Terrance &
Nia Brooks
I put this together so Nia can see everything Terrance and I covered. Nobody should have to explain the whole call from memory at the end of a long day.
"Hey, Terrance. Hey, Nia. This is Jordan Miller. Terrance, thank you again for taking the time on our video call today. Thank you for being so clear about what you want in place for the two of you. Nia, since you could not be on the call with us, I put this page together mainly for you. It is hard to pass along a full video call from memory, so I wrote down everything we talked about right below this note. The plan we looked at gives your household $120,000 of whole life coverage and $200,000 of accidental death coverage at $150 a month. Read it over together whenever you have a quiet moment. There is no rush at all. Just reach out to me whenever you are ready."
Without a plan
- The coverage Terrance has now stays with his job.It is group coverage through the hospital. If Terrance changes jobs or retires, it does not go with him.
- Then nothing covers the first goal.Terrance wants nothing left for Amir and Layla to pay for. Without coverage of his own, final expenses could land on the family.
- Waiting changes the rate.The rate is based on age when the policy starts. A later start means a rate set at an older age.
What Terrance asked for, and what the plan does
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Terrance saidNothing left for Amir and Layla to pay for.So this plan covers$120,000 of whole life coverage. That covers final expenses several times over.Which means Terrance also getsWhatever is left after final expenses goes to Nia.
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Terrance saidCoverage that does not expire.So this plan coversWhole life coverage that stays in force as long as the premium is paid.Which means Terrance also getsCoverage that belongs to him, not his employer. It stays in place through a job change or retirement.
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Terrance saidA fixed cost the family can plan around. $150/mo was the number.So this plan coversA premium of $150/mo for both pieces. It is level: $150/mo now, and $150/mo in twenty years.Which means Terrance also gets$200,000 of accidental death coverage inside that same $150/mo. It is paid in addition to the base benefit if death results from a covered accident.
What is guaranteed, and what is not
Guaranteed once the policy is issued
- $120,000Whole life benefit, as long as the premium is paid.
- $150/moPremium for both pieces, level for the life of the policy.
- YoursThe coverage stays through a job change or retirement.
Conditional
- $200,000Accidental death benefit. Paid only if death results from a covered accident.
- UnderwritingThe amounts above are subject to the carrier’s underwriting review.
- Start dateCoverage begins once the policy is issued and the first premium is paid.
Policy terms govern.
What they give up, and what they get
What Terrance and Nia give up
- $150 every month, for as long as they keep the policy. That is $1,800 a year.
- The twenty year term option, which was also on the table.
What they get
- $120,000 of coverage that does not end while the premium is paid.
- A cost that does not go up with age.
- $200,000 more if death results from a covered accident.
This is only the right plan if $150/mo fits the household budget every month.
The monthly cost and the next step
When Terrance and Nia have both had a look, the application takes about twenty minutes. Jordan walks them through it.
A short call, an email or a time on Jordan’s calendar all work. Evenings are fine.