Insurance Products at Eaton Financial Services

If you have family, or someone who depends on you financially, the answer is probably ‘yes.’ Life insurance helps protect your loved ones, no matter what. Whether the money is used to replace your income, cover funeral expenses, pay off debt, or provide for educational expenses, life insurance gives your family financial security when they need it most. Having the right life insurance is essential to planning for your present and future. Not only can it provide financial protection for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.

We can help you determine the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:

Term Life
Coverage for a certain period of time, to help with things like paying off a mortgage or assisting with daily expenses until your children are grown. Because it covers only a set time, such as 10 or 20 years, term is the less expensive option.

Universal Life
Permanent insurance that is flexible in many ways and can fit into your financial and legacy plan. This policy accumulates cash value, has flexible payments and can cover you for your entire life.

Whole Life
Permanent insurance that can help you leave a legacy or pay for final expenses. Whole life is the most expensive product, but it can build cash value and cover you for the rest of your life.

Want more information? Contact us today!

Did you know proceeds from an insurance policy are generally income tax free and if properly structured, may also be free from estate tax? This means you can leave your family with a tax-free legacy through life.

How Can I Protect My Estate or Business, or Provide For My Heirs?

We offer access to customized solutions, and can create a tailor-made plan to meet your specific needs, and help with:

• Distributing estate assets equitably
• Gifting strategies to non-profits
• Planning for heirs

We offer access to the following solutions:

• Insurance Planning (including Long-Term Care and Disability Insurance)
• Wealth Transfer
• Retirement Planning
• Special Risk

Business Specific

• Key Person Insurance
• COLI/BOLI
• Business Succession
• Executive Compensation

Everybody needs a different amount of life insurance based on their individual situation. But it basically comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture.

To get started, it helps to consider a few questions like:  

• Who do I want to protect? Common answers include a spouse or partner and children, but your list may also include siblings, aging parents and more.
• How long would they need financial support? Consider the ages of everyone who depends on your earnings.
• Is anyone disabled or have other special needs? It’s important to remember that some people may need lifelong support.
• How much debt do I have? You’ll want more coverage if you have a mortgage, auto payments, credit card debt and other outstanding loans.
• How much savings do I have? Factor in all of your savings and investments and how liquid they are—some investments like real estate cannot instantaneously be converted into needed cash.
• Were you planning on contributing to a child (or children’s) college education? If so, you’ll want to up your coverage level.
• Will my spouse or partner need help with funding his or her retirement? If so, more coverage is needed than if he or she is fully funding his or her own retirement.

Three Easy Ways to Estimate Your Need

There’s no way to know the exact dollar amount your loved ones would need if you were to pass away.

But there are three easy ways to get an estimate of what that amount would be. (Keep in mind that experts recommend erring on the side of caution and buying a little more life insurance than you think you may need.)

Calculation 1:
One of the simplest ways to get a rough idea of how much life insurance to buy is to multiply your gross (a.k.a. before tax) income by 10 to 15. Another popular formula recommends adding $100,000 to that amount for each child’s college education expenses.

Calculation 2:
Another way to get a ballpark figure of how much life insurance to buy is to calculate the following:

Add up the immediate, ongoing and future expenses your family or loved ones would incur if you were to pass away. That could mean everything from funeral costs to rent or mortgage to college tuition.
Add up the financial resources your loved ones already have. That could mean a spouse’s income, savings, investments and life insurance that’s already in place.
Subtract your financial resources from the anticipated expenses. The difference between the two numbers is the approximate life insurance to buy.

Calculation 3:
Perhaps nothing is easier than a life insurance calculator, which is why we developed our Life Insurance Needs Calculator. Just answer a few questions to get an idea of how much life insurance to buy.