Category: Life Insurance

Do Both Parents Need Life Insurance?

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Shopping for life insurance is an essential step in preparing for the future and protecting your loved ones. Often, only one person in a household might shop for life insurance, assuming that their policy will provide sufficient coverage. But what if you have a family to care for? Should your spouse also have life insurance, even if you’ve already purchased a policy and are the only one in a potentially hazardous line of work? Life insurance planning can be more nuanced than it seems. Here’s why both parents should consider having life insurance. Once you have a clearer understanding of your needs, you can turn to us at Kalare Tech, serving New Windsor, NY, and beyond!

Why Both Parents Should Have Life Insurance

Typically, the parent who is the primary breadwinner is the one to purchase a life insurance policy, especially if their job involves higher risks. However, this doesn’t mean they should be the only ones with coverage. Both parents face the possibility of accidents or health issues in everyday life. If one parent passes away—even if they’re not the primary breadwinner—it can still significantly impact the family’s finances and ability to provide care.

Having life insurance for both parents ensures maximum coverage and protection for your family in the event of an unforeseen incident. It’s a proactive way to safeguard your loved ones and maintain financial stability during difficult times.

Buy Life Insurance in New York at Kalare Tech

At Kalare Tech, serving New Windsor, NY, and surrounding areas, we simplify the process of shopping for life insurance. We help you compare quotes and explore your options in one convenient place, saving you time and money. Compare quotes with us today to secure the coverage your family deserves.

What are the different kinds of beneficiaries, and who can all be listed?

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When it comes to life insurance, we at Kalare Tech in New Windsor, NY, understand that you want to ensure your loved ones are taken care of after your passing. We specialize in helping you organize your life benefits so that your wishes can be carried out without issue upon your death.

You can designate life insurance benefits to an individual or multiple people, a trust, or an organization. Whoever you decide to leave these benefits to is called the policy beneficiary. But what happens if circumstances change before your passing and you haven’t had a chance to update your policy to reflect these changes? In that case, you can opt to list more than one type of beneficiary on your policy.

There are several types of beneficiaries on a life insurance policy: primary beneficiaries, contingent beneficiaries, irrevocable beneficiaries, and revocable ones.

Primary Beneficiary

A primary beneficiary is the first person or entity listed on the policy to receive benefits. For example, some people may list their spouses as primary beneficiaries. It’s important to note that you can list multiple primary beneficiaries.

Contingent Beneficiary

This type of beneficiary is considered a backup beneficiary if the primary listed on the policy cannot receive the benefits. For instance, children can be listed as contingent beneficiaries when a spouse, who was the primary beneficiary, has passed away.

Irrevocable Beneficiary

An irrevocable beneficiary is a beneficiary whose status on the policy cannot be removed without their consent. They have rights and control over certain aspects of the life insurance policy.

Revocable Beneficiary

A revocable beneficiary can be removed from the policy by the policyholder without their consent.

Learn More About Beneficiaries

To learn more about life insurance beneficiaries and for any other questions and concerns, call us today at Kalare Tech in New Windsor, NY, at (866) 918-9938.

How much life insurance is enough?

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Life insurance and the amount that you need are very personal matters. What is right for one person might be totally wrong for another. At Kalare Tech in New Windsor, NY, we can help you come up with a figure that will provide the protection you need for your loved ones while being affordable.

How to Figure Out How Much Is Enough

To decide how much life insurance is enough, you must first ask yourself, who depends on my income to live? This is a very important figure. You will need less life insurance if only one person depends on you than if six people are counting on your income. Once you have that figure, you need to consider your income. If you make $250,000, you will need to get more life insurance than if you make $50,000.

The final figure you need is how long you will need to provide support. If your children are infants, you will need to provide support for a long time. Do you anticipate having to provide 100% of the support, or will your partner be working? Do you want to allow a few years at 100% income replacement and then less as the children grow older?

The Final Figure

Okay, now that you have asked yourself the correct questions, you need to take the answers and come up with a figure. Experts estimate that you should have 10 times your annual income in life insurance with another year to provide for their education. If you make $50,000, you should have a minimum of $600,000 in term life insurance for one child and an additional $100,000 for each additional child.

To find out more about life insurance, contact our office at Kalare Tech in New Windsor, NY.

Life Insurance When You’re Young: Always Smart!

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Kalare Tech is an insurance provider that helps New Windsor, NY, residents like you get the protection that makes the most sense for their needs. With our help, you can easily find life insurance, even when you are young. Here’s why buying life insurance now is a smart investment:

Why Buying Young is Smart

There’s no right or wrong time to buy life insurance. Some people think you have to be older to buy one, while others think you should be closer to middle age. Even 20-30-year-olds can thrive with life insurance because it can provide a variety of benefits, including:

  • Many Options: When you’re young, more life insurance options are often available, making it easier for you to find one that makes the most sense for your family’s needs.
  • Extra Policy Types: Adding extra riders to your policy can protect you from unexpected dangers and provide the unique support that makes the most sense for you.
  • Unique Coverage Support: Life insurance policies often offer diverse periods when you’re young, meaning you can get protection for specific times of your life to stay safe.

These benefits make buying life insurance at a young age a wise investment. It protects you and your family and minimizes financial dangers. Life insurance is often available in many bundles and types, meaning finding one that suits you shouldn’t be too hard.

Tell Us What You Need for Your Life Insurance

At Kalare Tech, we help New Windsor, NY, residents like you find the insurance that makes sense for their needs. With our support, finding life insurance that covers you and your family should be easier. So please don’t hesitate to contact us today to learn more about our choices.

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