1
Thomas &Jill Life Insurance
Members:
Ji Byun
Kuan-Ju Chen
Yuan Lin
Siriwun Manitase
Index
Summary of Insurance………………………………..p.2
Thomas life insurance needs analysis………………...p.3
Jill life insurance needs analysis……………………...p.4
Thomas life insurance plan quote…………………….p.5
Jill life insurance plan quote………………………….p.8
2
Summary of Insurance
Life insurance covers you for a definite period of period and typically has the lowest premium in
the initial years; the life insurance has been known to be the most reasonable life insurance originally
although it does not build cash value. The life insurance needs calculator offered basically calculates the
basic need and that if you are still living at the end of the term; your insurance coverage is calculated on
the family expenses. When this basic calculation on the basic need of your family expenses just in case
you die, it will renew at a higher price reflecting your saving and the life insurance basic need structure.
The whole life is a sort of perpetual basic need protection insurance to your family. For Thomas
and Jill’s example, if their final expenses are $10,000, and outstanding debts are $120,000, the life
insurance will need to cover their children’s education after their death which will cost $363,368.23. It's
called the need insurance in light of the fact that an entire life approach gives deep rooted insurance and is
ensured to do so by the insurance agency. With entire life, you pay a settled premium forever, rather than
the expanding premiums found on term disaster protection approaches. And for their estimate of their
family’s income needs in case of their death will be different each other, because even though their total
annual income ($145,000), number of the year (24) ,current saving and investment ($0), estimated
inflation rate (3.8%) and after tax net investment yield (9.5%) are same, their current retirement savings
and value of the life insurance are different which are for Thomas, his current retirement savings are
$120,000 and value of the life insurance are $500,000, so his present value of income need will be
$1,288,109.47. But for Jill, her current retirement savings are $ 24,750 and value of the life insurance are
$100,000, so her presents value of income need will be $1,210,590.25.
I will definitely recommend a permanent insurance, the reason why I recommend With permanent
insurance, there's no gamble, as long as they keep the policy in force, they cover holder’s whole life as
well as their’ family will receive a death benefit. But the companies must charge more because they know
at some point they'll have to pay out. Also one of the great advantage about permanent insurance is the
accrual of cash value. It's like getting interest in a bank, but you get higher returns. And your premiums
are fixed and you will not need to worry about rising premium rates. When the time comes that you will
withdraw funds from your insurance, they will be tax free.
The most important motivation to possess this kind of insurance coverage is to give backing to
your words if you or your companion passes. The thought is to permit surviving relatives to keep up
something near the expectation for everyday life they appreciated preceding you or your companion's
demise. The measure of protection important to deal with this depends, partially, on the amount of pay
you and your companion as of now win. By and large, to bring down your pay, the less you need to
supplant and the less disaster protection you require.
Entire extra security is a kind of lasting protection or money esteem protection. Not at all like
term protection, which has given scope to a specific time of time, changeless protection gives scope to
your whole life. When you make premium instalments, you pay more than is expected to pay for the
current expenses of protection scope and costs. The overabundance instalment is credited to money worth
record.
Thomas life insurance policy cost per year is around $544 to $560 depends on which company he
uses if he meets “preferred” class of health and doesn’t use tobacco. If Jill meet “preferred” class of
health and doesn’t use tobacco, her life insurance policy cost per year is around $145 to $157 depends on
which company she used.
3
Thomas life insurance needs analysis
4
Jill life insurance needs analysis
5
Presented By:John E. Ryan, CFP
Ryan Insurance Strategy Consultants
Phone: 800 796 0909
Email: Info@Ryan-Insurance.net
Thomas Life Insurance Plan
Today's Date is:
Premiums for:
Birthdate:
Age:
State:
Face Amount:
December 1st, 2014
Male Preferred Non-Smoker
June 15th 1972
42 Age Nearest: 42
Texas
$500,000
Pick 6 Policy Analysis
# Company Name
1.
American General Life Insurance
Company
2. Protective Life Insurance Company
3.
Ohio National Life Assurance
Corporation
4. MetLife Insurance Company USA
Product
Health Category
Select-a-Term - 20 Year
Preferred Non-Tobacco
Pf
Custom Choice UL - 20 Year
No Lapse
Preferred Non-Tobacco
Pf
FlexTerm Series IX - 20 Year
Preferred Non-Smoker
Pf
Guaranteed Level Term 20
Preferred Nonsmoker
Pf
T-20/20 - 20 Year Term
Preferred Non-Nicotine
Pf
5.
Savings Bank Life Insurance Co of
MA
6.
Genworth Life and Annuity Insurance Colony Term 20 (MS, PA, TX
Co
& VT)
Guaranteed Annual Premium
Year
Product Product Product Product Product
Product 6
1
2
3
4
5
1
544.0
547.8
550.0
554.0
555.0
560.0
2
544.0
547.8
550.0
554.0
555.0
560.0
3
544.0
547.8
550.0
554.0
555.0
560.0
4
544.0
547.8
550.0
554.0
555.0
560.0
Preferred No Nicotine Use Pf
6
5
544.0
547.8
550.0
554.0
555.0
560.0
Accumulated 2,720.
2,739.
2,750.
2,770.
2,775.
2,800.
Premium
Cost
6
544.0
547.8
550.0
554.0
555.0
560.0
7
544.0
547.8
550.0
554.0
555.0
560.0
8
544.0
547.8
550.0
554.0
555.0
560.0
9
544.0
547.8
550.0
554.0
555.0
560.0
10
544.0
547.8
550.0
554.0
555.0
560.0
Accumulated 5,440.
