Buying Life Insurance: What Kind and How Much?

Finding the middle ground between being “insurance poor” and unprotected requires assessing real needs and choosing products that are affordable. This article introduces different types of insurance products and the role that they can play in a personal financial plan.

Buying Life Insurance
Conventional wisdom says that life insurance is sold, not purchased. In other words, some people are reluctant to discuss the importance of owning life insurance, and others are simply unaware of the need to have life insurance. Although many large companies provide life insurance as part of their benefits package, this coverage may be insufficient.

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Who needs life insurance? If there are individuals who depend on you for financial support, or if you work at home providing your family with such services as child care, cooking, and cleaning, you need life insurance. Older couples also may need life insurance to protect a surviving spouse against the possibility of the couple’s retirement savings being depleted by unexpected medical expenses. And individuals with substantial assets may need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.

Types of Insurance
Term insurance is the most basic, and generally least expensive, form of life insurance for people under age 50. A term policy is written for a specific period of time, typically 1 to 10 years, and may be renewable at the end of each term. Also, the premiums increase at the end of each term and can become prohibitively expensive for older individuals. A level term policy locks in the annual premium for periods of up to 30 years.

Declining Balance Term insurance, a variation on this theme, is often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. While the premium stays constant over the term, the face value steadily declines. Once the mortgage is paid off, the insurance is no longer needed and the policy expires. Unlike many other policies, term insurance has no cash value. In this sense, it is “pure” insurance without any investment options. Benefits are paid only if you die during the policy’s term. After the term ends, your coverage expires unless you choose to renew the policy. When buying term insurance, you might look for a policy that is renewable up to age 70 and convertible to permanent insurance without a medical exam.

Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you may be able to borrow up to 90% of your policy’s cash value tax-free.

Universal Life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values. Universal life policies typically offer a guaranteed return on cash value, usually at least 4%. You’ll receive an annual statement that details cash value, total protection, earnings, and fees.

Drawbacks to this type of insurance include higher fees and interest rate sensitivity. Universal policies include up-front fees as well as ongoing administrative fees totaling as high as 5% to 7% of your premiums. You may also find your premiums increasing when interest rates decline.

Variable Life generally offers fixed premiums and control over your policy’s cash value. Your cash value is invested in your choice of stock, bond, or money market funding options. Cash values and death benefits can rise and fall based on the performance of your investment choices. Although death benefits usually have a floor, there is no guarantee on cash values. Fees for these policies may be higher than for universal life, and investment options can be volatile. On the plus side, capital gains and other investment earnings accrue tax deferred as long as the funds remain invested in the insurance contract.

Universal Variable Life insurance is the most aggressive type of policy. Like variable life, you control your investment in mutual funds. However, there are no guarantees on universal variable policies beyond the original face value death benefit. These policies are probably best suited to affluent buyers who can afford the risks involved.

Key Terms and Definitions

Face Value — The original death benefit amount.
Convertibility — Option to convert from one type of policy (term) to another (whole life), usually without a physical examination.
Cash Value — The savings portion of a policy that can be borrowed against or cashed in.
Premiums — Monthly, quarterly, or yearly payments required to maintain coverage.
Beneficiary — The individual(s) or entity (e.g., trust) that is designated as benefit recipient.
Paid Up — A policy requiring no further premium payments due to prepayment or earnings.

How Much Insurance Do I Need?
A popular approach to buying insurance is based on income replacement. In this approach, a formula of between five and ten times your annual salary is often used to calculate how much coverage you need. Another approach is to purchase insurance based on your individual needs and preferences. The first step is to determine your unique income replacement needs.

Currently, a large portion of your income goes to taxes (insurance benefits are generally income tax free) and to support your own lifestyle. Start off by determining your net earnings after taxes. Then add up all your personal expenses such as food, clothing, magazine subscriptions, club memberships, transportation expenses, etc. The remainder represents annual income that your insurance will need to replace. You’ll want a death benefit amount which, when invested, will provide income annually to cover this amount. Then, you should add to that the amounts needed to fund one-time expenses such as college tuition for your children or paying down mortgage or debt.

