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Bryan Insurance Agency, LLC

287 Windsor Hwy, Suite 350
New Windsor, NY 12553

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How Do I Know How Much Life Insurance I Need?

At Bryan Insurance Agency, LLC in New Windsor, NY, we know that choosing a life insurance policy is as sophisticated as it is essential. Selecting the right coverage amount is an integral part of keeping your family financially secure. 

Basic Formula

The amount of coverage you need will depend on your individual situation, but the basic formula is a good starting point. The simplest way to calculate how much life insurance you need is to take your net income and multiply it by a number between ten and fifteen. This will replace your income for ten to fifteen years in the event of your death. However, the best method takes into account your personal situation.

Financial Obligations

With this method, you add up your financial obligations. This includes replacing your income for the number of years your family will need it. If you are near retirement, this may be less. If you have young children, the amount will be more prominent. Consider how long any dependents you have will rely on your income.

Next, you’ll need to add up your debt. This includes mortgage, loans, and burial expenses. Everything you would need to pay to get and remain debt-free. If you have children, consider college expenses as well. 

Add up the income you need to replace and your debt. This is the amount you need to reach to keep your family financially stable if you pass away. You can then subtract your assets. This can include savings and investments. Don’t include your home unless your family will sell it upon your passing. 

At Bryan Insurance Agency, LLC, we provide life insurance to New Windsor, NY residents. Let us help you determine the policy and coverage you need to protect your family. Contact us today to get started. 

What Type of Life Insurance Works Best If I Just Want to Cover My Final Expenses?

Life insurance does have its perks, especially if you want to make sure that your loved ones don’t have to stress over your final expenses. The agents of Bryan Insurance Agency, LLC offer New Windsor, NY residents several options when it comes to choosing which type of policy will best help you accomplish your goals. If your only concern is making sure that all of your final expenses are paid, then a term life policy is your most affordable option.

The Benefits of Term Life Insurance

Term life offers several benefits. It is set up to be paid for over a specific amount of time. The term of the policy is based on how much the payout will be and how long you want to keep the policy in place. Once the policy has been paid or has reached its maturity, it can either be cashed out for the faced value or allowed to remain in place until the time comes for it to serve its purpose.

Make Your Arrangements Ahead of Time

If you make your funeral arrangements ahead of time, you will know precisely how much term life insurance you need to purchase. You can increase the amount of the policy if you choose, to ensure there will be enough to cover any additional costs that may be included. Once you have everything arranged, you won’t have to deal with it again.

In New Windsor, NY, agents at Bryan Insurance Agency, LLC offer sound advice when it comes to assisting you with your final expenses. They understand that taking these steps early can be a sobering experience and are willing to use their expertise to guide you through the process in a courteous and compassionate manner. Call today and speak to a reputable agent and find out more about how a term life insurance policy will help you reach your goals.

What Is the Difference Between Term Life and Whole Life Insurance

In this regard, there are two major types of life insurance policies. They are term life insurance and permanent life insurance. The most straightforward kind of permanent life insurance policy is whole life insurance. Due to the similarities it has with term life insurance, people often take one for the other. So, we will explain what the differences are.

Term Life Insurance

As implemented by Bryan Insurance Agency, LLC, located in New Windsor, NY, term life insurance involves the payment of an agreed death benefit during a stipulated term, when the policyholder dies within the term. When the term lapses, it can be renewed for another term, terminated, or converted to permanent coverage.

Whole Life Insurance

This is a permanent life insurance policy that provides lifelong coverage. For this policy, the cash value account grows at a stipulated rate. Also, when you purchase the policy, the death benefit is guaranteed, and the premium remains the same as long as you are alive.

Their Similarities

  • For both insurance policies, their premiums generally remain the same.
  • The second similarity is that a life insurance payout is guaranteed for both of them.
  • They are both straightforward and simple to understand.

Their Differences

  • A whole life insurance policy is usually more expensive than a term life insurance policy.
  • Term life insurance (TLI) offers a choice of policy length, while that is not known in a whole life insurance plan (WLI).
  • WLI provides lifelong coverage, while TLI doesn’t. Its term can expire before the death of the policyholder.
  • The premium of TLI is generally lower.
  • The cash value for WLI accumulates while that of TLI does not.

Conclusively, both of them have their advantages and disadvantages, so you can’t say one is better than the other. You only need to check their features and choose the one that suits you best. For more information, contact Bryan Insurance Agency, LLC in New Windsor, NY.