PLANNING OPTIONS
Final Expenses accompany the unique tragedy of losing a child. There are multiple ways to plan –
Key considerations include –
- Funeral Costs
- Medical Bills
- Education Debt – General
- Education Debt Co-Signed by Parents
Adult Life Insurance Needs are different. While children may grow into those needs, they may life insurance unavailable or unaffordable due to –
- Disease
- Accident-related condition
- Lifelong medical condition
Coverage as a child typically provides options to purchase or continue coverage as an adult.
LIFE INSURANCE ADVANTAGES
Life Insurance is less likely to get mixed in with other savings…and spent before the need arises.
Life Insurance proceeds are not subject to ordinary income tax.
Death Benefits are payable to a beneficiary, which you can change as you see fit –
- A trusted loved one
- A trust
- An institution
- A designated financial trustee
ERIE FAMILY LIFE
Erie Family Life polices outlined here feature –
- Permanent insurance
JUVENILE 20-PAY WHOLE LIFE
- Issue Ages 15 Days – 17
Example: Girl, Age 12, Good Health
- Pays $283 Annually 20 Years
- Immediate $25,000 policy
SINGLE PREMIUM UNIVERSAL LIFE
- Issue Ages 15 Days – Age 85
Example: Boy, Age 10, Good Health
- Pays $2,130 Single Payment
- Immediate $30,000 policy
RIDER ON PARENT’S LIFE POLICY
CHILDREN’S TERM INSURANCE
- Issue ages 0 – Age 17
- Biological, adopted, stepchildren all covered
o Under 18 at application
o Additional newborns & newly adopted - Coverage 15 Days – Age 25
- Maximum $10,000
- 5X Conversion at Age 25
RIDER ON CHILD’s LIFE POLICY
GUARANTEED INSURABILITY
Purchase additional coverage at Ages
25, 28, 31, 34, 37, & 40.
NSS LIFE
NSS Life policies outlined here feature –
- Permanent or Term Insurance
YOUTH TERM to AGE 30
Examples: Boys & Girls, Good Health
- Issue Ages 0-22 – same rate
- Immediate $10,000 policy
o $17/Year; $125/1-Pay - Immediate $25,000 policy
o $27/Year: $300/1-Pay - Immediate $50,000 policy
o $50/Year; $500/1-Pay
WHOLE LIFE
- Issue Ages 0-95
Example: Boy, Age 10, Good Health
- Pays $61.50 Annually for Life
- Immediate $10,000 policy
20-PAY WHOLE LIFE
- Issue Ages 0-95
Example: Boy, Age 10, Good Health
- Pays $61.50 Annually 20 Years
- Immediate $10,000 policy
SINGLE PREMIUM WHOLE LIFE
- Issue Ages 0-95
Example: Boy, Age 10, Good Health
- Pays $1,080 Single Payment
- Immediate $10,000 policy
SINGLE PREMIUM WHOLE LIFE PAID OVER 3 YEARS
Example: Boy, Age 10, Good Health
- Issue Ages 0-95
- Pays $360 Annually for 3 Years
- Immediate $10,000 policy
https://www.erieinsurance.com/life-insurance/about