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Ph 480-535-5709

Fax 480-785-4930

Txt 480-878-7715

 600 E Baseline Rd. 

Ste B-3 Tempe, AZ 85283

AZ Insurance Team is an Arizona Insurance Broker offering Home insurance, Auto insurance, Life insurance, and Commercial Insurance in Tempe, Phoenix, Chandler, Gilbert, Mesa, Scottsdale, Ahwatukee, Glendale, and everywhere else in Arizona. We also do insurance in California, Oregon, Washington, Colorado and Texas.

© 2017 by AZ Insurance Team LLC all rights reserved

September 27, 2019

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Why do I need life insurance?

June 12, 2018

Did you know that 63% of parents aged 55 and older still support their children or grandchildren? Who would replace that income if you were to die tomorrow? If you provide financial support to someone in your family and he or she would not be able to live without it, you need to buy life insurance to replace that income if you die.

 

Why do I need life insurance?

-To pay for burial and final expenses

Even a simple funeral can cost thousands of dollars. The median price Americans pay for a funeral is $7,481, as of 2016. When you include the price of a vault, something that many cemeteries require, this comes out to a median price of $8,908. 

-To replace income 

If you died leaving behind a spouse and young children, it may be hard for them to make ends meet without your income. Money from a life insurance policy can help maintain your family’s standard of living and pay for expenses that go along with raising children. 

-To pay off a mortgage

A large part of your working adult life is dedicated to paying off the mortgage on your house, which can take 30 or more years. Life insurance can help ease the financial burden your family may face to keep a roof over their head after you’re gone. Money from a policy can help them continue to make monthly payments or pay off the entire balance.

 

How much life insurance do I need? 

One guideline about how much life insurance you need is to calculate 10 times your yearly income.

To get to your specific number for the amount of life insurance you should have, you'll need to calculate how much your family will need at the time of your death.

Here's the formula: take your family's debt obligations left behind and cash needs going forward then subtract the assets you have.

But there are also debt obligations that may be unknown. You'll need to estimate any future education costs and to account for final expenses like medical bills, funeral and estate-settling costs that you leave behind.

The other part of getting to the number of what your family needs, is to determine their cash-flow needs to sustain the household going forward.

The higher your income, the higher your responsibilities and typically the higher your spending. Consequently, the more insurance you'll need to cover its loss.

 

Worry Free with a Policy
At the end of the day, it’s better to purchase a life insurance policy now, when it’s cheaper and tragedy hasn’t hit. When it does come time to use the policy, there will be no headaches, worry, and scramble to raise money.  Instead your family will get lump sum tax free to cover funeral expenses and other costs.

 

Get started on a life insurance policy quote for yourself or a loved one today.

 

AZ Insurance Team
480-535-5709
https://www.azinsuranceteam.com/life-quote

 

*All  policies are a little different and this may not be applicable to your insurance policy, talk to your agent to see what your policy covers.*

 

 

 

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