How Much Life Insurance Do You Need?

Responsible adults in Peoria, AZ know that having enough life insurance is important. Having adequate life insurance means that if you were to die unexpectedly, your family could focus on grieving their loss rather than fretting about how to pay the bills. If you are considering buying life insurance or increasing your coverage, you may be interested in these tips from Schaller & Thomas Family Insurance.

1. How is your health care coverage?

If you have excellent health insurance, your family may be in pretty good shape as far as medical bills if you were to die. Many people end up in the hospital for several days or weeks before they pass, and you don’t want those bills haunting your family after you’re gone. If your health insurance is not so great, you may want to figure in the cost of your medical deductible when determining your life insurance coverage amount.

2. What are your outstanding debts?

If you have a large amount of debt and your family depends on your salary to make the payments each month, you may want enough life insurance to pay these bills in full. 

3. Consider your final expenses.

Burial or cremation of your remains may cost more than you realize. Be sure that you have enough life insurance so that your family can lay you to rest without undue financial burdens. 

4. Money for life changes.

If you pass away, your family members may want to move closer to other relatives, go back to college, find a job, or put the kids in day care. You should provide enough money so that your family members can make these changes without financial stress. 

5. Consider your annual income.

A good rule of thumb is to buy enough life insurance so that your family can maintain their current lifestyle for several years. In other words, take your annual income and multiply it by three to five years to get a basic idea of how much insurance you will need.

If you need to purchase life insurance, contact Schaller & Thomas Family Insurance, serving the Peoria, AZ area.

Do You Need Property Insurance With Your Commercial Plan?

Running a business in Peoria, AZ, it’s just decisions all day long. Sometimes you don’t have the data that you need to make an informed choice, sometimes you have to make your best guess. Sometimes you have to do a ton of research in order to make the best possible choice. Sometimes you need to listen to your advisors, or just take a look at what your competitor is doing and follow their example (or do the opposite). Decisions, decisions, decisions. Really, an entrepreneur is just someone who’s willing to make a choice and live with it. That’s a rare ability than you’d think.

So here’s another decision you have to make: Should you buy property insurance with your commercial plan?

Really that comes down to two other questions for small business owners: Do you need property insurance for your home business, and should you invest in a physical office or workspace knowing that you’re going to need property insurance?

For the first question, it is worth calling Schaller & Thomas Family Insurance for general liability if anyone is going to be on your property in relation to your business. That means business partners, couriers, clients, anyone.

For the latter, this brings up yet another question: Can you make use of the extra space? Having an actual business property, moving your company out of the garage, can be just the impetus you need to start growing. If you’re ready to grow.

There are so many decisions to make, but here’s an easy one: When you’re ready for property insurance, call Schaller & Thomas Family Insurance and have it added to your commercial insurance plan.