Life Insurance Review


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Life Insurance Review

  1. 1. L ife I nsurance R eview VLCM-154A / VLNYCM-154A September 2007 Presented by Jody Patterson Patterson Financial Group 843-412-6571 [email_address]
  2. 2. <ul><li>This presentation is designed to provide introductory information in regard to the subject matter covered. Neither Pacific Life, Pacific Life & Annuity, nor their representatives offer legal or tax advice. Consult your attorney or tax advisor for complete up-to-date information concerning federal and state tax laws in this area. Variable insurance products issued by Pacific Life Insurance Company and Pacific Life & Annuity Company are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life and an affiliate of Pacific Life & Annuity, and are available through licensed third party broker-dealers. Investors should carefully consider the underlying fund investment objectives, risks, charges, and limitations and expenses of a variable universal life insurance policy. This and other information about Pacific Life and Pacific Life & Annuity is in prospectuses available from your registered representative or by calling (800) 800-7681. Read them carefully before investing or sending money. This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life and Pacific Life & Annuity, their distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. </li></ul><ul><li>Pacific Life insurance Company's and Pacific Life & Annuity Company's individual life insurance products are marketed exclusively through independent third-party producers, which may include bank affiliated entities. </li></ul>Investment and Insurance Products: Not a Deposit – Not FDIC Insured – Not Insured by any Federal Government Agency – No Bank Guarantee – May Lose Value Important – Please Read Pacific Life Insurance Company is licensed to issue individual life insurance and annuity products in all states except New York.  Product availability and features vary by state.  Individual life insurance and annuity products are available in New York through Pacific Life & Annuity Company.  Each company is solely responsible for the financial obligations accruing under the policies it issues, and its product and rider guarantees are backed by that company’s financial strength and claims-paying ability. of 11 Address: 700 Newport Center Drive, Newport Beach, CA 92660 (800) 800-7681 Visit us at our Web Site: Mailing Address: 700 Newport Center Drive, Newport Beach, CA 92660 (888) 595-6996 Visit us at our Web Site:
  3. 3. Creating Suitable Financial Plans for You and Your Family <ul><li>When was the last time you checked the beneficiary or the coverage amount on your life insurance policy? Not sure? You’re not alone. </li></ul> of 11
  4. 4. What if You or Your Spouse Dies Unexpectedly? of 11
  5. 5. How Can You Protect Your Family? <ul><li>Develop a contingency plan that addresses your concerns if one or both of you die </li></ul><ul><li>Decide which things you would like to provide for your family in the event of your death or your spouse’s death </li></ul> of 11
  6. 6. The Benefits of a Contingency Plan <ul><li>Provides framework to review as your needs change </li></ul>Prioritize your financial goals Review your current assets & sources of income Prioritize Review Framework of 11
  7. 7. Considerations in Developing a Contingency Plan <ul><li>What are your immediate cash needs in the event of an unexpected death? </li></ul><ul><li>If you or your spouse (or both) dies unexpectedly, how much income will need to be replaced? </li></ul><ul><li>What are your goals for retirement and college expenses? </li></ul><ul><li>Will your existing assets be enough to cover these goals? </li></ul><ul><li>Do you need new or additional life insurance to meet your goals? </li></ul> of 11
  8. 8. Developing a Contingency Plan of 11 Debts to Pay Off Emergency Funds College Expenses Funeral Expenses Home Mortgage Estate Administration Expenses Immediate Cash Needs
  9. 9. <ul><li>Current family annual income </li></ul><ul><li>Percent of income needed (in the event of death of either spouse) </li></ul><ul><li>Social Security benefit </li></ul>Developing a Contingency Plan Income Replacement Developing a Contingency Plan of 11
  10. 10. Developing a Contingency Plan Existing Assets <ul><li>Real Estate </li></ul><ul><li>Business Interest </li></ul> of 11 <ul><li>Cash/Savings </li></ul><ul><li>Marketable Securities </li></ul><ul><li>Retirement Plans </li></ul>Liquid Assets Non-Cash Assets to Liquidate Existing Life Insurance <ul><li>Death Benefit </li></ul>
  11. 11. Planning Strategy <ul><li>Assess your </li></ul><ul><ul><ul><li>Financial estate planning goals </li></ul></ul></ul><ul><ul><ul><li>Current life insurance </li></ul></ul></ul><ul><li>Discuss your goals with your financial advisor </li></ul> of 11