Income replacement for nonworking spouses is an important and often overlooked insurance need. Coverage should provide for your costs for day care, housekeeping, or nursing care. Add to this any net earnings from part-time employment.

Finally, estimate your own “final expenses” such as estate taxes, uninsured medical costs, and funeral costs.

Other Types of Life Insurance
Survivorship life insurance (also referred to as last-to-die or second-to-die) is a unique type of contract that insures the lives of two people. It pays a death benefit upon the death of the second insured. Therefore, it is typically less expensive than two individual policies. Survivorship life is often used for estate planning, where it may be possible to potentially leverage today’s dollars — via insurance premiums — into a potentially significant death benefit that can be used to fund estate taxes, create wealth for future generations, or benefit a charity. These policies may be available if one insured is medically “uninsurable.”

First-to-die life insurance insures the life of at least two people and pays a benefit upon the death of the first insured. This policy is useful for covering a mortgage or other large debt obligation where there is more than one debtor. In addition, it can be an ideal tool for funding a buy-sell agreement within a closely held business.

Conclusion
Life insurance is an important component of a sound financial plan. Buying insurance involves asking a variety of personal lifestyle and financial questions. If you are not already working with an insurance professional, you may want to consider the advice of a fee-for-service financial planner who can offer you an objective review of your insurance options. When you decide on what you want, there are many solid insurance companies to choose from. Consult your library or an independent insurance professional for companies with the highest ratings from the four ratings agencies: AM Best, Duff Phelps, Standard & Poor’s, and Moody’s.

Summary

• Term insurance is basic, inexpensive coverage with premiums that increase over time and have no cash value.
• Consider a term policy that is renewable and convertible to whole life should your needs change.
• Whole life provides level coverage with level premiums. A portion of those premiums goes into tax-deferred savings.
• Check rates on whole life policies and compare them to other investment opportunities.
• Variable life offers control over your investments.
• Premiums on variable policies are fixed, but face value and the value of your investments can fluctuate.
• Universal life offers more investment options, but is highly sensitive to interest rate changes.
• Universal variable life is highly flexible, but offers no guarantees beyond the original face value.
• Insurance needs are based on income replacement and personal preferences.

Checklist

__ Determine exactly how much money your survivors would need from life insurance in order to maintain long-term financial security.

__ Decide whether you prefer term life insurance or a policy that also includes a savings feature.

__ Shop around for the best deal, and read the policy before making a purchase. Don’t assume you’ll be getting benefits that aren’t clearly spelled out.

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You have your own apartment. Your own paycheck. You may even have your own spouse and children. So why do your parents still prepare your taxes, balance your checkbook or manage your investments?

Isn’t it about time you grew up?

It’s certainly not uncommon for your parents to handle some aspect of your finances. My dad, for example, handled my brother’s investments until he was 28 — and mine until I was 24 (and I had been working at Kiplinger’s for three years and certainly knew how to do it). I have friends whose parents are paying their credit-card or mortgage bills. And who doesn’t know someone who has returned home to live with Mom and Dad — or hasn’t done it himself?

So what’s the problem? Having someone you trust handle your money for no charge seems like the ultimate in convenience and comfort. I’ll admit that the arrangement is particularly helpful when you’re starting out and you’re trying to juggle new responsibilities. But eventually, you’ve got to cut the cord and learn to manage your money on your own.

Why?

For starters, Mom and Dad aren’t going to be around forever. Second, you may reach a point in your life when you don’t want your parents to know the intricate details of your finances. Third, you’ll want to teach your own kids how to be financially successful someday, so you better know how. And last, but certainly not least, it’s a matter of self-respect and pride. I, for one, feel great confidence in knowing I make the decisions for my finances and my future.

The bottom line: Whoever controls your money controls your life.
How to declare your independence

The desire for parents to help their kids is nothing new, as is the desire for kids to let them. Just don’t let it get in the way of you learning to succeed financially on your own. Cutting the cord can be a scary prospect. But here are four steps for a successful transition:

1. Start small. You’ve got to crawl before you can walk. So it may be best not to cut the financial cord all at once — just one snip at a time. If your parents are involved in several aspects of your financial life, assume responsibility for one at a time, making an effort to do each task right.

