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  Matthew K Boudreau - Nationwide Insurance Agency
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Life Insurance
  why do i need life insurance?
LIfe insurance is a way to provide cash to your family when you die. The money your beneficiaries receive can be used to cover final expenses, pay off debt and cover the mortgage or rent. It can provide a college fund, provide retirement money, create cash to pay estate taxes or simply provide a stream of income that will help your family maintain its present lifestyle. The death benefit paid is generally income tax free.

Business owners use insurance to reward key employees, establish a supplementary retirement plan or help transfer the business to the next owner.
  how do i get started?
First, your financial professional will discuss your family and current financial situation. He/she will then help you decide on an amount of coverage to help meet your obligations, and still fit within your budget.

Next, your financial professional will prepare an illustration for your review. The term life illustration shows current and guaranteed premium, death benefit guarantees and if you will need to re qualify medically to continue the coverage. Review the illustration carefully and ask your financial professional to repeat information if you are unsure. All guarantees are subject to the claims-paying ability of the issuing insurance company.

The application process is next. Expect your financial professional to ask you questions about your health. Answer them completely and truthfully. This is how the insurance company determines fair rates for everybody. If you fail to provide accurate information, the approval may take longer, or worse, a claim may not be paid.

why choose nationwide®?
Founded in 1929, Nationwide® has a distinguished history of providing the highest quality of financial products and services. For more than 70 years, our business has been built around a commitment to serve and protect our clients. It is our mission to continue to look for new and better ways to offer more choices and to provide better service for our policyholders.
How much insurance do i need?
There are several ways to determine your personal insurance need. Here are three common methods.

Rule of Thumb - The amount you need is five to seven times your annual gross income.

Expense Calculation - Determine expenses for burial, an emergency fund, personal debts, mortgage, college education fund and any income replacement; add these together to determine your insurance need.

Income Replacement - Determine how much of your annual income your family would require to maintain its current standard of living (average is 70%); purchase enough insurance so the proceeds, if invested at an after-tax rate of 8% would generate this income.

For example, if your income is $40,000, then your coverage should generate $28,000 of annual income ($40,000 times 70%). $28,000/8% = $350,000 of life insurance coverage.