Life Insurance: Why Do I Need Life Insurance? How Much Do I Need?

There is one simple reason why you need life insurance – to help protect yourself & your loved ones.

By buying Life insurance, it allows you to financially provide for your family once your passing. Life Insurance covers multiple things that your family would be responsible for, such as funeral costs, medical bills, mortgage payments, lawyer’s costs, etc.

There is never a bad time to have life insurance. Whether you’re Single, Newly Married, Have a Family, Close to Retirement, or in Retirement, life insurance is always needed. Here are some stages of your life with reasons why life insurance is important.

  • Single
    • Plan for the future while you are healthy and insurable.
    • Provide financial support for aging parents or siblings.
    • Cover debts that you don’t want to leave to family members.
  • Newly Married
    • Help cover large bills, such as mortgage
    • Help cover small bills, such as utility bills.
    • Pay off debts such as credit cards, loans or outstanding balances.
    • Provide funds for burial/cremation expenses.
  • Family
    • Cover income replacement to maintain standard of living.
    • Cover costs of services provided by non-income earning spouse
    • Continue providing children’s college tuition.
  • Almost Retired
    • Help preserve a retirement plan.
    • Cover life insurance needs previously provided by employer.
    • Cover cost of spouse’s income.
  • Retired
    • Leave an inheritance to loved ones or charitable organization.
    • Cover the costs of estate taxes.
    • Replace income from a pension.

How Much Life Insurance Do You Need?

Since we all have different obligations and different financial situations, the amount of life insurance you need may vary according to your personal circumstances. If you have a spouse and/or dependent children, you need at least a basic life insurance plan. You may elect a higher level of coverage in the event you support aging or disabled parents or other close relatives, are looking to fund your retirement needs or those of a spouse, will be executing certain aspects of a large estate, or are protecting the ongoing sustainability of a business you share with a partner.

Life Insurance Plans We Offer

At Newman Crane, we can match your needs to the specific type of insurance plan that suits you best within central Florida. We offer a variety of plans, including:Term Life Insurance, Whole Life Insurance, and Universal Life Insurance. We will be happy to go over the specifics of each these plans, how they work, and the benefits offered.

Give Newman Crane a call today and talk to one of our Life Insurance Specialists. (877) 874-4673

 

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