Michael, 35, his wife Jennifer, 34, and their two sons live in Bakersfield, California. The couple lives comfortably on their $150,000 household income, which covers the mortgage and allows for a few extras.
A friend’s recent health scare inspired the couple to take action on their need for life insurance. Michael and Jennifer rely on their dual incomes. They want to make sure their sons, and the life they’ve built, are financially protected if something happens to them.
We put together a Term Life Insurance Policy with Accelerated Underwriting proved to be the answer for their family situation.
Michael bought a $500,000 / 20-year Term Life policy and got Jennifer $500,000 in coverage using an
Other Insured Level Term Rider.
The couple also purchased the Children’s Term Rider to give their sons $15,000 in coverage and the option to convert to permanent life insurance down the road.
The couple liked the added protection of living benefits with Critical Illness Benefit Riders. These add-ons pay a $50,000 lump-sum benefit if either suffer a critical illness like cancer, heart attack or stroke.
The final piece of their plan was a return of premium benefit (ROP), in case they never use their Term Life policy.
Protect what matters most.
So to recap:
Michael's Base Policy Rate was based on a 34yr. old, Male,
Preferred Non-Tobacco for $37.41
$28.71 Other Insured Level Term Rider $28.71
Children’s Term Rider $7.18
Plus (+) Additional Add-ons
Critical Illness Benefit Rider $20.10
Other Insured Critical Illness Rider $19.18
Return of Premium Benefit Rider (ROP) $57.86
Michael can now protect his family for only $170.44 /mo.