Florida Living Trust

Understand basic estate planning concepts

Replacing income

  • Raising children
  • Paying the mortgage on a residence and covering debts
  • Providing retirement money for a spouse

On a budget?

Term Life Insurance is the least expensive and an excellent option.

It is about 1/4 the cost of other types. The policy ends after the term you select: 10, 15, 20, 25 or 30 years.

Choose a term based on your needs. If children are 20 years from being independent, look at 20 year terms. If you and a spouse are 30 years from retiring or paying off a mortgage, look at 30 year terms.

Policies covering your lifetime

Whole Life and Universal Life Insurance provide coverage over your entire lifetime. In addition, premiums build a cash value that can be borrowed from or withdrawn.

These policies are often used to cover final expenses, create wealth for future generations and pay taxes for estates over $3.5M. Cash values also grow tax-free, so they often play an important role in retirement portfolios.

Use the provided links for free instant quotes. See what different amounts you can work into your budget.

Money is tight for many people in today's economy. Ask yourself if an expanded television cable package or multiple dinners out with the family are more important than minimal protection.

Several hundred thousand dollars of protection is available often for less than one dinner out with the family each month.


Calculating life insurance needs

Determine your needs for life insurance. Enter a value for each expense and see your total at the end of the page.
  • Final expenses - Burial and cremation can cost anywhere between $5,000 and $20,000.

  • Remaining mortgage - The beneficiary of the life policy can hold off on paying the mortgage balance if houses are depreciating. It may be best to keep the payout in cash or other investments and make monthly mortgage payments.

  • Other debts - Credit cards, auto payments, loans etc.

  • Cost to raise children - Free tool to calculate the cost of raising a child.

  • Money for spouse or partner - How much would you have contributed to daily lifestyle expenses and retirement savings over the next 5-10 years? An easy trick is to multiply your salary by the number of years you're looking to replace.

  • Additional amounts - Creating wealth, a charitable donation, etc.

  • Estate taxes - If you are considering life insurance to cover taxes should your estate be over $3.5M, contact a financial, insurance or estate planner professional.

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Your life insurance need estimate:
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Estate Director for Living Trusts and Wills

Copyright 2008
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