Planning for Your Future

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Your Life

Getting Married

This is a major step in your life.  No longer are you just responsible for yourself, but now you also have to consider your spouse in planning and making financial decisions.  Both of you should be well-informed and capable of handling financial matters, should the need arise.

You should also think about buying a life insurance policy for you and your spouse to protect yourself in case anything happens to either of you.  You may already have a policy at work, but in today’s economy and with the turnover experienced in many industries, it may be prudent to purchase additional insurance that won’t be canceled if you leave your place of employment.

Although you should review all of the types of plans offered, a Term Life Insurance policy may provide the solution to your needs at this time.  It is inexpensive and can protect you for a specific period of time, until your requirements change.  Because everyone’s needs are different,  a UNA insurance agent or branch secretary can help you to determine what is most appropriate for you.

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Starting a Family

A new addition to the family – how wonderful!  As parents, you are now totally responsible for the well-being of your children.  Although it is unpleasant to think about, you should review all your existing life insurance policies to see if they are adequate to provide for your child in case of your premature death.  Life insurance can help fund your child’s care and education and provide enough income to cover living expenses.

So how do you determine how much life insurance you need?  If you are like most people, you want enough life insurance to make sure your family can continue to live its current lifestyle after your death.  Ideally, the life insurance will provide an annual income for your loved ones, replacing what you would have earned until the age at which you would have retired.  Consult with your UNA insurance agent or branch secretary to help you with your insurance planning to protect your children.  Also, the Life Insurance Estimating Worksheet can help you clarify how much insurance you require.

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Planning for Your Child’s Education

According to the College Board, the average cost of tuition and fees in a  public  state college is about $9,000 per year and $35,000 per year at a private university.  These figures do not include room and board, and books.  That is why it is very important to start saving for the education of your children as early as possible.

The most popular vehicles offered by the UNA to help you save money for your child’s higher education are UNA endowments (insurance policies that are also systemic savings plans) and the Coverdell Education Savings Account (ESA), especially created to help  parents and students save for education expenses.

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Planning for Retirement

Deciding how much money you need for retirement is very subjective and dependent on such factors as where you choose to retire and your health.  In addition, depending on how far in advance you are making your plans, your situation may change.  However, assuming that you would like to keep your current lifestyle, you can estimate your annual expenses and get an idea of how much money you will need in the future.  By listing your major expenditures, the Annual Expense Worksheet can help you estimate how much money you currently spend each year.

There are many ways that you can save money for your retirement.  Among them, annuities are useful tools, designed to provide you with a steady stream of income.  There are many types of annuities, and your UNA agent can guide you to select a plan that’s best for you and your circumstances.

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Helpful Tools

Our tools, below, can help you to determine your future financial needs.

How much life insurance do I need?

Life Insurance Estimating Worksheet

Fill in the blanks below and the total at the bottom of this worksheet will provide you with an estimate of how much life insurance you may need.

Total ($)

This total is an estimate of your expenses that your life insurance should cover.  Is your family adequately protected?  If not, call a UNA insurance agent or branch secretary to discuss your options.

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Will I be able to retire?

Annual Expense Worksheet

Fill in the blanks below and the total at the bottom of this worksheet will show you an estimate of how much money you are currently spending each year. Will you be able to afford to live in this style when you retire?

*Does not include educational expenses, which you may have when you retire. This total is an estimate of how much money you spend each year.  Will you be able to continue to spend this much when you retire?  If not, call a UNA annuity specialist to discuss your options.

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