How Much Will You Earn in Your Lifetime?
Many people underestimate their lifetime earning potential when selecting life insurance. For example, a 30-year-old couple with a combined income of $150,000 per year—assuming no raises—will earn $5.25 million by age 65. How much will you earn in your lifetime? What happens to your family’s financial security if you or your spouse passes away unexpectedly before retirement?
Although it’s difficult to think about losing a loved one, planning for the unexpected ensures your family is protected from financial hardship.
Two Types of Life Insurance to Consider
All life insurance falls into one of two categories, and Catholic Life Insurance offers both. Each type serves specific needs, making it essential to understand your options.
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Term Life Insurance
Think of term life insurance like renting a home—it’s a temporary solution. It provides coverage for a fixed period and pays a death benefit if the insured dies. However, if the term ends and the insured is still living, coverage can be terminated or continued at a significantly higher premium.
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Permanent Life Insurance
Permanent life insurance is more like buying a home—a lifelong investment. It offers lifetime coverage, meaning the death benefit is guaranteed as long as premiums are paid. Additionally, these policies accumulate cash value, which you can access through loans or withdrawals during your lifetime. Accessing these funds may reduce the policy’s death benefit and cash value.
How Much Life Insurance Do You Need?
Choosing the right amount of life insurance is as critical as selecting the right type. Your policy should help:
- Replace income to maintain your family’s lifestyle
- Cover mortgage payments to keep your family in their home
- Fund your children’s college education
- Handle financial emergencies
- Provide for children and other dependents
- Cover final expenses
An Insurance Needs Analysis is an excellent tool for determining the coverage amount your family requires.
The Benefits of Life Insurance for Your Family
Purchasing life insurance does more than provide financial security—it also:
- Protects your family’s financial future
- Locks in insurability for your spouse and children, even if their health changes
- Alleviates stress and financial pressure during life’s most challenging moments
Let Catholic Life Insurance Guide You
Selecting the right coverage involves considering your budget, protection needs, and long-term goals. A Catholic Life Insurance Agent can conduct a personalized Insurance Needs Analysis to help you determine the best strategies for your family.
Contact your trusted Catholic Life Insurance Agent today to schedule a review of your family’s insurance needs.
Secure your family’s future with Catholic Life Insurance—protection you can count on.
