SteuerWorkbook Text 08 01 11

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on A STEP BY STEP GUI DE,TO SIMPLE ANSWERS FOR,YOUR COM P LEX QUESTIONS. TONY STEUER CLU L A, This publication is designed to provide accurate and authoritative information in regard to the. subject matter covered It is sold with the understanding that the publisher and author are not. engaged in rendering legal accounting or other professional services If legal advice or other. expert assistance is required the services of a competent professional should be sought. Published by Life Insurance Sage Press,Alameda CA,Copyright 2011 Tony Steuer. All rights reserved, No part of this book may be reproduced stored in a retrieval system or transmitted by. any means electronic mechanical photocopying recording or otherwise without written. permission from the copyright holder, This workbook is a companion to Questions and Answers on Life Insurance published by.
Life Insurance Sage Press in 2010 To order more copies of Questions and Answers on. Life Insurance contact Emerald Book Company at PO Box 91869 Austin TX 78709. 512 891 6100, Design and composition by Greenleaf Book Group LLC. Cover design by Greenleaf Book Group LLC,Publisher s Cataloging In Publication Data. Prepared by The Donohue Group Inc,Steuer Anthony, The Questions and Answers on Life Insurance Workbook A Step by Step Guide to Simple. Answers for Your Complex Questions Tony Steuer, A workbook to be used in combination with Questions and Answers on Life Insurance. ISBN 978 0 9845081 2 9, 1 Life insurance United States Handbooks manuals etc 2 Life insurance.
Law and legislation United States Handbooks manuals etc I Steuer Anthony. Questions and Answers on Life Insurance II Title III Title Questions and Answers on. Life Insurance Workbook,HG8951 S75 2011,368 32 0973. Printed in the United States of America on acid free paper. 11 12 13 14 15 16 10 9 8 7 6 5 4 3 2 1,First Edition. INTRODUCTION 1,DECISION CHART 3,PART I EVALUATE YOUR NEEDS AND SITUATION. STEP 1 Calculating Your Need for Life Insurance 7, STEP 2 Finding the Life Insurance That Is Best for You 15. STEP 3 Identifying the Health Factors That Can Affect Rates 29. PART II EVALUATE COMPANIES AND AGENTS AND PURCHASE A POLICY. STEP 4 Selecting a Life Insurance Company 38,STEP 5 Choosing an Agent or Adviser 47.
STEP 6 Selecting Policy Components and Riders 56, PART III UNDERSTAND MAINTAIN AND MONITOR YOUR POLICY OR TERMINATE IT. STEP 7 Assessing and Monitoring Your Policy 64,STEP 8 Replacing a Policy 78. STEP 9 Terminating Unwinding a Policy 89,C ON CL U SIO N 96. ABOUT T H E A U T H O R 97,RE SOU RCES 98,INTRODUCTION. Does the thought of life insurance give you a headache Have you put off purchasing life insurance. because you don t know how to get started Are you unable to fully understand the life insurance policies. you ve acquired or that someone else obtained for you If you answered yes to any or all of these ques. tions this workbook will help you solve your life insurance woes and may save you a significant amount. I ll provide you with a step by step process for determining your life insurance needs finding. a good provider getting a policy and evaluating your policy quickly and effectively each year In. combination with Questions and Answers on Life Insurance this workbook will help you take charge of. your life insurance understand it and spot any potential issues before it is too late. I ve designed this book to help those just starting the process of looking for life insurance those who. already have a policy and those who are helping others make life insurance decisions If you re new to life. insurance and don t yet have a policy part I will guide you through the process of determining how much. and what kind of life insurance you need and part II will help you find the best provider Note that I m. assuming you definitely need life insurance If you haven t determined that yet you can go to my website. and use the How Much Life Insurance Do I Need questionnaire to make sure you actually need it. Part III will teach you how to prepare yourself for the review process a year from now. If you re someone who already owns a policy and knows something about life insurance part I serves. as an excellent and necessary opportunity to perform a gap analysis How well do both the policy you. purchased some years ago and your life insurance company meet your current needs Your needs may. have changed or you may not have done a thorough assessment of your needs when you first purchased. your policy instead relying on your life insurance agent s or financial adviser s advice Part III will help. you review and evaluate your current policy and your options As with any other financial instrument it. is critical that you review your life insurance coverage annually but few people understand how to do this. quickly and effectively If you no longer need coverage I ll help you figure out options for terminating. your policy, And if you are responsible for helping others assess their life insurance needs as part of an overall.
estate planning or financial planning approach this workbook can help you get to better answers faster. The U S life insurance industry is huge and it is not bargain oriented You might compare it to. a casino Odds are involved and insurance companies didn t get those big shiny buildings by paying. out more than they take in Unlike gambling life insurance is a critical part of most financial plans. which is why so many people need this type of guide You need to get the biggest benefit from your. life insurance dollars, That is the goal of this book to help you best utilize your life insurance dollars to get the best deal. you can Why pay more than you need to, A life insurance policy is at the end of the day a tool for financial leverage nothing more noth. ing less But this book is not about investing it s about life insurance and using life insurance as life. insurance If you want to invest your money to grow your nest egg or retirement funds which by all. means you should look elsewhere No matter what you read or hear life insurance can serve as a supple. mental investment only when you have a life insurance need It is not an investing tool in and of itself. because you will always have insurance charges on top of any other expenses. Well you may ask what about the fact that life insurance cash values accumulate on a tax. deferred basis First this is not guaranteed Congress consistently talks about revoking this feature. of life insurance and if it does watch out Second other tax deferred vehicles are available such as. IRAs 401 k s and others that Congress is not targeting for taxation and that do not have insurance. charges Unfortunately many people are so concerned with the earnings that they ignore the impact. of managing their expenses It s the basis of any sound financial budgeting Any time you lower. expenses your budget will improve, So let s figure out the world of life insurance and how it fits into your overall planning. 2 The Questions and Answers on Life Insurance Workbook. DECISION CHART,PART I PART II PART III, Evaluate Your Needs Evaluate Companies Understand Maintain. and Situation and Agents and and Monitor Your,Purchase a Policy Policy or Terminate It.
