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Which Family Members Need Life Insurance?

Considering which family members need life insurance can be uncomfortable for many people. Nevertheless, the best approach for making these decisions comes by considering each person’s financial contributions and obligations to the family. If you need help making life insurance decisions and live in or near Memphis, TN, consider working with our Anthony Lancaster Insurance Inc. team.

Insuring Family Members

Deciding which family members need life insurance involves considering their family role and the financial impact of their potential loss. The questions below can help determine whether specific family members should be insured and the estimated value of the needed insurance.

  • Breadwinners: Who are the family’s primary breadwinners? How would the family cope without their income?
  • Caretaker: Does the individual care for children, aging adults, or other family members? How much would it cost to pay others to substitute for their care?
  • Legacy: Is there a desire to leave money for the next generation?
  • Health: Is there a family history of health issues, or does a child have health issues that could affect their ability to acquire life insurance as an adult?
  • Final Expenses: Do you have the resources to pay the funeral and related expenses without insurance?
  • Business Partner: Is there a shared business interest with the individual? What is the business succession plan?
  • Debtor: Do you or your family members have debts, including to one another?

Answering each question and considering the financial implications of the answer will be helpful when deciding your insurance needs.

Working with Anthony Lancaster Insurance Inc.

There are many reasons to insure family members’ lives. Our Anthony Lancaster Insurance Inc. team, serving the Memphis, TN, area, can help you make the decisions that meet your family’s needs. Call us today at (901) 754-3331 to schedule an appointment.

Four ways your life insurance policy can ensure financial security for your family

Life insurance is an important financial product to purchase if you are a head of household with dependents who rely on you for financial support. You can purchase a life insurance policy in Memphis, TN from Anthony Lancaster Insurance Inc.

The following are four ways your life insurance policy can ensure financial security for your family:

Life insurance provides financial support that can replace the policyholder’s income.

Your beneficiaries rely on your income. If you pass away unexpectedly, life insurance can replace your income and cover living expenses for your dependents. 

Life insurance covers funeral and burial costs for the policyholder.

Consumers shouldn’t underestimate how expensive it is to pay for funeral and burial costs. Fortunately, life insurance can cover these costs so that your surviving loved ones don’t have to pay them out of their own pocket. 

Life insurance can cover any estate tax costs.

Estate taxes can be costly and significantly reduce the value of the assets that you are able to pass on to your beneficiaries. Life insurance can pay for estate taxes so that you’re able to leave all of your assets to your surviving loved ones in your will. 

Having life insurance can ensure that surviving family members won’t lose their family home.

Without your income, it might be impossible for your surviving dependents to pay the mortgage and real estate taxes on your family’s home. However, life insurance can provide your dependents with the funds they need to keep your family’s home after you pass away. 

Schedule A Consultation Today

At Anthony Lancaster Insurance Inc, we’re here to answer any life insurance questions you have. Consumers in Memphis TN can call us today for a life insurance policy quote. 

Is Life Insurance Ideal for Business Partners?

When you think about the benefits of life insurance, most people picture providing their loved ones with financial resources should they pass away unexpectedly. However, many must realize that life insurance is also an excellent tool for protecting a business partner. Anyone in the Memphis, TN area can count on Anthony Lancaster Insurance Inc to help them understand the ins and outs of life insurance.

Life insurance Protection 

An individual may choose to purchase an insurance policy to help protect the financial interests of their business. This can be accomplished by naming your business partner as a beneficiary should something happen to you. This strategy helps ensure that a business can continue to operate without devastating financial impacts due to a business partner’s untimely death.

Our team of highly knowledgeable insurance professionals can work with each customer to help them understand the ins and outs of life insurance and determine which policy options work the best for their specific needs. They can also help them through the policy selection process and carefully explain the terms and conditions so that they are fully informed policyholders.

