Category: Life Insurance

The topic of which family members require life insurance most often deters people from having a fruitful discussion due to emotional involvement. However, it is important to set emotions apart and think practically to ensure the financial security of our families in times of sudden mishaps. The conversation should pivot around analyzing the financial impact of each family member’s death. If you are contemplating life insurance and reside in North Carolina, consult our Lee Insurance Agency LLC team.

Who in the Family Requires Insurance?

Typically, depending on their roles in the family, not all family members require life insurance. The need greatly varies, and even family members with no external income might have significant contributions that may be financially cumbersome to replace upon their death.

The ensuing discussion of various familial roles can help you contemplate the need for life insurance in your family and prioritize the ones whose loss would cause significant financial distress.

• Breadwinners: Who brings in the household income? Can the family manage without their income?
• Caregivers: Who takes care of the dependents in the family – children or elderlies? What would be the cost to hire external help for the same care?
• Medical History: Are there any hereditary health issues that might affect the eligibility of a child for life insurance in the future?
• Final Expenses: Can you afford the final expenses of a deceased family member?
• Family Business: If you co-own a business with family members, does the business succession plan have the necessary funding?
• Loans: Does anyone in your family have any outstanding debts, either to creditors or other family members?

Why Choose Lee Insurance Agency LLC?

The team of Lee Insurance Agency LLC is committed to helping North Carolina residents formulate a comprehensive life insurance plan for their families. Call us today at (919) 963-2059 to set up a consultation.

Term life insurance is one of the two main types of life insurance. It’s a type that many people prefer for its advantages, and it can be good protection for many policyholders. It does have its drawbacks, however, and the policies don’t typically last as long as a whole life policy. However, the benefits outweigh the drawbacks for many people. If you want to know more about term life insurance, call us at Lee Insurance Agency LLC in North Carolina. 

The Insurance Term

Term life insurance has this name because it’s written for a very specific term. This term is generally a specific number of years that the policy will be in force. When the end of the term comes, the policy will hit its expiration date and will no longer be in effect. When that happens, the policyholder will have to seek out a new policy so that they can be covered by life insurance again. This drawback can make this type of insurance the wrong type for some people, but many people choose it because of its main advantage. 

Saving Money

One of the big advantages of this type of life insurance is that it costs so much less than the other main type. Term life tends to be affordable for a wider segment of the population than a whole life policy. There are many people who wouldn’t be able to afford life insurance at all if it weren’t for term life policies. If you have a tight budget, this may be the right choice to keep you insured so that your family won’t face financial hardship later. 

Get Term Life Insurance

If you don’t have a life insurance policy, don’t wait to get one. To find out more, call us at Lee Insurance Agency LLC in North Carolina. 

Life insurance provides financial security to your loved ones after an untimely death. Lee Insurance Agency LLC explains that the right life insurance coverage amount in North Carolina depends on several factors that you need to consider, such as your income earnings, outstanding debts, mortgage payments, education expenses, and financial goals. 

Determining Your Life Insurance

1) Calculate Your Income Replacement Needs:

The first factor to consider while deciding on the life insurance coverage amount must be your income replacement needs.

Remember, the coverage amount should be sufficient to replace at least 10-12 years of your income. For instance, if you are making an annual income of $50,000, multiplying this by 12 years means your life insurance coverage should be a minimum of $500,000.

2) Outstanding Debts:

After calculating the income replacement needs, the next factor to consider is outstanding debts. A life insurance policy can help your family pay off outstanding debts such as a car, credit card, or personal loan.

3) Mortgage Payments:

If you have a mortgage on your house, include the amount required to pay off the mortgage. Losing a breadwinner can be stressful enough, and the sizeable mortgage payments could take a big chunk out of your family’s finances.

4) Education Expenses:

If you have children, include their education expenses when calculating the life insurance coverage amount. College can be expensive, and you want to ensure your children can complete their education. Review the estimated costs of their education and include this amount in your coverage.