For example, focus this month on putting an end to your shameless mooching. You know, every time you stop by the house, you raid the pantry and filch a few cans of chili and a tube of toothpaste, and then you help yourself to the quarters in the loose-change dish. You’re not a starving college student any more. You’re a successful young adult for heaven’s sake. Buy your own chili!

Once you’ve taken on one task, take on another, then another. For example, learn to balance your own checkbook (snip!). Once you get the hang of that, shop around for your own car insurance (snip!). Then learn how to invest (snip!). Then tackle your own taxes (snip, snip!). Your transition won’t be as scary if you ease your way into financial independence.

2. Establish boundaries. What financial intercession is okay and what isn’t? Talk with your parents to draw the line for both parties. For example, is it okay for you to ask your parents for a loan? Is it okay for them to pay for your plane ticket home for Thanksgiving?

This can often be more difficult for well-meaning parents than for you. For example, my dad and my father-in-law still try to pay for things for me, despite the fact I’ve been financially independent for years: I’ve had a job since I was 15, I paid my own way through college, I’ve been filing my own taxes since I was 19, and I’m married with two kids. Personally, I don’t have a problem with them picking up the check at dinner now and then. But when one of them offers to pay for my groceries just because we happened to swing by the store together, it drives me batty. You’ll need to talk with your parents about how to draw the line between generosity and independence.

3. Stay in the loop. If both parties decide it’s really best to keep your parents in charge of some aspect of your finances for now, take an active interest in it anyway. For example, say your Mom’s an accountant and you’re both okay with her preparing your taxes each year. No big deal. Just make a point to sit down with her and learn about what she’s doing so that, if and when the day comes you havet to do it yourself, you’ll have a clue. Or if you really want Dad to manage your investments, make sure you’re involved in the decision-making. Don’t just hand over the reins and walk away.

This shouldn’t be a long-term arrangement, though. You will want to phase out your parents’ involvement eventually. After all, there may come a day when your mom or dad will be unable to file their own taxes or handle their own investments, so it’s in everyone’s interest that you know what you’re doing.

4. Solicit your parents’ advice. If your parents know what they’re talking about, there is nothing wrong with continuing to ask for their input. They have a lifetime of wisdom or perhaps professional expertise that you’d be crazy to ignore. But in the end, it’s up to you to make the final decisions about your money and your future.

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Stop Worrying About Money

Life should be simple and enjoyable. For many, however, it tends to be complicated and worrisome because of one huge problem — money.

A study conducted by the AARP revealed that one in four baby boomers say the worst thing about their lives right now is their finances. And according to a recent survey conducted by Harris Interactive, money woes were among the key concerns for the majority of Americans — an unsurprising statistic considering that money affects every aspect of our lives.

Life is about much more than money, though. You can gain the freedom to live the life you dream of by breaking the financial handcuffs of living from paycheck to paycheck, worrying about debt, and losing sleep over surviving your retirement.

A Case Study

Recently, I met a woman named Harriet at one of my seminars in Washington, D.C. She was in debt and hadn’t saved a dime, and was losing sleep, depressed, and extremely worried about her future.

“I’m 52 years old and I’ve done everything wrong,” she told me. “I’m divorced and recently remarried, and am now working 45 hours a week to make ends meet. I’ve got nothing in savings, and I don’t know what to do.

“Last year I went to a financial planner. I paid him $500 to run a financial plan for me — and he told me that in order to be able to retire in my 60s I needed to start saving over $2,700 a month. Considering that after taxes I only take home about $3,500, his plan was ridiculous.”

Harriet’s financial planner had upset her so much that she hadn’t been able to do anything about her financial situation. She was truly stuck.

It’s a Marathon, Not a Sprint

I wasn’t surprised by how hopeless Harriet felt. After all, it would seem impossible if you’d never even jogged a mile and were suddenly told to run a marathon.

Learning to save is a lot like running a marathon — you need to build up to it by training gradually. It’s too overwhelming to go from saving nothing to saving $2,700 a month, so you need to start slowly and keep it simple.

Consequently, I asked Harriet if she could save $10 a day. She felt that was totally doable — I even got her to agree that she could get her husband to save $10 a day. That adds up to be $7,300 a year.

