Insurance For Spousal Income Replacement (Knoxville, TN)

Hi, my name is Scott Smith with banker brokers.com. Today, we're going to teach you how to discover how much money you will need in order to ensure the main breadwinner uh in your family, in case something catastrophic happened to them, the whole purpose of this is to make sure that uh if the major breadwinner dies in the home, that the surviving spouse can continue to live on in their lifestyle, for them and their kids, their family without having that additional uh, burden stress, especially at the time of the die death of a loved one. So we're going to use uh uh certain variables. Today, your situation is likely different. So everything is customized. But for today's purposes, we're using uh the stats of a 30 year old man married non smoker making $80,000 a year with a $377,000 on he and his wife's mortgage. So the rule of thumb for conservative speaking, if you want to replace your income, you multiply uh the income by 20 and that's how much you will need in order to conservatively invest, uh, uh, in something uh, for you to get a 5% return annually. So 20 times 80 is 1,600,000. Now, we're doing simple math here. So we've already stated that we've already got a mortgage uh out there for $377,000. That brings the total need up to $1,977,000. Plus, of course, this would be a death event in case the major breadwinner in the home passed away. So there are uh last uh uh last uh final expenses which would include the funeral and final medical expenses. And for today, today's purposes, we're uh calculating that at $23,000. So 1.6 million $400,000 that's an even 2 million. So we're solving for 2 million. Ok. Now we're taking out a 30 year contract to make sure that over the course of 30 years from the time that the, that the uh subject is 30 years old until they're 60 years old, they have this in place. This will be, this will be a contract that will help them uh as they pay off their mortgage, as they get kids through school and settled and things of that nature. So the price of this for this individual is $2.50 a day. That's a, a trip through the drive through for a cup of coffee a day in order to have the peace of mind for both yourself, the major breadwinner and for your spouse who depends on you to main to, in order to maintain the lifestyle. So, um, is it worth $2.50 for this couple? I, I would hope so. And depending on your variable or your male, female, uh, what age you are or your health status. W uh, those are all factors in determining how much it would cost you. For some people. It's less for some people. It's more, uh, we would just have to look. I hope this helps out, um, feel free to call us or contact us here at Banker brokers.com. If you would like to ask, uh, questions about your particular situation and how much it would cost you. What we find out is that this is really no must, no fuss. In order to get this, you don't have to come into an office. We can do a simple, uh, a simple telephone call and we can have you applied for insurance in 15 minutes. That's why you're drinking that $2.50 cup of coffee. We can, uh, we can, uh, get this settled to where neither you nor the, your spouse has to worry about what's gonna happen. Uh, in case something happened to you, this is Scott Smith with banker brokers.com. Feel free to contact us and thanks for watching. Bye bye. Schedule a consultation today. Go to BankerBrokers.com and contact us with any questions you have.