We Are Here To Help

Determining the right life insurance coverage amount can be a difficult task to undertake in North Carolina. Remember that having enough coverage can save you and your family from a significant financial crisis. Contact Lee Insurance Agency LLC today, and we’ll help you.

Are you concerned about whether or not your family would be financially secure in the event of your passing? Our team of insurance experts at Lee Insurance Agency LLC in North Carolina can help you with your life insurance needs.

Life Insurance: The Basics

Life insurance is a contract between the insurance company and an insured individual. The insurance company promises to pay the designated beneficiaries an amount of money upon the death of the policyholder. Depending on the policy, other events such as a terminal illness can also force payment.

The policyholder will pay a premium either monthly or make a lump sum payment. The benefits will include final expenses.

Life insurance policies are legal contracts, in which each contract will describe the limitations of the insured events. Certain exclusions may be written into the contract which will limit the liability of the insurance company. Common examples would include suicide, war, riot, fraud, and civil commotion.

Life insurance policies typically fall into two major categories:

Protection policies are designed to provide a lump-sum benefit, typically, in the event of a specified occurrence. Term insurance is a common form of protection.

Investment policies are meant to facilitate the growth of capital by single or regular premiums. Common forms of this type of insurance are variable life policies, whole life policies, or universal life policies.

In the event of the passing of the main breadwinner in a household, it is necessary for that person to make sure his or her family is protected with a life insurance benefit. In addition to paying final expenses, it can satisfy a mortgage, pay off other miscellaneous debt, pay college tuition, and enable the family to live without financial worry.

Give Us A Call

Our insurance experts at Lee Insurance Agency LLC can provide a no-obligation quote or answer any questions you may have.

If you are looking to add or update your life insurance policy in North Carolina, reach out to us today. We’ll be happy to help. 

Lee Insurance Agency LLC is here for the residents of North Carolina. Our great state has a lot to offer everyone. If you are a single person who is wondering about their insurance needs, it’s time to give us a call.

Life insurance benefits for single people

When most people think about life insurance, they think about families. For many, it is considered a necessity for young families with small children, but not for everyone else. This is not always the case. There are many benefits of life insurance for single people.

For example, if you do not have any immediate family members, your estate will likely have to cover the cost of your burial and funeral. And, if you have an illness prior to dying, there may also be medical costs that you leave behind.

By having a life insurance policy in place, your estate can take care of all of those expenses in an expedient manner. If you choose a permanent policy that includes a cash value, you will be able to reap many benefits of your policy while you are alive. You will be able to access the funds while you are living. 

These funds can help you pay for your education, a down payment on a house, or can be used to give yourself a more comfortable retirement. There are plenty of good reasons for single people to have a robust life insurance policy in place!

Learn more about your options today!

Now is a great time to set up a meeting with the team at the Lee Insurance Agency LLC. Let us help you learn more about the life insurance policy options that are available to single people residing in North Carolina. Call or stop by our office today!

Life insurance might be something many people do not enjoy thinking or talking about, but it can be of the utmost importance to your loved ones after you pass away. No matter how uncomfortable, it is never too early to look into life insurance.

Lee Insurance Agency LLC in North Carolina is happy to help you look into life insurance options. We can show you several quotes from our different providers and walk you through them every step of the way.

Reasons to get life insurance

There are a couple of big reasons why you should get life insurance, some of them we listed below:

You are the main breadwinner in your household

If you are the breadwinner at home, this usually means that the rest of your household depends on your money. Depending on how big your life insurance is and how high your salary is, your insurance can help your family out, especially in the case of an unexpected death. 

You have unpaid long-term debt

Even if you have been paying off your debt slowly for a long time, if you die with debts, there is a good chance they are not automatically written off. For that reason, do not leave your loved ones with the financial burden of your debts and get your life insurance to cover it.

Funeral costs

The time right after losing a loved one can be tough, and funeral costs can be very high. Take the financial stress out of your funeral and get your life insurance to cover your funeral costs.

If you are ready to discuss life insurance options, call Lee Insurance Agency LLC in North Carolina when you can. 

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.

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.