If Harriet paid herself that $7,300 and put it in a solid, diversified investment that earns 10 percent (less than the stock market has averaged since 1926), she would have $461,947 in 20 years.

It also turns out that Harriet’s employer offers a 401(k) plan that matches 50 percent of what each employee contributes. That $20 a day she saves plus the 50 percent match equals $30 a day, which adds up to $10,950 a year — which, at a 10 percent annual return for 20 years, would give Harriet a grand total of $692,924.

Back to School

At first, Harriet was shocked by my calculations. Then she got mad. “Why didn’t the guy I hired last year explain it this way?” she asked. “He made my situation seem impossible.” She was silent for a moment. “You know,” she said finally, “they should teach this in school. My whole life would have been different if I’d know this before.”

Harriet is absolutely right — they should teach this in school. But they don’t. It’s up to each of us to educate ourselves about improving our financial situation.
After all, regardless of age, status, or situation, we all control our financial destiny. Whether you’re in your teens or your 80s, and whether you’re single, married, divorced, or widowed, you can take charge of your financial future.

Learn Something New Every Day

One of the worst financial cliches is that failing to plan financially is planning to fail. No one plans to fail, and, happily, it’s never been easier to get started on a financial plan. Web sites, books, magazines, and newspapers offer a wealth of information at your fingertips, most of it absolutely free.

Make a commitment to read at least one article about money every single day. You’ll be amazed at how quickly you start to expand your knowledge. The more you learn, the more interesting it gets, and the more involved you’ll want to be. Knowing what’s going on with your money and how to improve your personal finances can really begin to change your life.

Taking Action Pays

Harriet put her plan into place right after our meeting at that seminar. I was proud of her for moving forward — no longer wasting time fretting about what she wasn’t taught, didn’t know, or hadn’t done. At age 52, she accepted where she was and vowed that it was time to take action immediately.

Her new savings plan didn’t make her rich overnight, but her new action plan made her feel better instantly. As Dale Carnegie once said, “The secret to life is to stop worrying and start living.” Smart financial information can make living rich easier — and living more happily a reality.

by David Bach - The Automatic Millionaire

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Open-enrollment season is upon us — that time of year when companies across America communicate what’s new in your benefits package for 2008.

It’s possible that there’s a package containing your company’s benefit options for 2008 sitting on your work desk right now. And if you’re self-employed and running your own company like me, now’s the time to be reviewing these options as well.

Your health benefits are an important part of your 2008 financial strategy. Here’s what you need to know in order to plan successfully:

1. Get the deadline on your calendar
You’ll usually get a full month, maybe more, to review your open-enrollment package. Don’t just let it sit on your desk. You need to open the package up and read it. Give yourself enough time to thoroughly review all your options.

If you don’t take any action, your company will probably enroll you in what you selected for 2007 or, worse, you might not get enrolled for anything at all. So be smart — know the deadline and give yourself plenty of time.

2. Include your spouse or partner
If you’re married or have domestic partner benefits, don’t forget to include your significant other in the decision-making process. Schedule a “benefits date” for the two of you to review everything.

If you both have company-sponsored medical coverage, you’ll want to compare plans. One of them may be noticeably better than the other, in which case you may want to cancel the lesser plan and use the superior one to cover you both and save some money in the process.

3. Know that your health-care costs are going up
With annual open enrollment comes annual premium rate hikes for companies — which translates into a higher paycheck deduction for you.

According to the Kaiser Family Foundation/Health Research and Educational Trust 2006 Annual Employer Health Benefits Survey, the average premium increase for employer-sponsored health plans in 2006 was 7.7 percent.

On average, employees contributed about 27 percent of the premium ($2,973 a year) for family coverage and 16 percent of the premium ($627 a year) for single coverage. But the Kaiser report also reveals that in 2007, 49 percent of employers are likely to increase what employees pay for coverage. Thirty-nine percent are likely to increase plan deductibles, co-payments, and /or co-insurance.

What does this mean for you? That you’ve got to factor rising costs into your budget for 2008.

4. Review, research, and compare options
Start your options review process by taking an inventory of what benefits you currently have and how much you’re paying for each. This will give you a good reference point. Then, review your new options in detail.

