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​Life Insurance Proposal

Prepared for Allan Smith

BY KRIS ASLESON // kasleson@SCB.com

Introduction:

The Importance of Peace of Mind

Life is full of uncertainties, and we at SCB Insurance recognize that one moment can change everything. If you or a loved one were to pass on, how would your family handle funeral costs, debts and other financial obligations? These moments sometimes come unexpectedly, and that’s why we’ve prepared this proposal for you. We may not know what's in store, but we can always be financially prepared.

I like having life insurance to make sure that financial hardship doesn't follow a tragedy. SCB Insurance has always done a fantastic job for me and always answers all of my questions promptly and clearly.

-Fatimah Esparza

State of the Life Insurance Industry

Here at SCB Insurance, we realize that a life insurance proposal may seem like nothing more than a sales pitch. In reality, the current state of the life insurance industry proves that many people don’t have enough insurance. In fact, only 63 percent of Americans feel that life insurance is a necessity.

This is a surprising statistic, considering that everyone will have end-of-life expenses, and few people realize just how costly these can be. Fortunately, many people do realize how important life insurance is, and 30 percent of Americans even admit to not having enough coverage. There’s also the 19 percent of Americans who receive group life insurance through their jobs, but this is rarely enough to cover final expenses.

While 63 percent of the population recognizes the importance of having a life insurance policy in place, more than 40 percent have no life insurance at all. At SCB Insurance, we feel this is a modern-day tragedy that leaves far too many families struggling in a time of mourning. Because of this, we offer a variety of options so you can get the coverage you need at a price that suits you.

"So, why should you get life insurance?"


This short video below will help you understand the basics!


About Us


At SCB Insurance, we’ve spent years helping families prepare for and deal with the passing of loved ones. Our experts understand that discussing life insurance can be a difficult task, but we’re always here to help. We know one policy won't be right for everyone, and this is why we offer as many options as possible.

When you contact SCB Insurance, you’ll realize that we’re more than just an insurance company. You won’t be transferred overseas or forced to wait on hold for hours. We employ only the best in customer service and insurance agents, and when you speak to us, you’ll feel comfortable that you’re on the line with industry leaders.

It is our promise to constantly keep you informed on any changes or updates to your policy. We understand that life happens, so if your policy is ever in danger of lapsing or being cancelled, we’ll reach out to make sure you’re up to date on what’s going on.

SCB Insurance may be an insurance company, but it’s so much more. Speak with one of our life insurance experts today to find out what we can offer you and why other companies simply cannot compete with SCB Insurance.

Conveniently Located Right Across from the Thompson Building

Our mission is to protect what's priceless at a reasonable price.

The Life Insurance You Need

After our recent conversation, we at SCB Insurance composed a life insurance proposal policy letter that we think works best for you. This includes your basic policy along with optional riders that can further protect your family without undue financial burden. Term life insurance is the minimum we recommend, but for additional premiums, the riders mentioned below can be added to your policy. These provide further protection while allowing you to still invest in a low-cost policy.

Your recommended policy and riders are outlined below:

Term Life Insurance

The average lifespan of an American male is just under 79 years. Since you are 58, we suggest our 30-year term life insurance policy. A term policy pays off if the insured passes during the term of the policy. This will provide you and your family protection until you're nearly 90 years old!

We also offer term life coverage for 10 years and 20 year periods. After your term is complete, the pricing of your policy could change if you choose to keep your policy. Only permanent life insurance policies have guaranteed premiums, but with a Term Conversion Rider, you can always convert to a permanent policy before your term lapses.

Term Conversion Rider

After discussing your medical history, our experts believe that you are in top physical shape. We understand you don't want to pay for a life insurance policy that's no good after you turn 88 years old, so this rider will allow you to convert your term policy to permanent life insurance without an additional medical exam.

As long as you opt to convert your policy at or near the end of your policy's term, you can receive permanent coverage that will follow you throughout life.

Spouse Insurance Rider

You mentioned that your wife also does not have life insurance through her job or a private insurer. For a small additional premium, your spouse will receive term coverage as well through your policy. This serves as a final expense policy, and we at SCB Insurance are one of the few life insurance companies to still offer this rider.

This rider does not constitute a separate policy. Both you and your spouse are covered under the same policy. Keep in mind that your spouse will need to undergo a medical exam as well. This means the price quoted below is subject to change.

Family Income Benefit Rider

Since you told our life insurance policy experts that you plan on retiring soon, you may want to consider our family income benefit rider. In the event of your death, your wife and other chosen family members will receive regular monthly income from your policy in addition to your initial death benefits. This minimizes the potential for future financial difficulties.

The amount of this benefit will be dependent on your average monthly income. If wanted, your family can receive these benefits in a lump sum instead of monthly payments.

Popular Life Insurance Myths

Before requesting a {life insurance sample letter} you likely did a bit of research on your own, but reading the wrong websites can cause people to fall for the following common myths.

Myth #1 “Life Insurance Is Expensive”

Some policies are expensive, but 80 percent of people overestimate the cost of life insurance. A term policy is an inexpensive option and covers the insured for a certain period of time. A permanent life policy is a bit more expensive, but it can also gain value along the way.

Myth #2 “My Job’s Policy Will Follow Me”

Reading an employer’s life insurance proposal template may not make it obvious, but employer policies typically don’t follow a worker when they change jobs or get laid off.

Myth #3 “I Can’t Get a Permanent Policy If I Purchase Term Coverage”

With your term conversion rider, you can change to a permanent policy at any point. No additional medical exam required.

Myth #4: "A Return-of-Premium Rider Is Always Smart"

A return-of-premium rider will allow you to receive the all of your premiums back after your term period expires. This is an option, but you may be better off investing what you'd pay on the rider into stocks, mutual funds or other savings mechanisms. It's important to consider your portfolio before making this decision.

PRICING STRUCTURE

The following is our basic pricing structure at SCB Insurance. Keep in mind that we realize everyone has different needs.

By choosing all of our recommended riders, you will receive a discount on each. This proposal is specific to you. Contact us for questions on other available options.

Main Policy Options

Subtotal
$250.00
Subtotal
$250.00
Description
Item
Quantity
Price

30-Year Term Life Coverage ($250,000 Benefit) - $100 per month

$100.00
1Month
$100.00

30-Year Term Life Coverage ($500,000 Benefit) - $150 per month

$150.00
1Month
$150.00

30-Year Term Life Coverage ($1 Million Benefit) - $250 per month

$250.00
1Month
$250.00

Rider Options

Subtotal
$180.00
Subtotal
$180.00
Description
Item
Quantity
Price

Term/Spouse/Family Riders - $80 per month

$80.00
1Month
$80.00

Term Conversion Rider - $10 per month

$10.00
1Month
$10.00

Spouse Insurance Rider - $60 per month

(medical exam required)

$60.00
1Month
$60.00

Family Income Benefit Rider - $30 per month

(income information needed)

$30.00
1Month
$30.00
Total Excluding Tax$430.00
Total$430.00

You are on your way to a protected, more peaceful way of life.


Thank you for your time, and please don't hesitate to reach out to us with any questions!

Terms & Conditions

This {life insurance proposal template} does not constitute a policy. Any information contained herein is meant only towards its intended recipient. {Company Name} will always act in good faith.