- Life Insurance Summary Base Facts Prepared For Nick Beverly And Krista Conley This Report Lists Your Life Insurance Poli 1 (145.2 KiB) Viewed 16 times
For Krista, Instagram is a way of life. After dropping out ofcollege she spent her early twenties as a full-time nomad and founda way to build a 6-figure blog to support a lifestyle that enabledher to travel around the world and get paid to post about it.Krista “lives for the now.” She is free-spirited, creative,talented and warm; people naturally gravitate to her.
Nick is a respected Senior Project Engineer and followed a moretraditional and very rigorous path. He attended MassachusettsInstitute of Technology, graduating with a degree in Urban Scienceand Planning with Computer Science and minor in Energy Studies.After completing his work at MIT, he went on to earn an MBA. He isdetermined, fiercely loyal and likes to take things one step at atime. Nick really enjoys his work at EnCorp and is excited for thefuture.
In early 2017, at the suggestion of a college buddy, Nick joinedInstagram to follow socially responsible investors and companies.After a few weeks of exploring Nick found Krista and began likingher photos. They then exchanged flirty “likes” and DMs and spenthours on Facetime. One month later they met in person and it waslove at first sight. They were married in June 2017 in Bora Bora onthe beach and have been blissfully married for three and halfyears.
After a two-month honeymoon they purchased a beautiful $750,000home in Scottsdale, AZ that checked all their boxes, even though itwas a little over their budget. Their mortgage is a 30-year termwith a balance of $510,000 at a 6% interest rate. They’ve had sometrouble with their credit in the past but have been workingdiligently to improve it. Krista even reached out to a creditbuilding service to see if they wanted to sponsor her.
Krista’s career as a self-employed travel blogger has beenwildly successful resulting in an annual income of $350,000/year(1099 income). She earned an additional $25,000 from sponsorshipcontracts. Unfortunately, the 2020 pandemic hit Krista hard. Manyof her contracts fell through and her income dropped to $30,000.Although encouraged by other influencers, bloggers and Nick tocreate a SEP IRA, she forgot to do this and now doesn’t think it’sworth the effort with her income level.
EnCorp has been the perfect company for Nick; he manages aremote team and is able to work remotely. He feels equallyempowered, excited and challenged in his work at the firm and evenreceived a recent promotion. His annual salary is $225,000. Nick’srecent promotion at EnCorp awarded two different types of stockoptions. Nick isn’t sure what all of these options mean but signedup for each of them. Nick receives an annual grant of 500shares as an Incentive Stock Option (ISO), which vests over 4 yearsat 25% each year. EnCorp is currently valued at $60/share and thegrowth is projected to be 15% each year for the next five years.Nick received his ISOs at a 15% discount from the $60/share pricewhen the options were issued.
In addition to the Incentive Stock Plan, Nick receivedRestricted Stock Units (RSUs). Each year in Nick’s role, he willreceive $15,000 in RSUs that will vest in four years. The number ofshares will be based on what the share price would be. For thisyear, Nick received 250 shares that will vest in four years.
Nick’s company offers a 100% match for the first 3% and a 50%for the next 5% he contributes to his 401k; however, Nick stoppedcontributing with Krista’s decreased income.
Krista and Nick both appreciate the finer things in life. Theyare aware of their spending habits and open to budgeting but do notwant to feel stifled. Organic grocery delivery is one area thatcannot be compromised. Krista’s influencer partnership with HelloFresh requires it. Nick just made the last payment on his Prius andKrista leases a Range Rover for $899/month. With the Prius paidoff, Nick has the goal of purchasing a Tesla Model X. Their creditcard debt reached $20,000 in December 2020.
