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  Secrets to saving money and optimizing your life insurance budget
1.  Buy Term Life Insurance
There may be situations where permanent life insurance makes sense…but for most people, you will extend your budget further by spending the least amount possible on the life insurance you need and putting your money in other areas of your budget needs.

2.  Buy when you are younger and in better health.
We see life insurance premium costs rising more rapidly after age 40.

3.  Pay your premiums annually to receive a discount.

4.  Stay healthy!  Exercising daily and refraining from tobacco use will do more than help you extend your life, it will reduce your life insurance costs.

  Do you need life insurance?
Our belief is that people should pay only for insurance for costs they are unable to self-absorb.

Generally speaking, we recommend the following considerations before purchasing life insurance:

  You may NOT need life insurance if…
Your financial strength is such that survivors can meet all their financial needs and obligations without the contributing finances a life insurance policy would provide.

  You MAY need life insurance if…
You have others dependant on your income.

Remember, these are only general rules of thumb; every person’s situation is different and we advise that you meet with an insurance counselor before making any final decisions.

  If yes, how much should you carry?
  Answer 1:
A simple guide:  Financial counselors, such as Dave Ramsey, recommend 8 to 10 times annual income.

  Answer 2:
How much would your family need per year if you were not around? Optimally many would like that amount to be the interest from the life insurance payout.

To determine that amount, calculate how much money it would take, invested conservatively, to generate that amount annually without ever touching the principal. To be safe, we recommend you estimate 5% annual interest.
  How long of a term do you need?
This will vary from person-to-person, but simply put, when considering whether to buy a 10 year term, a 20 year term or a 30 year term consider these three situations:

1.  Your financial commitments; Loans, mortgage, children’s ages, etc.

2.  What you can afford.

3.  The cost of another term policy when this one expires.