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O'Fallon, MO 63366

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Senn Insurance Agency Blog

How much life insurance do I need?

Most people would not dream of going without car insurance or homeowners insurance.  These same people are often reluctant to talk about or purchase life insurance. No state requires residents to carry life insurance and yet it is one of the most important types of insurance coverage, especially if you have dependents. At Senn Insurance Agency in O’Fallon, MO, our team has years of insurance experience, and we offer coverage from a preferred network of carriers. 

When it comes to how much life insurance you need, the easiest way to answer that question is "it depends." Life insurance is something that should be tailored to the individual needs of the client. It is not one size fits all. A young unmarried woman will not need the same amount of coverage as a married couple with children. 

The rule of thumb is that you need to have about ten years of income in life insurance. This takes into account that you may have dependents, a mortgage, credit card debt, and other things that need to be paid should you pass away. You want your dependents to be able to maintain their lifestyle even if you are not there. You also need to take into account the age of your dependents. If you have young children, then ten years may not be enough. If you want to provide for their college education, that is another thing to consider. 

In the case of persons without dependents, you only need enough life insurance to take care of any debt that you have and your final expenses. As you can see, life insurance is something that you need to sit down and discuss with a knowledgeable insurance agent. At Senn Insurance Agency in O’Fallon, MO, we have the information you need to make an educated decision about how much life insurance you need. Stop by our office or give us a call to make an appointment to discuss your needs. 

 

Should You Have More Than One Life Insurance Policy?

Shopping for life insurance can be confusing, and you may have several questions. A common question that many people have is whether it is beneficial or necessary to have more than one life insurance policy in place? The best way to find out what the options are for your situation, and what steps you should take, would be with the assistance of a licensed life insurance agent.

Working with Life Insurance Agents

A life insurance agent is highly skilled in helping others find the life insurance protection they need to cover their loved ones or business partners if there is a covered death. In some cases, individuals can opt to have more than one life insurance policy in place. Sometimes they may want to select more than one type of coverage, which can create a more secure layer of protection. To get answers to questions about this type of coverage, work with an agent who knows how to help customers decide what steps to take to match their needs. You can count on Senn Insurance Agency, located in O’Fallon, MO, to give you the support you need to make the right decision. 

Obtaining Life Insurance

Once you have determined what your needs might be, or the needs of loved ones, you can begin exploring policy options with the assistance of a licensed life insurance agent. They will help you sift through the options and find out which policies and providers offer the most beneficial plans. They can also help you outline specific needs, so there aren’t gaps in coverage. 

If you are currently looking for life insurance, consult with Senn Insurance Agency, serving St. Peters and O’Fallon, MO, and get the answers you need to make an informed choice. Call or stop by today for more details. 

What Is Universal Life Coverage?

Universal life coverage is a specific type of insurance that will give out a certain amount upon death. This may sound like general permanent life insurance, but there are a few differences. Senn Insurance Agency wants the people of O’Fallon, MO to understand the benefits of this coverage before deciding whether it’s for them. 

The Savings Component 

Like permanent insurance, there is some degree of savings with universal life coverage. The funds that fall under savings are invested under a fixed interest, which can help the insured predict precisely what will happen month after month. People who opt for this plan typically do so because it’s one of the more flexible types of life insurance. If any drastic changes occur, it’s often easier to alter the terms of a universal plan than a permanent plan. For example, if a person wants to switch funds between the life insurance and the savings portion, it’s a relatively simple process. 

Understanding Universal 

The insured is allowed to make changes to their policy, but they do need to be aware that this can ultimately change the death benefits. These changes may even affect the cost of the premium as well. Otherwise, this plan comes with more than a few perks for its holders. For one, people have some certainty in knowing that everyone will be financially protected (regardless of external events). Even if the benefits change, there’s no mystery behind the final number. Also, all money earned within the policy is tax-deferred. The same interest rate can be applied to the ever-accumulating cash value without being interrupted by taxes. 

If you want to learn more about the benefits of universal life coverage, call Senn Insurance Agency in O’Fallon, MO today. We’re here to explain the critical types of coverages so you can understand your options.