Nick is particularly interested in socially responsibleinvesting and has dabbled with it a little. Krista is freer withhow she invests and prefers to utilize apps like Robinhood to helpher. Both Nick and Krista were able to come into their marriagewith some money saved. Nick invested their money together in ajoint investment account and they had been able to save more moneybefore the pandemic hit. Nick and Krista made several wiseinvestments like buying Tesla before the Tesla stock skyrocketed in2020. Nick feels like they have missed out on bitcoin and isinterested in learning more about whether this would be anotherwise investment for them to make. Krista doesn't follow the stockmarket much at all but is interested in bitcoin because of allshe's seen on TikTok.
Surprise! Just last week Krista confirmed that she is pregnanttheir first child. She is due July 2021. They are looking forwardto designing the baby’s nursery and want to hire a full-timenanny.
Nick is coming to the meeting looking for advice on what heneeds to do with his recent stock options. He is also interested indiscussing early retirement. The same friend who introduced Nick toInstagram is planning to retire at 40 and is part of the FIREmovement. Nick is interested in this idea and the minimalisticlifestyle but is pretty sure Krista won’t have any of it.
Krista’s main concern is what her career and future hold. She isplaying with the idea of going back to school to finish her degree.She is also considering what doubling down on influencing wouldamount to or even what a more stable PR/Marketing role might looklike. Ultimately, she wants to live how they did before thepandemic, traveling every other month and enjoying the now.
Both Nick and Krista are anxious to plan for the arrival oftheir new baby and how they need to handle the severe decrease inKrista’s income. They would love to discuss estate planning optionsand ideas as they have not given much thought to it.
Additional and secondary concerns for the couple aresupplemental life insurance options, education funding for the babyand future assistance for Nick’s aging parents who may need helpdown the road, they are not in the best of health.
They are eager to learn and understand what they have and whatoptions they have and look forward to meeting with you for thefirst time.
Life Insurance Summary Base Facts Prepared for Nick Beverly and Krista Conley This report lists your life insurance policies and shows the amount of coverage for each person insured. Insured: Nick Beverly Nick's Group Life Insurance Death Benefit: $225,000 Purchase Date: Upon Employment Owner: Nick Beverly Term (years): n/a Cash Value: $o as of 1/02/2021 Primary Beneficiaries: Krista Conley (100.00%) Contingent Beneficiaries: Insured: Krista Conley Krista's Life Insurance Policy Death Benefit: $125,000 Purchase Date: 1/5/2016 Owner: Krista Conley Term (years): 15 Primary Beneficiaries: Nick Beverly (100.00%) Contingent Beneficiaries: Institution: EnCorp Type: Group Purchase Date: Upon Employment Premium Payer: EnCorp Premium Term (years): Lifetime Basis: $0 Institution: Ameriprise Type: Term Nick's Group Life Insurance (Spousal Insurance) Death Benefit: $25,000 Policy Number: 1234870224 Insured: Nick Beverly Institution: EnCorp Type: Group Annual Premium: N/A Exclusion Amount: $o Premium Payer: Nick and Krista (Joint/ROS) Premium Term (years): 15 Cash Value Growth Rate: No Growth (0.00%) Policy Number: 4780004567 Insured: Krista Conley Annual Premium: $253 Exclusion Amount: $0 Policy Number: 232-55478 Insured: Krista Conley
Owner: Nick Beverly Term (years): n/a Primary Beneficiaries: Nick Beverly (100.00%) Contingent Beneficiaries: Premium Payer: EnCorp Premium Term (years): Lifetime Annual Premium: Employer Paid Exclusion Amount: $o
Expense Details Prepared for Nick Beverly and Krista Conley LIVING EXPENSES Current Amount (today): $20,896 Details Range Rover Lease: $899 Food: $2,300 Eating Out: $1,200 Utilities: $1,400 Mortgage: $3,597 Insurance: $800 Pool Maintenance: $500 Personal Assistant (for help managing Instagram): $1,500 Housekeeper: $600 Landscaping: $400 Shopping: $1,400 Amazon: $850 Travel Expenses (decreased significantly since pandemic): $500 Entertainment: $1,200 Health & Fitness: $300 Personal Trainer: $650 Personal Care: $500 Tax Payment: $1,800 Cash: $500