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Life Insurance - Deciding What You Need & Policy Information Jacksonville NC

Most financial planners will say that you should have life insurance, 5 times your annual salary. Those with more dependents may need more life insurance. Other financial planners say that you should look at the total amount of income that you want to replace between now and retirement.

Mr. Richard L. Pugh (RFC®), CFP, MBA
(910) 455-6400
824 Gum Branch Rd., Suite I
Jacksonville, NC
Company
Pugh & Associates Inc.
Qualifications
Education: MA Business Administration
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. William A. Harmon (RFC®), CFP, RFP
(919) 968-1177
2210 Holly Circle
Chapel Hill, NC
Company
Vita Planning
Qualifications
Years of Experience: 28
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Charitable Planning, Education Plan, Compensation Plans

Data Provided by:
Mr. Anthony W. March (RFC®), CEP, JD, MBA
(866) 962-1116
12324 Hampton Way Dr
Wake Forest, NC
Company
Wall Street Estate Planners
Qualifications
Education: Undergrad:University of North Carolina (Pembroke/School of Business)* Bachelor of Science Business Administration (focus Finance & Marketing). Graduate: Stafford University (UK)* MBA* JDMr. March holds the following designations and cert
Years of Experience: 14
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, CommOptions, CD Banking, Annuities, Life Insurance, Group Insurance, Business Coach, Charitable Planning, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Joe Boone
942 W. 4th Street 202
Winston Salem, NC
Years Experience
Years Experience: 8
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Estate Tax Planning,Asset Protection Strategies & Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Pri

Data Provided by:
Stephen Chappell
106 North Water St
Wilmington, NC
Company
Title: Financial Advisor
Company: Raymond James Financial Advisor
Type
Registered Investor: Yes
Education
MSFS,CFS
East Carolina University
School of Financial Planning
Years Experience
Years Experience: 20
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Retirement Planning,Investment Consulting & Allocation Design,Retirement Income Distribution Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Insurance & Risk Management Planning,Asset Protection Strategies & Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,In

Data Provided by:
John Medwin
1120 Old Ridge Rd.
East Bend, NC
Company
Title: Retirement Specialist
Company: Medwin & Associates
Education
Gardner Webb University
Years Experience
Years Experience: 15
Service
Stock Market Alternative,Wealth Management,Life Insurance,Long-Term Health Care Planning,Estate Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Retirement Planning,Insurance & Risk Management Planning,Education Funding & Financial Aid Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Annuities,Annuity Ideas & Strategy Planning,Asset Protection Strategies & Planning

Data Provided by:
Mr. Harvey R. Alter (RFC®), CEP, CSA, MBA
(973) 265-2862
117 Shenandoah River Dr
Hertford, NC
Qualifications
Education: mba
Years of Experience: 33
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Mr. Raymond Wong (RFC®), PHD
(919) 928-0945
1829 E Franklin, Ste 600
Chapel Hill, NC
Company
Ameriprise Financial
Qualifications
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Peter D'Arruda, RFC
1135 Kildaire Farm Road
Cary, NC
Company
Title: President & CEO
Company: Capital Financial Advisory Group. LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
UNC-Chapel Hill
Years Experience
Years Experience: 18
Service
Hourly Financial Planning Engagements,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Jon Jonathan Gregory
5401 Plain View Hwy.
Dunn, NC
Service
CD Alternative,Health Care Insurance,Long-Term Health Care Planning,Asset Protection Strategies & Planning,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Insurance & Risk Management Planning,High Yield Bank Accounts,Medicare Planning,Life Insurance,Annuity Ideas & Strategy Planning

Data Provided by:
Data Provided by:

Life Insurance - Deciding What You Need & Policy Information

Provided By: 

Life Insurance - How do I decide what I need?

This is a big question. In general, most financial planners will say that you should have life insurance equal to at least 5 times your annual salary. Some folks with more dependents (older parents, children and spouse) may need more life insurance.

Other financial planners say that you should look at the total amount of income that you want to replace between now and retirement. While the numbers can be big and scary if you are young, your actual life insurance needs will decrease over time.

Let's look at an example. If I'm 25 and make $35,000 a year and I want to replace the income I'd make between now and retirement age, I'd be looking at life insurance for $848,000. Whew! Well, there are a number of concerns with that:

  1. First and foremost, can I afford the premium?
    At this age, you may be able to. The risk to a life insurance company is low.
  2. Does my spouse work?
    If my spouse does work I may not have to replace my total salary.
  3. If I have a stay-at-home spouse, would they consider going back to work after a certain period?
    If you think your spouse may want to retrain for another career you may actually need to consider more money. Or perhaps, if the total amount of the life insurance policy paid out the mortgage and put some money in the bank, your spouse could return to the workforce on a part-time basis.
  4. Am I trying to leave my family 'set for life' or am I trying to get them over a tough time?
    This is entirely up to you. Balance it out against the amount of the life insurance premium.
  5. Is it overkill?
    (Excuse the pun.)

These are questions which must be considered. At a minimum, your life insurance coverage should:

  • Fully pay out your mortgage
  • Fully pay for funeral costs
  • Allow for supplementary childcare for at least 2 years (if you have children)
  • Fully pay out any other debts, like car loans, outstanding bills from credit cards or utilities, etc
  • Leave a little something in the bank for emergencies

Does 5 times your salary meet these requirements? Great. If not, you might have to consider up to 8 times your salary. Then consider all the factors which might affect your spouse's ability to handle the situation - perhaps you've died in an accident in which they were hurt too, or perhaps you have a family of 9 children and your spouse couldn't return to work - and add additional money as required.

What about college for the kids?

...

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