Chris, age 40, and his wife Amy, age 38, are a healthy married couple with two children who have lived in their home for 10 years. Amy’s dad passed away recently after a long battle with cancer, which got the couple thinking about if something happened to them.
Although they feel confident they’re on solid financial footing, the couple wants a plan to help cover the rest of their mortgage.
They have $200,000 left on their loan, with payments of $1,250 a month. They’re worried life insurance premiums will make it harder to keep saving money. And their friends told them about the hassle they went through to get a policy through another carrier.
We listened to their concerns and put together options for them to choose from.
Chris and Amy each purchased a 20-year Term Life Insurance policy with Accelerated Underwriting from one of our carriers, which offers affordable premiums on their $200,000 face amounts.
Amy’s experience with her dad was a first-hand reminder of the cost of dealing with an illness. At our suggestion, the couple purchased a Critical Illness Benefit Rider with a $30,000 benefit amount, which would cover the monthly mortgage payment for 2 years if a covered illness struck.
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Here's how their policy protection looks:
Chris’s Rate Policy is based on a 40yr. old, Male, Preferred Plus Non-Tobacco rate of $23.14
Plus a Critical Illness Benefit Rider $20.28 for a total monthly rate of $43.42 /mo.
Amy’s Rate Policy is based on a 38yr. old, Female, Preferred Plus Non-Tobacco rate of $16.53
Plus a Critical Illness Benefit Rider of $16.13 for a total monthly rate of $32.66