We carefully assess each individual’s situation and use that information to help match them with policies that provide the most benefit. We not only assist with the policy selection process, but we can also assist with any changes during the lifetime of the policy or assistance with claims. It’s all a part of our commitment to providing customers with the best life insurance solutions.

Reach Out Today 

If you would like to learn more about life insurance or any other quality insurance products we offer, we encourage you to call or stop by the office of Anthony Lancaster Insurance Inc. We are proud to provide the residents in and around the Memphis, TN area with exceptional customer service.

What is the value of having a life insurance plan in Tennessee?

For those that are in the Memphis, TN area, ensuring that they are appropriately covered by insurance is very important. While there are many types of insurance to consider obtaining, one of the most valuable can be life insurance. A life insurance plan is a unique form of coverage that offers various advantages and forms of support. 

Life Insurance Benefits

Financial Protection

One of the primary reasons why someone will obtain a life insurance plan is so they can receive financial protection for the beneficiaries of the policy. If you have dependents in your life that rely on your income for their basic needs, it is important to ensure that they are covered financially in the future. A life insurance plan can be built to ensure they get the coverage necessary. Even if you do not have dependents, life insurance could provide your loved ones with some additional resources. 

Good Investment Option

It is also a good idea to get a life insurance plan when you are in this area as it can provide you with another investment option. Whole life insurance is a popular option as you receive life insurance protection and a part of your payments are built into an account that grows with interest. At some point, you can close the account and take the cash out of it. 

Contact Us Today

If you are looking for a new life insurance plan and are in the Memphis, TN area, it would be a good idea to begin your search by calling Anthony Lancaster Insurance Inc. The professionals with Anthony Lancaster Insurance Inc understand the value and need for this coverage. Our team will offer any support that you need to create an ideal policy that meets your needs. 

I’m only 20. Do I need life insurance?

Many young people believe that life insurance is for older people. Logically speaking, many young people feel that the absence of a family and significant assets make life insurance unnecessary. However, even as a young person, life insurance could benefit you. Our team at Anthony Lancaster Insurance Inc in Memphis, TN is committed to helping young people explore life insurance.

What is Life Insurance?

A life insurance policy is a legal contract between you and an insurance company that pays a beneficiary a set amount of money in the event of your death. However, some life insurance policies pay the beneficiary if you become terminally ill or critically ill. You choose a beneficiary, the person who will receive payment, and this person is paid if/when you die. 

How Can Life Insurance Benefit Young People?

As a young person, one benefit of life insurance is less expensive premiums. If you get life insurance at a young age you have the ability to lock in good rates. Also, if you’re someone who hopes to have a family one day, life insurance can create peace of mind. Knowing that your family will be financially taken care of can be a practical way to put your mind at ease.  If you wait until you’re older to invest in life insurance, your health may have declined, making it more challenging to get a good premium from a life insurance company. 

Give Us A Call

Conversely, if you have no interest in having a family and don’t plan on acquiring significant assets, you may opt to forego life insurance. Our team at Anthony Lancaster Insurance Inc can discuss your future plans and goals to help you determine if life insurance would be a wise investment for you. We are here to answer any questions our young Memphis, TN clients may have regarding life insurance. 

Other areas that deserve consideration are your present and future financial obligations. Even if you don’t plan on marrying or having a family, you should still consider your financial obligations. If you have significant financial obligations or anticipate having some later in life, life insurance may be a good investment. Call us if you have any questions about life insurance.

Tennessee Life Insurance: How to Determine Your Coverage Amount

When you are considering life insurance, there are a lot of things to take into consideration. The amount of life insurance that you get is a big question. You want to be able to get the most coverage at the rates that work for you. You also want to be sure that your beneficiaries will be taken care of after you are gone.

At Anthony Lancaster Insurance Inc., we know that Memphis, TN residents also want to make sure their dependents are taken care of beyond funeral expenses. We can help you to determine the amount that you need with a policy that works best for you.

