A clever idea in Life Insurance
Does the idea of having $500,000 in Life Insurance cover scare you?
Do you wonder if you actually have enough Life Insurance to protect your family?
What would they do with the money? How would they invest it to ensure it lastest long enough?
Well, there’s now an answer to the old problem of how to handle Life Insurance payouts.
Simply insure the debts you’d need to clear with a lump sum insurance benefit, then for the balance of your family’s income needs use the regular income benefit version of Life Insurance.
Situation: you have a young family with the youngest being 5 years old; a $200,000 mortgage; you earn $50,000pa and you want your spouse to have enough money to survive until the youngest goes to high school.
Solution: – all you do is take out $210,000 lump sum Life Insurance cover (the extra $10,000 is for your funeral and to clear a credit card maybe) plus a “Regular Income Benefit” of $3,300* per month for 8 years. This payout is tax-free.
Your family doesn’t need to worry about money ever again as your net income comes into the family every month just like your pay cheque used to!!
A quick call (or email) to Acorn will give you peace of mind that if the worst happens your family won’t miss out and BETTER STILL regular income Life Insurance benefits cost the same as normal lump sum Life Insurance!.
*$50,000 pa = $3,371 pm after tax
