🛡️ Optimal Protection Strategy
Based on your profile (35-year-old male, good health, non-smoker), a 20-year term life policy with $650,000
coverage provides optimal protection at $85/month. This covers debt elimination ($250,000), income replacement
for 4 years ($300,000), children's education ($80,000), and final expenses ($20,000). Term life offers the
best value with premiums representing only 1.4% of annual income. The policy includes conversion options to
permanent insurance and waiver of premium for disability. Consider increasing coverage to $750,000 if planning
additional children or major purchases. Review coverage every 5 years or after major life events. The premium
savings versus whole life ($400/month) can be invested separately for potentially higher returns.
Key Life Insurance Planning Principles:
Calculate coverage based on debt elimination, income replacement, and future expenses
Choose term life insurance for temporary needs and cost-effectiveness
Consider permanent insurance only for estate planning or tax advantages
Review coverage regularly as life circumstances change
Maintain good health to qualify for preferred premium rates
Compare quotes from multiple insurers to find the best rates
