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Lee Insurance Agency LLC

119 W South Railroad St, PO Box 1212
Four Oaks, NC 27524

Should You Get North Carolina Life Insurance if You Are Covered at Work?

One of the key reasons that a lot of people avoid getting life insurance is because they have life insurance through their work benefits. Here it is called group life insurance, with a typical cap at approximately 2 years of the annual salary. For many, this would be considered a stipend in the event of a passing in the family.

At Lee Insurance Agency LLC, we want North Carolina residents to have as much coverage as they need for their families. It is never a bad idea to get more life insurance if you can, and there are ways to determine if you should top up your group life insurance

Dependents and Mortgage Expenses

Your life circumstance will help you to determine if you need more life insurance. If you have dependents that you want to take care of with income replacement if you die, another life insurance policy is a smart choice.

You may also have a mortgage, in which case you would want that expense covered for them after you pass. A group life insurance policy is usually not able to meet all of those needs.

Job Changes

Another key reason you may want additional life insurance is if you are concerned about your job security. In this day and age, most people are. If you are not sure about your job position, you may want additional life insurance.

You don’t need to feel your job is at risk for this. You may change jobs on your own in the future. If you aren’t sure, consider getting more life insurance.

Get a Quote

When you are working and are a member of a group life insurance policy, it is natural to wonder if this is enough. It probably isn’t, particularly if you are concerned about any part of that policy. At Lee Insurance Agency LLC, we can help North Carolina residents get all the life insurance coverage that they need, even if you have group insurance. Call us for a quote today.

How much life insurance is enough

Life insurance allows you to provide a safety net for your loved ones in the event you pass away. No matter what point you are at in your life, you may not have acquired the assets to maintain the lifestyle you are currently enjoying. Life insurance provides the additional funds you may need to bridge the gap. Residents of North Carolina can turn to the Lee Insurance Agency LLC for the help needed to decide how much life insurance is enough. Our family-owned agency is committed to putting our customer’s needs first. 

The amount of life insurance that is enough for you personally is not a one size fits all amount. Many different factors go into determining that figure. Even in your own lifetime, your life insurance needs are likely to change. 

Your age

If you are very young or alternately very old, your insurance needs will be smaller than they will be during the prime of your life. The cost of life insurance is lowest for the young so getting a policy to keep for life when you are young is a good investment.

Your debt

Your life insurance should be enough to clear any debt you have. This can be a mortgage or just normal monthly bills. Your final expenses should also be included when figuring this. 

Your dependents

Not everyone has people who count on them and their income. But for those who do, providing for them in the event of your death is something they are counting on. You need to make sure your children are provided for and your spouse or partner as well. How much life insurance is needed depends on the age of your children and your income. It has been suggested a minimum of seven years of your income is what is needed. 

If you live in North Carolina, contact the Lee Insurance Agency LLC, and we will be happy to help make sure you have enough life insurance. 

 

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