Two income families and life insurance

Life insurance is designed to give you peace of mind and to protect those you will leave behind when you pass away. Some types of life insurance provide other benefits besides the death benefit, but the death benefit is what most people are interested in, When you are ready to discuss what your needs for life insurance are, we are here to talk. At Manteca Insurance & Financial Services in Central Valley, CA, we have been helping clients for seventy years. We represent them and offer some top carriers in the business. 

When a family has two incomes, the need for life insurance is different from a one-income family. Both parties need to have their incomes replaced in the event of their death. The days of the stay-at-home spouse are if not quite gone at least much less common. Many families require two incomes to maintain their lifestyle. If one part of a dual-income family passes away, it might prove to be very difficult for the other party to continue as in the past. 

You may not like to think about the possibility of dying or even worse, losing your partner, but the reality is about 5% of children in the United States lose a parent before age 15 and 70% of families will have to file for bankruptcy after losing the breadwinner. Even with two breadwinners, the possibility exists of having to change homes, schools, and lifestyles making death even harder to bear. 

Both partners in a two-income family need to have life insurance and coming up with an affordable way to protect your family may require the help of an insurance agent. In Central Valley, CA contact Manteca Insurance & Financial Services to discuss the life insurance options that are best for your two-income family.

How much life insurance do I need

Life insurance is a way to provide a safety net for the people who love and depend on you. It can make all the difference in what will already be a challenging time. You might even say this is your final gift to your loved ones. How much life insurance you need is something very individual, and having an insurance agent you know, and trust helps. When you are looking for an independent insurance agent, you can trust our team at Manteca Insurance & Financial Services in Central Valley, CA is here for you. 

When determining how much life insurance you need, many things factor in. Age, marital status, dependents, and financial situation. Life is risky, and you need to consider your risk level.  

Age

The fact is, life insurance is less expensive when you are young and healthy. You may get life insurance through your employer. If you have no dependent or financial responsibilities such as a mortgage, this may be adequate. But if you have trouble saving, a whole life policy purchased at this age makes sense. 

Marital status

If you are married, you have more than just yourself to consider. You need to assess your spouse’s situation if you were no longer there with your paycheck. Would they be able to maintain their current lifestyle?  

Dependents

If you have children or dependent relatives, you have something else to consider. How many years would they need to be maintained?  How much of their maintenance would life insurance have to provide? 

Financial situation

If even your final expenses would be impossible for those you leave behind to pay, you need to have enough life insurance to make sure this is covered. 

At Manteca Insurance & Financial Services in Central Valley, CA, we want to sit down with you to determine how much life insurance you need and can afford. Contact us to set up an appointment.