Life insurance is a crucial step in planning for your future and your family’s future.
Whether you are the primary breadwinner for your household, in a dual income relationship, or a stay-at-home spouse or partner providing invaluable services to your family, making sure your income potential is covered is extremely important.
At Phelps Insurance, we strongly recommend that you seek life insurance advice from a highly trained insurance agent who can help you decide on the right type of life insurance policy for your specific situation and needs.
Even if you already have life insurance coverage, you may not be confident in your understanding of the benefits or how to collect a payout. We would like to spend the time to review your policy together so you are completely aware of the benefits, including paying for funeral expenses, repaying debt, providing education, paying estate taxes, and covering other expenses survivors may incur.
Life is busy, and when things are going well and you are feeling financially sound, who really wants to take the time to sit down and talk about life insurance? But, this is exactly the time for you to make an appointment with Phelps Insurance. We will thoughtfully review your current life insurance policy and evaluate the coverage based on your lifestyle, family size, and more.
Taking a moment to understand your life insurance, and any gaps in coverage, is arguably the smartest financial decision you will ever make.
Financial Services Offerings:
- Term Life Insurance
- Whole Life Insurance
- Disability Income
- Long-Term Care
- Group Benefits
Ask Phelps Insurance
How much life insurance should an individual own?
A: Rough “rules of thumb” suggest an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account in determining a more precise estimate of the amount of life insurance needed. Important factors include:
- Income sources (and amounts) other than salary/earnings
- Whether or not the individual is married and, if so, what is the spouse’s earning capacity
- The number of individuals who are financially dependent on the insured
- The amount of death benefits payable from Social Security and from an employer sponsored life insurance plan
- Whether any special life insurance needs exist (e.g., mortgage repayment, education fund, estate planning need, etc.)
It is recommended that a person’s insurance advisor be contacted for a precise calculation of how much life insurance is needed.