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Main Report, Current Recommendations, Household Life Premium

Submitted by jeans17@aol.com on 17 October 2007 - 12:12pm

Life insurance

Neither my wife nor I pay any premium for life insurance. Why would this report indicate we have a $1000 Household Life Insurance Premium with a recommended change of reducing that to $0? I have a paid-up veterans life policy and minimal employer-paid life insurance. My wife has a minimal life policy paid entirely through a state employee retirement plan. Where does this figure come from and why would it suggest we reduce a premium we do not have? Why would it recommend reducing paid-up life insurance to $0 benefit and reducing free employer-provided term life insurance benefit to $0?

Submitted by Dick Munroe on 18 October 2007 - 7:07am.

I believe the code is doing an actuarial calculation based on your current policy and projecting the yearly cost (ESPlanner only knows about term life insurance). The code is then seeing if you need life insurance to maintain your standard of living in the event of an unexpected death and reporting that you don't.

I'll take a look and get back to you but I'm pretty sure this is whats going on.

Best,

Dick Munroe

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