Life insurance isn’t something most people think about every day. We are all very well aware that having the proper homeowners and automobile insurance. However nothing compares to providing for your family when it comes to needing life insurance coverage. Protect your family their needs after you are gone by picking suitable coverage.
There are basically two types of life insurance available: Whole Life & Term Life. Term life is a pure insurance coverage while whole life has many variants which combine term coverage with an investment opportunity.
When Should You Get Life Insurance
Buy when your younger & when your healthier but not until your married or have dependents. Older people and those not in the best of health pay higher rates for life insurance. Generally speaking, life insurance rates are low. You want a policy to last as long as it takes for your dependents to leave the nest – or for your retirement income to kick in.
How Much Life Insurance is Enough
Remember the purpose of having life insurance is to provide living expense for your loved ones after you’re gone. Some financial planners say you need enough insurance to replace five to seven years of your salary. If you have young children or significant debt, you should bump up your coverage so you have enough to replace as much as 10 years of your salary, they say. That would mean a person making $50,000 a year should have anywhere from $250,000 to $500,000 worth of coverage or more.
There are a lot of questions to be asked when deciding on effective life insurance coverage. Don’t be frustrated by the complexity of choices—at Greg Thomas Insurance Agency, Inc., we take the time to explain what may work best for you in your own unique circumstances. We’ll help you know and understand your benefits fully! Visit with one of our friendly agents today to choose your optimum life insurance policy. For the best combination of coverage, value, and price, complete our online request form. For the fastest response, please call any of our 4 convenient SWFL area locations today!