You’ll probably be given several different types of health insurance plans to choose from. Briefly, there are three major types to consider:

Managed Care

Includes HMO, PPO, and POS plans. All managed care plans involve a prearranged agreement between the insurance company and a selected network of doctors, and all three will offer you financial incentives to use the doctors in that network.

An HMO requires you to select a primary care physician and to get a referral to see a specialist. Out-of-network care is generally not covered. PPO and POS plans allow you more flexibility with their out-of-network options but you may need to meet a deductible.

Fee for Service

Also known as an indemnity plan. After you pay a deductible, a specific percentage of the cost is reimbursed to you up to an annual cap. There are no networks to consider, although you’ll probably end up with more out-of-pocket charges in exchange for having more freedom to see the doctor of your choice.

Consumer-directed

Also known as consumer-driven or consumer-choice plans. These are high-deductible plans designed to give members more flexibility with health benefit decisions and more control over their health benefit dollars. Examples of consumer-directed plans include Health Savings Accounts, Health Reimbursement Arrangements, and Flexible Spending Accounts.

5. Don’t be intimidated
The choices can be complex, but don’t be alarmed. Instead, get the facts. For full details on the different types of plans, check out these helpful web sites:

The U.S. Department of Health and Human Services Agency for Healthcare Research and Quality
HealthInsurance.info
Plan for Your Health

While you’re there, check out the free book you can order called Navigating Your Health Benefits for Dummies.

6. Collect information on each plan
Here’s a list of questions to ask yourself when comparing plans side by side:

What’s my new monthly premium going to be?

What’s my co-pay?

Am I required to meet a deductible? If so, what’s the deductible?

After my deductible has been met, what percentage of my medical expenses is reimbursed?

What’s my maximum out-of-pocket expense?

Are my doctors in the plan’s network?

Am I allowed to see a doctor outside the network? If so, what’s the reimbursement difference?

Do I need a referral to see a specialist?

Don’t simply go with a plan because it’s the cheapest. Go with the very best plan you can afford. The more expensive the plan, the more flexibility and most likely better quality of care you’ll get. After all, this is your health we’re talking about!

7. Make your 401(k) plan automatic
According to a study by Barclays Global Investors Services, about 80 percent of people who sign up for a 401(k) plans never make a change after the day they sign their enrollment form.

Check to see if your employer has added new options to your plan this year. My recommendation is to increase whatever you’re saving — in 2007, the maximum you can save is $15,500 if you’re under 50, $20,500 if you’re over 50. And if you’re not enrolled, sign up. Saving money automatically is the secret to becoming an Automatic Millionaire.

8. Ask questions
If your company offers any open-enrollment meetings, take the time to go. Otherwise, don’t hesitate to stop by your Human Resources department to get all your questions answered.

By the time open enrollment is over, you’ll have made some smart, educated decisions that are an important part of your overall financial plan. So congratulations — here’s to your health benefits and to your good health in 2008!

by David Bach - The Automatic Millionaire

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If you feel like you’re starting late on your savings plan, you’re not alone. According to a nationwide survey I commissioned while writing my book “Start Late, Finish Rich,” half of all Americans feel that they’re “starting late.”

Half of those surveyed had less than $10,000 in total savings, while 3 out of 10 had less than $1,000 in savings. No wonder so many Americans are worried about their financial futures.

Give Yourself a Break
While some may blame themselves for not having started earlier, the reality is that many people start late not because of shortsightedness or laziness or irresponsibility, but because life threw them a curveball.

I hear from people all the time who start saving late because of divorce, death, illness, disability, and so on. But what’s done is done. You can’t go back and fix the past — it’s time to move forward. (To read more about making a fresh start this year, see my column from earlier this month, “Five Principles for Happiness in 2007.”)

Turbo-Charge Your Latte Factor
What’s the fastest way to get back on track with your financial plan for the future? You’ve got to find your money and keep track of the small daily expenditures that tend to add up over time.

If you’re a regular reader of this column or have read any of my books, you already know about this phenomenon, which I call the Latte Factor. If you’re starting late, though, tracking these expenses won’t be enough.

