by Dylan Delhart, Insurance Advisor @ insureCAL Insurance Agency
I LOVE CHIPOTLE! I mean who doesn’t. As crazy as it sounds I probably talk about Chipotle every single day. This summer they finally started a rewards program! It was the summer of Chiptopia rewards, and as soon as I heard about it I was ecstatic. The program ran from June to August and the rules were simple. Eat 4 burritos in a month and you get a 5th for free, make it to 8 burritos and your 9th was free, and if you could eat 11 burritos in 1 month they would give you a 3rd free burrito! It didn’t stop there, if you could eat 4 burritos a month for all 3 months of the promotion, they would give you another free burrito. If you could eat 8 burritos a month for all 3 months you would receive $20 in Chipotle merchandise. But the grand prize was greatest of all, if you could eat 11 burritos a month all 3 months you would get free catering! (a $270 value)
I wasn’t sure if I would be able to keep up, I would have to eat Chipotle at least 3 times a week. 4 days into the promotion I had already gone 3 times and earned my first free burrito! After about 20 visits to Chipotle I started to realize this was going to be easier than I thought. I was reaching my 11 burritos a month with many days left to spare. At that point I knew I was going to get the catering I just wasn’t sure how I was going to use it, until one day I was talking to one of my new clients about the rewards. She was an avid Chipotler like me, and wanted to be included in the catering. (I mean who wouldn’t) That’s when I decided I would invite all of my clients to a lunch at our office catered by Chipotle.
It was the best lunch ever! Chipotle gives you everything you need to set up your own private Chipotle restaurant! It was so popular with my clients we’re thinking about doing it every year! So all of you Chipotler’s out there give me a call! Let’s get your family covered properly and then let’s eat some Chipotle!
The biggest problem I’ve noticed in the insurance industry is people want life insurance, but with all of the variables and unexpected costs, they have no idea how much coverage they actually need. Having the correct amount of coverage is extremely important. With not enough coverage you could leave your family in debt, and with too much coverage you’ll be paying too much of your hard earned money on monthly premiums! That’s why with help from our friends at Nationwide, I’ve created an easy way for you to calculate exactly how much coverage you and your family needs.
Let’s use Jane Smith as an example. She’s a single mother with a 13-year-old daughter named Sara.
- Jane has a mortgage on her home and she still owes $180,000.
- She makes $40,000 a year, and if something were to happen to her, she wants her daughter to have half of her yearly income for the next 5 years. $80,000 divided by 2 multiplied by 5 years = $100,000.
- Sara dreams of going to college in California, and Jane wants to make sure if she’s not around to pay tuition Sara can still go to college. Let’s assume that tuition will continue to steadily rise and when Sara goes to college it will cost $30,000 a year. $30,000 a year for 4 years = $120,000.
- Jane has $4,500 in credit card debt that she does not want to leave behind for Sara to have to deal with.
- Jane wants to leave Sara an emergency fund for unexpected expenses such as a new roof for the house or new engine for the car. Experts suggest 3 months of income for your emergency fund. $40,000 divided by 12 multiplied by 3 = $10,000.
- Jane also wants her funeral to be paid for by her life insurance. The average cost of a funeral is just over $8,000 let’s round it to $9,000 to be safe.
Now we’ll add all of this up to determine her family’s need which = $423,500
Now we’ll subtract her assets from the total to determine how much of her family’s need is not covered.
- Jane has a life insurance policy through her job which is worth $100,000.
- Jane also has $11,000 in her savings account.
$423,500 – $111,000 = $312,500
Now we have done all of the math and we know Jane needs a $312,500 life insurance policy to fully protect her family. Of course not many people want to do all of this math for themselves, so that’s where I come in! I’m more than happy to sit down with anyone and go over their finances to make sure their family is protected. If you have any questions or concerns give me a call today: (209)410-0270.
by Dylan Delhart, Financial Advisor @ insureCAL Insurance Agency