How Much Life Insurance Do You Really Need?


Some people equate life insurance with tragedy and death. In truth, life insurance is for the living. Without it, the sudden demise of a key breadwinner could leave a family stranded without the resources to maintain their lifestyle - or even retain their home.


Not so long ago, professionals recommended that families carry a life insurance policy with a death benefit of between five and seven times their annual household income. Today, however, in light of rising house prices in many parts of the country and spiraling college costs, most advisors now recommend eight to 10 times income.


Unfortunately, most American families are underinsured. According to statistics from industry research and consulting firm LIMRA International, the average American household carries just $126,000 in life insurance - approximately $300,000 less than they actually need - and only 61% of adult Americans have life insurance protection, a decline from 70% in 1984.1












Coverage that provides benefits for nursing home, assisted living facilities, home healthcare, and adult day care for individuals with chronic or disabling conditions, cognitive impairments and/or the inability to perform activities of daily living. Long-Term Care insurance offers more flexibility and options than many public assistance programs.


This type of policy covers basic daily needs over an extended period of time. While healthcare insurance or Medicare helps pay for immediate medical expenses (like a surgeon’s bill), long-term care insurance helps people cope with the cost of daily care that is needed for those with chronic illnesses, such as Alzheimer’s disease or other debilitating conditions.


BEST FOR: Someone who wishes to maintain their independence and protect their assets as they age into retirement.



Critical Illness Insurance is a product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific medical conditions on a predetermined list as part of an insurance policy. Benefits are not paid based on the amount of the medical claims, but based on the diagnosis of a specific medical condition. Survival is generally not one of the requirements of these plans. Examples of conditions generally covered on these plans include cancer, heart attack and stroke.


BEST FOR: Someone who has seen first hand the financial hardship that is created by a critical illness to a family member or friend. Someone who has a family history of heart disease or cancer.



We offer Affordable Care Act (ACA) compliant individual and family health insurance plans. We help clients determine the best plan to purchase and help them search the health insurance marketplace for the most affordable price.


Open enrollment starts November 1, and ends on December 15. During this time, you may renew your current plan or purchase a new plan.


You may qualify for a special enrollment period starting on December 16 and ending on October 31 if you have experienced one of the following:


  • Loss of health insurance: You may qualify for a Special Enrollment Period if you or anyone in your household lost qualifying health coverage in the past 60 days OR expects to lose coverage in the next 60 days.
  • Got married: Pick a plan by the last day of the month and your coverage can start the first day of the next month.
  • Had a baby, adopted a child, or placed a child for foster care: Your coverage can start the day of the event — even if you enroll in the plan up to 60 days afterward.
  • Got divorced or legally separated and lost health insurance: Divorce or legal separation without losing coverage doesn’t qualify you for a Special Enrollment Period.
  • Death: You’ll be eligible for a Special Enrollment Period if someone on your Marketplace plan dies and as a result you’re no longer eligible for your current health plan.
  • Changes in residence: Moving to a new home in a new zip code or county, moving to the US from a foreign country or United States Territory, a student moving from the place they attended school, etc.
  • Changes that make you no longer eligible for Medicaid or the Children’s Health Insurance Program (CHIP)
  • Gaining membership in a federally recognized tribe or status as an Alaska Native Claims Settlement Act (ANCSA) Corporation shareholder
  • Becoming newly eligible for Marketplace coverage because you became a U.S. citizen
  • Leaving incarceration
  • AmeriCorps VISTA members starting or ending their service



You must prove you had qualifying health coverage for one or more days during the 60 days before your move. You don’t need to provide proof if you’re moving from a foreign country or United States territory.



Are You Covered?

Jody Patteson

901 E. Saint Louis St., Ste 200

Springfield, MO  65806

Phone: 417-866-5151

Cell:  417-425-3514


Kerry McManus

901 E. Saint Louis St., Ste 200

Springfield, MO  65806

Phone: 417-830-0944

Cell:  417-827-6913

Fax: 417-763-3227

© 2018 Clear View Insurance and Financial Services