How to Determine Life Insurance Coverage Amount

The best way to determine the life insurance coverage amount is to examine what assets or debts you may have at the time of your passing, and how that would be handled by your beneficiaries. It also depends on how many beneficiaries or dependents you have, and what their standard of living currently is.

If you have a mortgage for example, you may want to have that as your minimum coverage amount, with funeral costs and expenses. 

When you are thinking of coverage amount, you may also want to consider what kind of life insurance to get. The kind of life insurance you get could make a difference in your overall coverage.

Permanent Life Insurance or Term Life Insurance

For term life insurance, you would pick a set amount of coverage, and this coverage would be paid out in one lump sum if you passed away during the term. For permanent life insurance, the same sum is paid, but there is no term to your policy. 

After this policy has been in place for some time, you may get some additional benefits from it, such as getting paid dividends on a monthly basis. These figures could be calculated into your life insurance coverage amount when you are designing your policy.

Get a Quote

When you are considering life insurance coverage, the amount is a question that could make you sweat. You don’t need to do that alone. At Anthony Lancaster Insurance Inc., we help Memphis, TN residents to design the life insurance policy that is best for them. Call us for a quote today.

Life events that effect your need for life insurance

If you don’t know a lot about life insurance, don’t feel bad, most people don’t. But it isn’t as much of an issue as you may think. All you need is an independent insurance agent who you know and trust to guide you. At Anthony Lancaster Insurance Inc in Memphis, TN, your financial future is something we can help you with. Planning for the future is a good thing and getting the right advice is a big help.

Leaving your parents home

You’re an adult now. It’s time to do the adult thing and make sure that your future is taken care of. Getting a life insurance policy at this point is the first step into your financial independence. Your rates at this point are the lowest they will probably ever be. It isn’t easy to be forward-thinking when you are this young, but your older self will thank you. 

Getting a job

When you get your first full-time job, it may come with a benefits package. Part of that package maybe life insurance. It is up to you to know whether it is the right type and amount to protect you and provide for your family. 

Buying your first home

Buying your first home is big. It usually comes with a mortgage, and you should have enough life insurance to take care of your mortgage if anything happens to you. 

Getting married/having children

When you get married, you need to review any life insurance policies you have and make your new spouse your beneficiary. While you are at it, look at the amount of coverage you have. Adding children to your family raises your need for life insurance greatly. It would be best if you protected their future as well as your own. 

Contact Anthony Lancaster Insurance Inc in Memphis, TN when you need to discuss your life insurance needs. 

What life insurance options do I have?

Anyone who lives in the Memphis, TN area will need to get many different types of insurance to ensure they continue to be properly covered and protected. One important type of insurance coverage to get is life insurance. When you have this type of coverage, it can help to protect your dependant’s financial futures. If you are looking for this type of coverage, there are several different types of life insurance to choose from.

Term Life Insurance

One common form of life insurance that people choose is a term life policy. With this coverage, you will have the flexibility to decide how much coverage you need and how long you need it. This makes it easy for someone to build a policy that is curtailed to meet their needs. Another advantage of term life insurance is that it tends to be more affordable than other coverage types. 

Whole Life Coverage

Another option that you have is whole life insurance. Generally, a whole life insurance policy will cost more than other forms of life insurance. However, there are investment benefits that come with it, as well. When you continue to make payments on this policy, some of your payments will slowly build up in an investment account over time. Further, a whole life insurance policy offers coverage for the rest of your life as long as you continue to make premium payments. 

Picking the right life insurance policy in the Memphis, TN area is critical. When you are looking for your next policy, you should call Anthony Lancaster Insurance Inc. The team at Anthony Lancaster Insurance Inc. can help you understand your insurance options and how they can benefit you. This will help you choose the right policy that meets your needs.

  • Grange Insurance
  • Liberty Mutual
  • National General
  • Nationwide
  • Progressive
  • Safeco
  • State Auto
  • Stillwater
  • The Hartford
  • Travelers