25 Jul WHAT TYPE OF LIFE INSURANCE DO YOU RECOMMEND AND WHY?
Thomas and Jill Williams both ages 42 are evaluating their financial situation. They have come to Show more Thomas and Jill Williams both ages 42 are evaluating their financial situation. They have come to your company for financial advice for their largest goals and concerns which education planning and retirement planning. However they are curious about life insurance. Thomas has owned an auto repair shop for 15 years. Jill is a school teacher at one of the local elementary schools. They have one child Michelle who is 8 years of age. Case Assumptions Regular Inflation 3.8% College Inflation 6% College Savings ROR 8% Pre-Retirement ROR 9.5% After-Retirement ROR 6% Wage Replacement Ratio 70% Social Security Benefits $1400 monthly a piece Client Data Ages: Thomas and Jill are 42 and Michelle is 8 years old Estimated Retirement Date: When they both reach age 66. Estimated Life Expectancy: Thomas and Jill will both live until ages 92. Current Retirement Assets: $120000 in Thomas 401(k). There is not match from Thomas employer. Jill has a pension plan and she expects to receive 55% of her current salary in retirement. Current Income: Thomas makes $100000 per year and Jill makes $45000 per year. These clients come to you with the following needs: Retirement What amount is needed the day the Williams enter retirement? How much money do the Williams need to save per month to achieve this goal? Life Insurance Planning Assume that both Thomas and Jill will live to the age of 92 and that the average funeral cost is $10000 per person. Also assume their mortgage balance is $225000 and credit card debt is $12000. Thomas has a $500000 20 year term policy that he took out 5 years ago. Jill has a $100000 group term policy. How much life insurance does each individual need? Use http://www.lifehappens.org/insurance-overview/life-insurance/calculate-your-needs/ What type of life insurance do you recommend and why? Assuming the individuals meet preferred class of health and doesnt use tobacco how much will the life insurance policy cost per year? Use any online rating system but the one I used in class was http://www.ryan-insurance.net/life/term-proposal-request/ Show less
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