Step 13-15 Life Insurance

Step 13 - Life Insurance

Read the mobile FNA Page in its entirety

Before we do anything, we need to calculate how much life insurance you actually need. if you have not gone through BDollarSmart be sure to ask the straight line questions

Step 14 - Calculate Insurance Needs

(switch assumptions to 9% in bottom right corner)
If you were to pass away prematurely, how much of your monthly income minimum would your family need to maintain their current lifestyle?
That’s the minimum?
How long would you like the income to last? General rule of thumb is until your youngest child is 23 years of age.
Would you want your mortgage paid off?
Do you have any consumer debt you would want wiped clean?
Would you want to fund you children's education? We recommend $50,000 per child
Put $15,000 for Funeral Expenses
Ask same questions to spouse (generally the same info minus income need)

Step 15

(Once you have entered all the data, paint the picture of how we would help the client in the event of a premature death.)
Mr. and Mrs. Client This shows here that your insurance need if Zachary dies is $610,836

I want you to understand what would happen as a client of mine in the event of your premature death.

Zack, if god forbid you died prematurely I would deliver a checkbook to your spouse with $610,000 linked to it,

First, we would cut a check of $15,000 toward your funeral expenses, there would be no gofundme, no collection plate at church, it would be completely paid for.

Second, we would put $50,000 in a savings for you child in order to pay for their education.

Third, we would wipe out all of your consumer debt and pay off your mortgage so your family can live out their years in your home.

Lastly, we would send $435,000 to our mutual fund company and tell them to send your family $4,000 a month so they could maintain their current lifestyle. How does that sound so far?

(Go over the summary with the spouse and their numbers if applicable.)

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