5,478.
5,500.
5,540.
5,550.
5,600.
Premium
Cost
11
544.0
547.8
550.0
554.0
555.0
560.0
12
544.0
547.8
550.0
554.0
555.0
560.0
13
544.0
547.8
550.0
554.0
555.0
560.0
14
544.0
547.8
550.0
554.0
555.0
560.0
15
544.0
547.8
550.0
554.0
555.0
560.0
Accumulated 8,160.
8,217.
8,250.
8,310.
8,325.
8,400.
Premium
Cost
16
544.0
547.8
550.0
554.0
555.0
560.0
17
544.0
547.8
550.0
554.0
555.0
560.0
18
544.0
547.8
550.0
554.0
555.0
560.0
19
544.0
547.8
550.0
554.0
555.0
560.0
20
544.0
547.8
550.0
554.0
555.0
560.0
7
Accumulated 10,880. 10,956. 11,000. 11,080. 11,100. 11,200.
Premium
Cost
Premium Modes
#
Company Name
Annual
Monthly
Quarterly
Semi-Annual
1.
American General Life Insurance
Company
544.0
47.6
144.1
282.8
2.
Protective Life Insurance Company
547.8
47.1
140.5
278.6
3.
Ohio National Life Assurance
Corporation
550.0
47.5
148.5
286.0
4.
MetLife Insurance Company USA
554.0
49.8
149.5
293.6
5.
Savings Bank Life Insurance Co of MA
555.0
48.2
144.3
283.0
6.
Genworth Life and Annuity Insurance Co 560.0
49.0
145.6
285.6
8
Presented By:John E. Ryan, CFP
Ryan Insurance Strategy Consultants
Phone: 800 796 0909
Email: Info@Ryan-Insurance.net
Jill Life Insurance Plan
Today's Date is:
Premiums for:
Birthdate:
Age:
State:
Face Amount:
December 5th, 2014
Female Preferred Non-Smoker
June 15th 1972
42 Age Nearest: 42
Texas
$100,000
Pick 6 Policy Analysis
# Company Name
Product
Health Category
1.
Ohio National Life Assurance
Corporation
FlexTerm Series IX - 20 Year
Preferred Non-Smoker
Pf
2.
Ohio National Life Assurance
Corporation
FlexTerm Series IX - 20 Year
Plus
Preferred Non-Smoker
Pf
Custom Choice UL - 20 Year
No Lapse
Preferred Non-Tobacco
Pf
T-20/20 - 20 Year Term
Preferred Non-Nicotine
Pf
OPTerm 20 - 20 Year Term
Preferred Non-Smoker
Pf
3. Protective Life Insurance Company
4.
Savings Bank Life Insurance Co of
MA
5. Banner Life Insurance Company
6.
Genworth Life and Annuity Insurance Colony Term 20 (MS, PA, TX
Co
& VT)
Guaranteed Annual Premium
Year
Product Product Product Product Product
Product 6
1
2
3
4
5
1
145.0
149.0
151.6
152.0
153.0
157.0
2
145.0
149.0
151.6
152.0
153.0
157.0
3
145.0
149.0
151.6
152.0
153.0
157.0
Preferred No Nicotine Use Pf
9
4
145.0
149.0
151.6
152.0
153.0
157.0
5
145.0
149.0
151.6
152.0
153.0
157.0
Accumulated 725.0
745.0
758.0
760.0
765.0
785.0
Premium
Cost
6
145.0
149.0
151.6
152.0
153.0
157.0
7
145.0
149.0
151.6
152.0
153.0
157.0
8
145.0
149.0
151.6
152.0
153.0
157.0
9
145.0
149.0
151.6
152.0
153.0
157.0
10
145.0
149.0
151.6
152.0
153.0
157.0
Accumulated 1,450.
1,490.
1,516.
1,520.
1,530.
1,570.
Premium
Cost
11
145.0
149.0
151.6
152.0
153.0
157.0
12
145.0
149.0
151.6
152.0
153.0
157.0
13
145.0
149.0
151.6
152.0
153.0
157.0
14
145.0
149.0
151.6
152.0
153.0
157.0
15
145.0
149.0
151.6
152.0
153.0
157.0
Accumulated 2,175.
2,235.
2,274.
2,280.
2,295.
2,355.
Premium
Cost
16
145.0
149.0
151.6
152.0
153.0
157.0
17
145.0
149.0
151.6
152.0
153.0
157.0
18
145.0
149.0
151.6
152.0
153.0
157.0
19
145.0
149.0
151.6
152.0
153.0
157.0
10
20
145.0
149.0
151.6
152.0
153.0
157.0
Accumulated 2,900.
2,980.
3,032.
3,040.
3,060.
3,140.
Premium
Cost
Premium Modes
#
Company Name
Annual
Monthly
Quarterly
Semi-Annual
1.
Ohio National Life Assurance
Corporation
145.0
12.5
39.1
75.4
2.
Ohio National Life Assurance
Corporation
149.0
12.8
40.2
77.4
3.
Protective Life Insurance Company
151.6
13.0
38.8
77.1
4.
Savings Bank Life Insurance Co of MA
152.0
13.2
39.5
77.5
5.
Banner Life Insurance Company
153.0
13.3
39.7
78.0
6.
Genworth Life and Annuity Insurance Co 157.0
13.7
40.8
80.0