While there is an insurance plan for everyone, many people underestimate their earning power
when it comes to choosing the right one. For example, a 30 year old couple earning a total family
income of $150,000 per year without any raises, will have earned a total of $5,250,000 by age
65. How much will you earn in your lifetime, and what happens if you or your spouse should
pass away prematurely before your retirement? No one likes to think about the loss of a spouse
or family member, but you do need to protect all of your family members against the financial
consequences of the unexpected.

All life insurance falls into one of two categories of coverage, and Catholic Life Insurance offers
both of them. Each category has certain elements that make it suitable for certain needs.
The first category is term life insurance, and can be compared to renting a home or apartment.
Term insurance provides temporary protection for a fixed period of time and a death benefit to
beneficiaries of the insured if they pass away within that term period. If the insured survives the
term period, the coverage can continue at a much higher premium or terminate.

The second category is permanent life insurance, and can be compared to buying a home and
building equity. Permanent insurance provides a lifetime solution. The insurance company pays
the death benefit regardless of when death occurs so long as the policy is kept in force. In addition,
the policy accumulates cash values that may be used during the insured’s lifetime as either
withdrawals or loans that will reduce the certificate’s death benefit and cash values.
Determining the right amount of insurance is just as important as choosing the right type of
insurance for your family. In addition to replacing all or a portion of your income, you should
also consider keeping your family in your home, establishing a college fund, covering financial
emergencies, providing for children, and paying for final burial expenses. An Insurance
Needs Analysis is the perfect solution for determining accurate amounts of protection for your
family members.

In purchasing life insurance on your family members, you secure a disciplined program for
protecting your family, insurability for your spouse and children if their health ever changes, and reduce
undue stress and pressure if the unexpected occurs.

In choosing the right type of protection for your family, there are many factors that need to be
considered. Your Catholic Life Agent can complete an Insurance Needs Analysis to help determine
your budget, time horizons, protection needs and what combination of strategies could fit your
family best.

Reach out to your trusted Catholic Life Insurance Agent today to set up a review of your
family’s insurance needs!