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319 E. Main St.
Brownsburg, IN 46112

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Four of the most important things that you need to know about life insurance

Consumers may have a lot of questions when they buy life insurance for the first time. At Grove Insurance Agency, we can answer your questions and provide you with the information you need to choose the right life insurance solution in Brownsburg, IN.

Here are four of the most important things that consumers need to know about life insurance:

Consumers need to choose from various policy types when they buy life insurance.

Those who are buying a life insurance policy for the first time might not realize that there are so many different types of life insurance.

When you buy a policy, you need to choose whether you want a term, whole, universal, or other type of life insurance policy. 

A consumer’s state of health can impact life insurance availability.

In most situations, insurance providers require a medical exam before they sell a life insurance policy to a consumer. If you have a severe and life-threatening health problem, it might be harder to find a life insurance policy for which you are eligible. 

Consumers who have health problems might prefer to get a no-exam life insurance policy that shouldn’t have strict health requirements. 

A family’s life insurance needs can change over time. 

Once you’ve bought insurance, you should remember to review your coverage periodically in the future. Your life insurance needs might change as your dependents become financially self-sufficient down the road. 

Life insurance coverage will eventually lapse if premium payments cease.

It’s essential for you to plan ahead and make all your payments on time. If you get far beyond with life insurance premium payments, your policy will lapse, and your family will no longer be covered. 

Reach Out To Us

Before you buy life insurance in Brownsburg, IN, you should get quotes on policies from providers in your area. Call us today at Grove Insurance Agency to get a quote on a life insurance policy that will provide your family with financial protection. 

How to Determine How Much Life Insurance You Need

At Grove Insurance Agency, we offer a variety of insurance options for the Brownsburg, IN area, including life insurance, commercial insurance, and auto insurance. 

Estimate Your Life Insurance Needs 

You can quickly estimate the amount of coverage you need by multiplying your yearly income by 10. You can also add $100,000 in coverage for each child that will attend college.  

Get a Clear Picture of Your Life Insurance Needs 

If you want a more accurate picture of how much life insurance you should purchase, follow these simple steps. 

Determine Your Financial Obligations 

The first step to determining how much life insurance you need is to look at your financial obligations. Start by multiplying your annual income by the number of years you want to replace the income. 10 years is a good rule of thumb, but you may need more depending on your situation. 

Add your mortgage balance and any other debts that you have, including credit card and medical debt. You should also add any future expenses, including college tuition, if applicable, and funeral costs. 

Subtract Your Assets 

Next, you’ll subtract your assets from your financial obligations. This includes savings, investments, and cash. 

Life Insurance Amount Needed

Once you’ve subtracted your assets, you’ll know how much life insurance you should have. If you currently have a policy, compare this amount to the coverage provided by your current policy. If there’s a gap, you need more life insurance coverage. 

If you don’t currently have a life insurance policy, you should get a policy that provides coverage equal to or greater than your total. 

We Are Here To Help!

If you need life insurance in Brownsburg, IN or aren’t sure if you have enough coverage, contact Grove Insurance Agency. Our knowledgeable agents will help you determine the best policy for your needs. 

Is employer-provided life insurance enough?

The team at the Grove Insurance Agency is proud to serve the greater Brownsburg, IN community. If you have questions about life insurance, and how to best meet your needs, we are here to help. Our team is here to provide the information and guidance you need to make an informed decision about protecting your family’s future.

Why having additional life insurance than your employer-sponsored policy is a smart idea

Many people ask if their employer-provided life insurance policy provides all of the protection that they need. For many young families, having a personal policy, no matter what other policies may be in play is an easy answer. But what about for people with older or grown children or who don’t have children?

The answer in those situations is a bit more complex. If you have insurance through your employer that you can take with you even if you leave the job, you may feel that this is adequate protection for your needs.

The main area of concern when relying on an employer-provided life policy is that you don’t have control over any changes. What if your company ceases operations? How about decisions that they make that affect your coverage or premium levels? Having a basic amount of life insurance coverage in a personal policy is usually the way to go.

We are here to help you with all of your insurance needs

Brownsburg, IN area residents can rely on the folks at Grove Insurance Agency for all of their insurance needs. When it comes to making decisions about life insurance, it’s important to have all of the relevant information that you need. Our team is here to help you make an informed decision. Give us a call or stop by our office to find out more!

Should I Purchase Life Insurance For My Children?

For many people in Brownsburg, IN and around the country, purchasing life insurance is a no-brainer. The benefits of carrying this insurance are obvious as we age, but the fact is, investing in a life insurance policy might be wise, not only for yourself, but for your children as well. The trusted professionals at Grove Insurance Agency can explain a wide variety of life insurance policies including the right ones for children.

So should you purchase life insurance for your children? Keep reading for reasons why you should seriously consider getting a life insurance policy for your kids.

  • Unlike when adults purchase a life insurance policy, children will not typically have to undergo a medical exam, which means obtaining a policy is likely to be quick and hassle-free
  • Getting a policy during childhood means that your child is guaranteed to be insured, even if they develop a medical condition or pick up a dangerous hobby, like skydiving or smoking. Since they are already a policy holder, they won’t have to jump through hoops to attain one
  • Purchasing a policy for your children when they are still children is also going to be much cheaper than then investing in one when they are older.  Their premiums will be lower and the policy will gain more value the longer they hold it
  • While the probability is low that a child will pass away and incur funeral expenses, it is not impossible.  Therefore, having a life insurance policy that would provide a payment to cover final expenses should a tragedy or illness befall your child.  This could be invaluable to parents who are already mourning an unimaginable and shocking loss

Need more answers? Grove Insurance Agency serving Brownsburg, IN is ready and waiting to answer all of your life insurance questions.

Why Stay-at-Home Parents Need Life Insurance

When most people think about buying life insurance from Grove Insurance Agency, they usually believe it is only working parents’ need. The truth? Even stay-at-home parents have value in the family, and their loss would cause tremendous hardship.

If you have kids in Brownsburg, IN, you need coverage to protect your whole family. Here are three reasons why stay-at-home parents need life insurance.

1. Additional Help with Childcare and Household Tasks

Think about this for a minute. If the stay-at-home parent in your family were to pass away suddenly, how would you pay for childcare? Would you need someone to come in and assist with additional household tasks? With more children engaging in virtual learning, who would supervise this, and would you have to hire a tutor? Having life insurance can help with these added costs.

2. Time Off from Work

After the death of a spouse, there’s a good chance that you’ll need to take time off from work to grieve and help your family make the transition into this new phase in your lives. But how much of a dip in income will this cause? Life insurance for the stay-at-home parent can help fill in the income gap during this time off and pay for everyday household expenses.

3. A Legacy for Your Children

Of course, one of the main reasons people buy life insurance is to help leave their children’s legacy. Proceeds from life insurance on a stay-at-home parent can be used for college funds, savings accounts, or even paying off a mortgage to ensure the family always has a roof over their heads.

Are you ready to learn more about how life insurance can protect your family from the unexpected? Please contact our team at Grove Insurance Agency in Brownsburg, IN today to schedule an appointment.