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Kopec Flagler County Chamber

Flagler County’s Preferred Insurance Agency

Life Insurance

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Life insurance is a way to provide needed cash to your family when you die. The money your beneficiaries receive can be used to cover final expenses, pay off debt and cover the mortgage or rent. It can provide a college fund, provide retirement money, and create cash to pay estate taxes or simply provide a stream of income that will help your family maintain its present lifestyle. The death benefit paid is generally income tax free (please consult your financial adviser). Business owners use insurance to reward key employees, establish a supplementary retirement plan or help transfer the business to the next owner. Our agency offers term and permanent insurance as well as policies for business owners and partners including key-man policies or buy-sell policies.

Here are three common methods to assist you in establishing the benefit amount:

General Rule of Thumb - The amount you need is five to seven times your annual gross income.

Expense Calculation - Determine and add together expenses for burial, an emergency fund, personal debts, mortgage, college education fund and any income replacement to determine your insurance need.

Income Replacement - Determine how much of your annual income your family would require to maintain its current standard of living (average is 70%). Purchase enough insurance so the proceeds, if invested at an after-tax rate of 8%, would generate this amount of income. For example, if your income is $40,000, then your coverage should generate $28,000 of annual income (70% of $40,000). $28,000 divided by 8% = $350,000 of life insurance coverage.

Once you decide on an amount of coverage to help meet your obligations, and still fit within your budget, we will prepare options for your review. A term life illustration shows current and guaranteed premium and death benefit guarantees. Policies are subject to underwriting, medical exam and history. During the application process you will be asked questions about your health as well as that of certain family members. Accurate information is important as failure to do so may slow the approval process, cause an application to be declined, or worse, a claim may not be paid.

If you would like more information about the life insurance services that we offer, please contact us or go to our get a quote page. We look forward to the opportunity to talk with you about your insurance needs

Life Insurance Carriers

You're Living The Florida Dream, Let Us Insure It! SM

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