Why do I need Life insurance?
Life insurance helps protect the people who depend on you by providing financial security and peace of mind. A life insurance policy can help your family cover important expenses, replace lost income, pay off debts, and maintain financial stability if something unexpected happens.
Life insurance can also help cover funeral expenses, mortgage payments, college costs, and other long-term financial responsibilities. The right life insurance coverage helps ensure your loved ones are financially supported even during difficult times.
At Expert Protection Services, we help individuals and families throughout Ohio compare life insurance options from multiple trusted insurance carriers to find coverage that fits their needs, goals, and budget.
Life insurance can help:
- Pay off a mortgage
- Replace lost household income
- Maintain your family’s current lifestyle
- Help fund college education expenses
- Cover final expenses and funeral costs
- Assist with long-term financial planning
How much does Life insurance cost?
Life insurance is often more affordable than many people expect. Depending on your age, health, and coverage needs, a life insurance policy may cost less per day than a cup of coffee or bottled water. In general, younger and healthier individuals typically qualify for lower premiums and a wider range of life insurance options.
At Expert Protection Services, our independent insurance agents compare policies from multiple trusted insurance carriers to help you find competitively priced life insurance coverage designed to fit your budget and long-term financial goals.
What kind of Life insurance fits my needs?
Term insurance and Permanent insurance are two great life insurance options. Learn which option is right for you.
Term Life insurance – provides coverage for a set period of time and is usually less expensive. It provides the greatest amount of coverage for the lowest initial cost. It’s a good choice for your temporary needs or if you have limited funds.
- Affordable coverage
- Temporary coverage for your personal or business needs
- Renewable or convertible to permanent coverage
Permanent Life Insurance – This gets broken down into two different policies; Whole and Universal. Both are useful for long-term needs.
Whole Life Insurance – offers consistent premiums and guaranteed cash value accumulation.
- Good for young adults beginning an insurance program
- For families needing protection while saving for the future
- Cash value of a whole life policy accumulates at a guaranteed interest rate
- Universal Life Insurance – provides flexibility with premium payments, death benefits, and savings.
- Flexible coverage
- Options for timing and method of premium payment
- Tailor coverage to your personal needs
It’s difficult to say exactly what kind of Life insurance is better. The type of coverage that’s right for you all depends on your specific needs and goals. Often, a combination of Term and Permanent insurance is the right solution.
Get a Free Estimate Today
Unlike large national call centers, Expert Protection Services Agency believes insurance should be personal. The team takes time to listen, answer questions, and develop customized insurance plans that fit each client’s lifestyle and long-term goals.
How much Life insurance do I need?
A good rule of thumb is getting life insurance coverage that’s 10-15 times your income, but it depends on your individual financial circumstances.
For many people, buying a life insurance policy is a smart move that will ensure financial coverage for family and loved ones.
It’s important to find out how much Life insurance coverage is right for you. To figure that out, look over the formula below. You can also visit our Life Insurance needs calculator.
Debt + Income + Mortgage + Education = Life Insurance Needs
Who Needs Life Insurance?
The Four Groups that Need Life Insurance
Today there are more single mothers, stay-at-home dads, and households with a woman as the primary earner than ever before.
People are buying homes later in life than they have historically, which means they may be making mortgage payments well into their 50s and 60s.
And many couples are having children at an older age than previous generations, which means these parents may face surging college tuition bills at the same time that they’re planning for retirement and helping to care for aging parents.
Changing family needs affect day-to-day money matters as well as plans to protect the financial future of loved ones. Having the appropriate amount of life insurance is essential. Here are four groups that may need life insurance the most. Let’s cover them…
Breadwinners Need Life Insurance
If anyone in your life depends on you financially, you may need life insurance. Increasingly, women are becoming the primary breadwinners in their households, so they will likely need to have more coverage than their husbands or partners. The number of women who are their families’ sole or primary breadwinners has soared to 40 percent today from 11 percent in 1960, according to the Pew Research Center. You may get life insurance through your employer, but the coverage is generally lower than individual policies and only in place while you’re employed.
The cash value of permanent life insurance from Farmers Life can help meet long-term financial goals, such as funding a college education for a child or grandchild and can provide supplemental income for your retirement.
Stay-at-home parents Need Life Insurance
Even if one parent stops working to stay at home with the kids, both parents should have life insurance. It’s important to calculate the cost of services that a stay-at-home parent provides — child care, managing the household, transportation, etc. — in determining the amount of coverage needed.
Older couples Need Life Insurance
Does it make sense to pay life insurance premiums in your 50s and 60s? If you have kids in college or adult children living at home, it’s important to make sure they’ll have some financial support if something happens to you. Empty nesters still paying a mortgage may need life insurance to make sure the surviving spouse is not burdened with this expense.
Single moms Need Life Insurance
More than 40 percent of babies in the U.S. are born to women who are unmarried. Most of these women are in their 20s and 30s and may think they’re too young to buy life insurance, but new parents often need life insurance the most. Although employer group life insurance may be an option, permanent life insurance from Farmers Life can help build a more secure financial future for your kids and retirement.
How Much Life Insurance Is Enough?
There is no simple answer to how much life insurance coverage is enough. Some financial planners say you need enough insurance to replace five to seven years of your salary. Some say 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. How much is enough really depends on your individual situation.
Get a free, no-obligation consultation that allows you to leverage our knowledge and expertise so you can make sure you have the right policy with the right amount of coverage at the right price.
Call our local insurance agents now — it’s the smart thing to do. The agents at Fay Insurance have 5 local offices, making a meeting with a life insurance agent easy! Come sit down and evaluate your individual life insurance needs. We have insurance offices in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio.
Our Insurance Carriers
We are local life insurance agents. Since we are not tied to one specific company, we can tailor a plan to you using several different products that suit you. Simply put, Expert Protection Services offers more life insurance options for you!
