How Much Should My Premiums Be?

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http://bit.ly/iwc15podcast In this episode we discuss one of the most commonly asked questions: “What should my premium(s) be?” Clients often struggle with this question when they first initiate a policy; We provide a general rule of thumb we've used when helping clients determine what their premiums should be. Also, we discuss other considerations for policy design such as how much a client is saving, cash sitting in checking/savings accounts, expected windfalls, etc.....Each of us provide a case study for listeners to better understand what goes into policy design.

• Why client should view premiums as a “deposit” rather than an expense
• Why it’s important for clients to understand the flexibility they have when paying premiums
• How much are you currently saving
• Are you expecting any windfalls
• Is there any cash sitting in savings accounts earning 0%
• General Rule of Thumb when determining Premium’s: 10x’s your age per month
• Case Study: 40 yr old Business Owner concerned with how much cash she had sitting in various checking accounts
• Case Study: 60 yr old Couple concerned about turning their 401(k) into cash flow

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