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Coppell, TX 75019

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Texas Insurance Blog

Life insurance FAQs

Life insurance is what everyone should have but many people have questions about it. This isn’t something that gets talked about a lot over the dinner table or anywhere else for that matter. That is why you need a good independent insurance agent who can help you sort out the facts and myths about life insurance. At David King Insurance Services LLC in Coppell, TX, we put the customer’s needs first and work hard to make sure we provide all the customer service you require. 

Life Insurance: What You Need To Know

If I’m not married, do I need life insurance?

Marriage is not the only determining factor for having life insurance. Does anyone depend on your income? Do you have any debt and have you put aside money for your final expenses? You probably don’t need a lot of life insurance, but you should have some as part of your final planning. 

Can I buy life insurance without a physical exam?

It is possible to buy a policy without getting a physical exam but, you will not get the best rate. You will also not have nearly as many options for policies as you would if you agree to get a physical. 

Do I have to answer questions about my health honestly?

Yes, it is very important that you answer all questions on your application truthfully. If it is discovered that you answered anything untruthfully, your policy can be canceled.  It isn’t worth taking a risk. 

If I get life insurance at work do I need to buy my own?

Simply stated yes, do you want to leave someone in your HR department in charge of your family’s financial security? Do they understand what your family will need to survive without you? What if you change employers? It is always a good idea to have at least some of your own life insurance. 

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Contact David King Insurance Services LLC in Coppell, TX with all your life insurance needs. 

How Much Life Insurance Should I Carry?

It’s time. Maybe you just got married or had your first baby, but you know you can’t put it off any longer. You need life insurance. But how do you know how much life insurance you should carry? You don’t want to leave your loved ones struggling when it matters the most, but you also don’t want to be overinsured when you could be investing that money instead. 

David King Insurance Services LLC provides a wide variety of insurance types and coverage levels to our customers in Coppell, TX, and we can help you determine the right amount of life insurance for your lifestyle. 

How to Decide How Much Life Insurance to Buy

In the past, the general rule of thumb for life insurance has been to multiply your income times 10, since a decade is usually adequate time for your family to get on its feet and for your kids to reach the age of maturity. So, for example, if you make $70,000 a year, you’d want $700,000 of coverage.

However, while this formula is straightforward, it misses a lot of the nuance of individual family situations today. How many kids do you have? How many still need to go to college or trade school? Any kids from a previous marriage? Is one partner a stay-at-home spouse? 

Calculating the Correct Life Insurance Amount Today

A much better formula to use to determine the correct amount of life insurance is all obligations minus all assets:

  • Obligations. In this column, be sure to include all current, potential, and future obligations. At a minimum, you should add up your annual salary times the number of years you want to replace your income, your current mortgage balance, your minor children and their potential education costs, all other debts, and funeral costs. If there’s a stay-at-home spouse, be sure to account for the costs to replace childcare and other services in their life insurance calculations. 
  • Assets. In this column, subtract all of your liquid assets (aka not retirement!) including savings, bonds, college savings accounts, health savings accounts, and other life insurance policies, such as minimal policies provided by your employer, or children from a previous marriage who are also covered under an ex-spouse’s policy. 

Calculating your needs this way will automatically account for your unique situation and give you a good idea of your life insurance needs. Even better, this formula automatically updates as you grow your assets and decrease your financial obligations over time. 

Once you’ve taken the important step of protecting your family, we recommend that you revisit your life insurance needs every 5-10 years to make sure you’re still on target. If you live in Coppell, TX or surrounding communities and need help getting started, contact an insurance agent with David King Insurance Services LLC today! 

What type of life insurance is best for me

Life insurance is a very personal type of insurance. It is not about protecting yourself, it is about protecting your loved ones. Each person has different life insurance needs and when it comes to what type of life insurance is best for me, it really helps to have an insurance agent who knows you and your situation. At David King Insurance Services LLC in Coppell, TX, we place the needs of our customers first and we make a point of getting to know them and providing the highest level of customer service. 

There are two main types of life insurance whole life and term life and for most people, both of them offer a type of protection they can use. It depends on where you are in life and the amount of protection you need. 

Term life

The name term life pretty much defines this type of life insurance, you buy it for a term. The term may be from 5 to 30 years. Some of the term life policies are renewable but the premium will not remain the same. What you are praying for is protection and the death benefit is what you get. At the end of the term, the policy terminates. It is the least expensive option. 

Whole life

Whole life is a policy you keep for your whole life, the premium remains the same and you earn dividends which add to the cash value. You can borrow against the value and you can collect the value before you die. It is an easy way to save and get protected at the same time. 

At David King Insurance Services LLC in Coppell, TX, we have 28 years of experience helping people with insurance sales and claims. We would love to add you to our insurance family. Call our office or give us a call and let us find the most beneficial coverage for you. 

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