How much life insurance is enough?

Life insurance is something that just about everyone needs but very few understand. It is not easy to talk about and you may feel awkward even speaking to your spouse about the amount of life insurance that you need to protect each other. At San Marcos Insurance Group we want to make talking about life insurance in Chandler, AZ easy and comfortable for all of our customers. 

So where do you begin determining how much life insurance is enough?  You answer some simple questions. 

Who is dependent on you?   Do you have a spouse, children, aging parents? 

How long will you need to support them? Are your children young, college-age or somewhere in between? How long would you need to support your spouse?

Do you have debt? Most people have a mortgage, car payments, student loans, credit card debt and more. 

Have you taken care of your final expenses? 

Once you have answered these questions you will be in a better position to determine how much life insurance is enough. Financial experts recommend that you have at least ten times your annual income in life insurance. You may not need to buy this entire amount on your own.  You may get life insurance as a benefit from your employer. 

Once you have come up with a figure that makes sense in your particular case you need to determine the type of life insurance that you can afford. Whole life is the most costly but it offers long term advantages. With a young family and the potential for a long time of dependency if you should die unexpectedly and at a younger age, term life is probably the best option. 

How much life insurance you need is a very personal figure. It is different for everyone and it will change during your lifetime. Talking with the agents at San Marcos Insurance Group in Chandler, AZ is a great way to come up with not only an amount but the best way to reach your goal. Why not give us a call or stop by, your dependents will be glad you did. 

When is Commercial Insurance Required for a Chandler Business

Chandler, AZ is a great city that provides a lot of opportunities for all people. This includes small businesses that can take advantage of the favorable location and local amenities. If you are going to start a company in Chandler, you need to consider your insurance needs. There are several situations when you will be required to carry commercial insurance. 

When You Have a Loan or Investor

One situation when someone in Chandler, AZ is going to need to have commercial insurance is when they take out a loan. Running a business can be risky and any stakeholder that is involved will want to mitigate these risks as much as possible. This will require any formal investor or bank that provides you with capital, each of which are going to require that you have a full commercial insurance policy to protect your assets and against the risk of liability. 

Companies Have Employees

Another situation where it will be required for you to have commercial insurance is when you have employees. No matter what type of job they do, there is always a risk that someone could be hurt while working for you. To mitigate this risk, all businesses should get workers compensation as part of their commercial insurance package. In fact, in Arizona, you are required by law to carry this coverage for your staff. 

There are a lot of situations when having commercial insurance is a necessity for a company. If you need to have this insurance for your company, you should call the San Marcos Insurance Group. The team at the San Marcos Insurance Group can review your full company profile and information to determine what type of insurance you should get. This will ensure you stay fully compliant with this requirement.