Instead, you’ve got to turbo-charge your Latte Factor by cutting back on all fixed expenses — those monthly or yearly recurring costs that are also known as your overhead. You don’t have to give things up; again, just cut them back. Call it the Double-Latte Factor.

Finding your Double-Latte Factor is fairly simple, since you most likely get a bill for your fixed expenses (like rent or mortgage, car payments, Internet service, phone, cable, etc). You should also check your bank and credit card statement for any subscription-type services that are automatically debited to your account or charged to your card.

Take a close look to determine who’s attached themselves to your monthly income. You may be shocked to realize how many people are on your household “payroll.”

The 20-Minute Solution
Most people overestimate what they can do financially in a year — and underestimate what they can achieve financially in just a decade or two.
For now, aim to find $2,500 to cut out of your spending this year and invest it in a savings or retirement plan instead. To see the potential results, do the math with my Latte Factor calculator.

In 20 years, investing $2,500 a year with an 8 percent interest rate will amount to almost $125,000. In 30 years, you’ll have accumulated over $300,000, and in 40 years, almost $700,000. Earn a higher interest rate — say 10 percent — and in 40 years you would have well over a million dollars.

Are you ready to transform your finances this year? Here are five ways to save over $2,500 in just 20 minutes:

Lose the premium cable television package and save $960.
The average premium package — over 200 channels — can easily cost $100 a month when you include the cable box fees and all the crazy taxes and unexplainable expenses that are legally tacked onto the fixed cost. That’s $1,200 a year just to watch TV!

And, of those 200 channels, you probably only watch maybe a dozen. Do you really need all the extra channels? And do you really need a cable box for every TV set in the house? If you downgrade to a more basic cable package (many of which start at $19.99 a month) and return a cable box or two you’ll save about $80 per month, or a whopping $960 for the year.

Get real about your cell phone and save $240.
According to a recent study by Yankee Group, on average cell phone users pay for 791 minutes per month and use only 477. Right now, an individual plan with 900 minutes through Verizon Wireless costs $60 a month — add in taxes and fees and you’re looking at an $80 monthly bill. That’s close to $1,000 a year in cell phone charges.

If you go with a plan that offers fewer minutes — 450 — it will only cost you $40 a month, or $60 with taxes and fees. Simply by opting for a lower plan, you’ll easily save $20 a month, or $240 a year. And that’s being conservative; chances are your cell phone bill is even higher than my estimate here, considering all the available bells and whistles.

Go wireless and save $600.
It’s becoming increasingly common to cancel landline phone service altogether and use a cell phone in place of a home phone. Your landline is probably costing you at least $50 a month, so ditching it would mean a savings of $600 a year.

If you get great reception at home, are organized enough not to lose your phone, and are good about keeping it charged, this might be a great solution for you.

Exercise smart and save $240.
We all know the trap: You pay your monthly or yearly gym membership dues and don’t go quite as often as you thought you would.

You could cancel your membership and save a bundle, but you don’t have to give it up completely. Many Platinum Memberships offer certain extras, including the option to work out in other locations — maybe while traveling or on vacation. If you downgrade to a more basic membership you can save at least $20 a month, or $240 a year at the very least.

Shop for car insurance and save $500.
This one’s a no-brainer. If you own or lease a car, car insurance is a must-have. But don’t settle for the first rate quote you get — you’ve got to shop around. Simply by picking up the phone and getting some comparative quotes, you could wind up saving 10 to 15 percent on what you’re paying today, and possibly more.
I wrote a column on this topic last year. My assistant saved $800 with one 10-minute phone call. Even with a more conservative savings estimate of, say, $500 a year, it’s still a windfall.

Your grand total savings: $ 2,540.

A Little Pain, a Lot of Gain
Pretty simple, right? Well, maybe not. The truth is that it’ll take some effort on your part. The key is to remember that you only need to cut back on certain items, not give them up entirely.

I challenge you to find your Double-Latte Factor. Explore how much you’re paying for your bottled-water delivery, homeowner’s insurance, high-speed internet connection, car lease, DVD subscriptions — I could go on and on. The extra money is there. You just need to find it.

by David Bach - The Automatic Millionaire

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