So, what’s next…
No one knows what the future holds. Hopefully, only good things are in store for you. But realistically, bad things will happen too.
Even if you don’t consider yourself a cautious person, you take little steps every day to improve the odds that good things will happen and guard against the possibility of bad things happening.
You wear seatbelts, you lock your doors when you leave home and you try to eat well and exercise…in other words, you may not control the future, but you can stand up to it. You don’t have to get wet when it rains. You can carry an umbrella!
True, it’s easy to take little steps. The bigger steps, though, can require some pretty unpleasant things. What would happen to your family if you became ill or injured and couldn’t work? What would happen to them if you died?
Standing up to the future means making sure your family can carry on, even in the face of disaster. That’s where life insurance comes in.
Life insurance can’t guarantee that you’ll never face a tragic situation; just as wearing your seatbelt won’t keep you from crashing your car. But it will provide your family with financial protection. And whatever hopes and dreams you have for your loved ones can still be realized, even if the worse happens.
Give The Nyhus Agency a call and allow us to safeguard a secure financial future for those you love. We will help you guarantee their tomorrows… today!
Survivor's Income
Replacing the monthly income that a family will lose upon the death of a wage earner is essential for survivors to maintain their current standard of living.
The amount of life insurance required to provide a flow of income to your family is a simple mathematical calculation using certain assumptions with regard to rate of return on investment and inflation. The following chart is based on a 5% average rate of return, a 3% rate of inflation and a 10% marginal tax bracket over a certain period.
Years income is needed |
Monthly amount required |
Life insurance needed |
10 |
$1,500 |
$165,329 |
10 |
$2,000 |
$220,439 |
10 |
$2,500 |
$275,549 |
10 |
$3,000 |
$330,659 |
10 |
$5,000 |
$551,098 |
15 |
$1,500 |
$236,808 |
15 |
$2,000 |
$315,744 |
15 |
$2,500 |
$394,680 |
15 |
$3,000 |
$473,617 |
15 |
$5,000 |
$789,361 |
20 |
$1,500 |
$301,734 |
20 |
$2,000 |
$402,312 |
20 |
$2,500 |
$502,890 |
20 |
$3,000 |
$603,468 |
20 |
$5,000 |
$1,005,781 |
25 |
$1,500 |
$360,708 |
25 |
$2,000 |
$480,943 |
25 |
$2,500 |
$601,189 |
25 |
$3,000 |
$721,416 |
25 |
$5,000 |
$1,202,360 |
Note: Monthly income will include both principal and interest and may be subject to federal and state income tax.
Term Life
Provides life insurance protection for the term of the policy. If the insured dies within the term period, the insurance company pays the death benefit. If the insured survives the term period, the coverage terminates. * There are several term options available.
Cash Value Life
Provides lifetime protection, so long as the policy is kept in force. The policy will accumulate cash value on a tax-favorable basis during the insured's lifetime.
Final Expense
The average cost for an adult funeral is about $8,000. A Final Expense life insurance plan can be designed to cover the immediate expenses that arise at death.
Debt Liquidation
Your mortgage and other outstanding debt including credit cards, car loans, student loans and lines of credit can be easily repaid, thus shielding your family from this burden.
Education
The annual cost for one child to attend a Public college or university is currently $12,127 per school year (tuition, room, board), and is increasing on average 6.6% annually. The cost for a 4 year Public college education is $53,523 (tuition, room, board). To attend a Private university, the annual tuition to include room and board is $29,026 and this is increasing on average 5.7% annually, making the cost of a 4 year Private university education $126,412! (source: Collegeboard.com)
Plan your childrens education now, and guarantee their future through an insured Education Fund.