It can be difficult to imagine a time when you would not be there to help provide for your family. However, by preparing in advance, you will have peace of mind that knowing you are protecting your family’s financial future. Also, since life insurance benefits are generally not taxable at the federal level, your loved ones can use the benefits to help take care of their living expenses in a variety of ways. Life insurance can take care of many things including needs after the time of death, such as final illness expenses, burial costs, and estate taxes. It can also help fund for a readjustment period, to finance a move, or to provide time for family members to find a job. Moreover, life insurance can also be used for ongoing financial needs, such as monthly bills and expenses, daycare costs, college tuition, or retirement. Farmers life insurance has developed a suite of Life insurance products in order to assist you with your needs at any stage of life.
Whether you are a new family, empty nester, business owner, or single parent, Farmers has a life insurance option to suit your needs and budget. There’s no doubt life insurance provides a sense of financial security. “If all else fails,” you think, “at least I’m covered.” However, the amount you need depends on a number of variables such as marital status, income, future income, dependents, assets, and preferred lifestyle in general. Because of this, a common rule of thumb is that your life insurance benefit should equal five to 10 time your current income, but there isn’t a single answer of how much or how little you should have.
Keep in mind that until your life insurance benefit is paid out, you are paying a monthly premium. That’s why it’s important to research your options and talk to an insurance agent who can help you determine the best policy options for your situation. Make sure to contact Nick Rose, your local Farmers Insurance specialist with any questions you may have about a life insurance policy.
For more information, call 661-253-1131 or visit www.farmersagent.com/nrose today!