parents. We ended up recommending $500,000 of 15-year term insurance coverage on each parent. Tom's annual premium: $600; Kristin's annual premium: $400. But when we returned with our recommendations, we expanded the analysis further to include a retirement evaluation for Tom and Kristin through their age 100/95 using InsMark's Wealthy and Wise® planning software. We'll include the cost of the term insurance noted above in this assessment, and we'll also include funding for the actual cash flow needed for the girls' college plus other items described below. Then we'll examine cash value life insurance alternatives instead of term insurance.
In this video blog, I interview Insmark
senior advisor Don Prehn to demonstrate this powerful tax advantaged idea.
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Syndicated financial columnist Steve Savant hosts the weekly video talk show for consumers entitled, Right on the Money and anchors the weekend news update On the Money News.
Steve is also the host of the daily producer show, Thought Leaders. Steve is of the top online author and videographer of... More
Steve Savant recently shared that Indemnification Against Financial Loss Is New to Most Immigrants with syndicated financial columnist Steve Savant. http://rightonthemoneyshow.com/insurance-is-a-relatively-new-concept-to-most-immigrants-karina-gutierrez/