Long Term Care Resources – Pacific Agency (LTCR Pacific) specializes in support for seniors. Long term care insurance (LTC Insurance) is our specialty, as our long term care specialists are experts at connecting you to the insurance products that are best for you.
We also connect people of all ages to life insurance, and one of the most common questions we receive from those that that are obtaining life insurance for the first time is “why do I need so much?”
Term Life Insurance Policies and Premiums
Every situation is different. Your age, your health, your gender – these all play a role in the cost of your premium. We strongly encourage you to reach out to our LTCR Pacific team so that we can provide you with real information and personalized options and recommendations.
With that in mind, when we talk about term life insurance, we’re often talking about policy amounts of $500,000, $1,000,000, or more. These can sound like very large numbers, especially to those that have never pursued life insurance before.
What you’ll find, however, is that these amounts are not as large as they seem.
Life insurance is meant to provide what you cannot in the event of your untimely passing. It’s meant to:
- Replace All Lost Income – The average person makes about 1.5 to 2 million in their lifetime. Those with higher paying jobs make even more. If you have a family, and you pass, the goal of life insurance is to make sure your family does not need to worry about how to make up for your lifetime earnings in the future.
- Cover Loss/Funeral Costs – Funerals can cost thousands of dollars, and many more thousands may be lost by the time spent grieving and off work. Therapy to help a family address and accept a loss, if necessary, leads to more expenses. Life insurance helps cover these costs.
- Debt and Debt Prevention – Similar to lost earnings, it is challenging for one income to make up for debts, or prevent further debt such as school loans. Life insurance helps prevent these debts from causing additional or future financial stresses.
While $500,000+ may seem like a lot of life insurance, it barely scratches the surface of your lifetime earnings. If you’d also like to make sure your family is well provided, the amount may need to be even more.
Luckily, it’s important to remember that term life insurance – especially when you are younger – is often considered inexpensive. Each individual’s policy and plan is different, and it’s important you receive a personalized quote, but many term life insurance policy options start at as little as $30-$50 per month in your 20s, 30s, and 40s. For many, they are a manageable part of one’s budget.
Finding the Right Policy and Premiums for Your Life and Budget
All insurance is personalized, and so it is important to get custom plans built around you. Premiums can also be higher if you receive life insurance when you’re older, or if you have health challenges. Let’s talk on the phone to determine the policy that is best for you.
With that in mind, life insurance is designed to cover your families needs in your absence, and you are often worth more than you think. Let’s provide you with that personal support. Reach out to LTCR today, and we’ll discuss the different options with you to determine what will best support your long term needs.