State of Florida Employees Life Insurance Explained

Life insurance is a necessity for your family to survive after you pass away. There are several different types and calculations that need to be made in order to secure enough for your family. At Palm Valley Insurance Inc. our knowledgeable agents can help you determine just how much life insurance is needed for your family.

State of Florida Insurance

If you are a full-time employee of the state of Florida, you are entitled to a small insurance policy at no cost to you. In Ponte Vedra Beach, FL employees receive a basic group term life insurance policy with a benefit of $25,000. The average cost of a funeral in a small setting starts at $10,000 and goes up from there. This would not leave much money to take care of your family afterward.

Getting Additional Life Insurance Coverage

You can secure other types of insurance for your family including dependent spouse coverage and child term life insurance as well. You can also add additional coverage for yourself to help your family survive financially when you are gone.

Determining How Much Life Insurance to Get

There are many different variables in the determination of how much life insurance you really need for protection and it’s usually best to secure more than what you think you need because the cost of living expenses rises each year. This will ensure that you don’t need to review your coverage amount every few years and secure more insurance.

The short version for life insurance calculations includes the most basic way of this determination. You should calculate all of your obligations and add them together. This can include other types of insurance, such as auto and home, as well as funeral expenses, student loans, car loans, home loans, and any credit card payments.

Your next calculation is to determine how much your family will need in the case of an unexpected death. You add up your yearly income and multiply it by the number of years your family will need it. Also, add in tuition costs for the children, any retirement savings, and your work insurance policy.

Then you add your obligations to the amount your family will need and subtract it from your spouse’s income to estimate your coverage needed.

At Palm Valley Insurance Inc. we service the Ponte Vedra Beach, FL area and we are here to help you make these determinations for your family’s well-being.