Step 1 Step 4 Step 7, Determine your current need for Evaluate life insurance companies Assess your policy to determine if. life insurance How much life and select one with which to work it is living up to your expectations. insurance do you need Or is your,current life insurance enough Step 5 Step 8. Choose an agent adviser or Determine whether replacing your. Step 2 distributor policy makes sense,Determine what type of life. insurance you need Do you need Step 6 Step 9, term or permanent whole life Work with your agent to select the If you no longer need your policy. insurance Or is your current appropriate policy components and or are choosing to purchase a. policy the right type to meet your riders and purchase a policy new policy determine how to. current needs terminate unwind the policy,Assess your medical history and.
other factors that can affect your,life insurance rates. EVALUATE YOUR NEEDS AND SITUATION,Calculating Your Need for Life Insurance. For some people life insurance seems easy to understand however it can be more complex than thought. at first glance For others particularly those who don t know much about it it might seem highly. complex In reality it s neither simple nor complex which is why the best path is to be a well educated. consumer And the best place to start is not with a discussion of life insurance options but instead with. a close look at your own needs Answer the questions within this step the best you can but don t worry. about getting everything absolutely inflexibly right This exercise isn t about perfection no one can. know the future for sure anyhow This is about ball parking it It s about taking a best guess It s about. considering where you are now where you want to go and where you want your loved ones to be in case. the worst comes to pass As Master Yoda would say In motion the future is. 1 EXPLORING WHY YOU NEED LIFE INSURANCE, Following are a number of scenarios or life situations that support a need for life insurance Put a check. next to the descriptions below that best correspond to your needs for life insurance. 1 I m a primary breadwinner for my family I have young children and my family is. absolutely dependent on my income If I were to die tomorrow they would be in. big trouble, 2 I ve got debt I have mortgages car loans credit cards student loans or some. other form of large significant debt that I couldn t burden my family or. cosigners with if I passed away tomorrow It would break them. 3 I don t want to burden my family with the costs of my funeral. 4 I m saving for my child s or children s private school or college education If I. passed away the kind of education that I d like to be able to provide my child or. children would very well be out of reach,5 I want to have an emergency fund.
6 I have a special needs child who absolutely depends on my income for his or her. care probably for the rest of his or her life, 7 I m worried about estate taxes I want my family to have liquidity upon my death. to fund the estate tax liability, 8 I d like to donate a sizable amount to charity once I pass but I don t necessarily. want to significantly reduce the amount of my estate donated to heirs. 9 I want to make sure my heirs each get an equal share of my assets when I pass away. 10 I ve got assets that haven t been taxed yet a tax deferred retirement account for. instance and I don t want my family to be burdened with those taxes or for. those taxes to reduce the benefit my family receives upon my death. 11 I m in a second or third or beyond marriage or domestic partnership and. I d like to provide my new partner with financial security I want to avoid any. conflict that may arise about my estate once I pass. Looking at these scenarios you can see that some are broader in context the income dependent. ones and some are much more specific like the handling of estate taxes Which scenarios best describe. your situation will largely depend on how much in assets you have or can reasonably expect to have what. stage of life you re in and your personal family situation Although these aren t even all the reasons for. purchasing life insurance they do capture the most common motivations or reasons for purchasing it. 8 The Questions and Answers on Life Insurance Workbook. Use the space below to customize your responses to the reasons you just chose How do those. scenarios apply specifically to your own situation Or what need do you have that is not listed here and. which previously mentioned category would it most closely resemble. 2 DETERMINING HOW MUCH LIFE INSURANCE YOU ACTUALLY NEED. Every adviser financial columnist and relative has a formula they think is best for determining how. much life insurance you need Some of these formulas are simple whereas others look like something. only a Wall Street numbers whiz could cook up But don t let complexity overwhelm or discourage. you If your needs are more complex a qualified life insurance agent or financial adviser can help you. determine the right amount for you For most people however the simplest methods are often the best. We ll look at how you can find a great adviser in step 5. The simplest most direct formula for determining how much life insurance you need is. Income replacement Expenses Assets Life Insurance Need. Amount A factor Anything from Bank accounts,needed based on how funeral costs money market. to cover long your or outstanding accounts retirement. any costs dependents debt to savings or present, child care x will need mortgage or life insurance that. groceries financial college costs can be provided to. rent etc for support dependents the value,your survivors of which doesn t.
each year need to be part of life,insurance cost,Calculating Your Need for Life Insurance 9. The worksheet on the following pages will guide you through this equation If you are interested in. exploring other methods information and resources can be found on my website at www lifeinsur. ancetoolbook com in the How Much Life Insurance section Or you can refer to Question 3 in. Questions and Answers on Life Insurance,The best starting point for each of us in solvin. 2 The Questions and Answers on Life Insurance Workbook insurance If you want to invest your money to grow your nest egg or retirement funds which by all means you should look elsewhere No matter what you read or hear life insurance can serve as a supple mental investment only when you have a life insurance need It is not an investing tool

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