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The Basics of Life Insurance in Banning

Little & Sons Insurance Group / Archive  / The Basics of Life Insurance in Banning
The Basics of Life Insurance in Banning

The Basics of Life Insurance in Banning

Life insurance in Banning is an important decision that we all have to make eventually, but it can also be a confusing policy to read through, especially if you know not where to start. 

When you buy life insurance in Banning, you enter a contract with that company that basically states it will give your beneficiaries a death benefit (a sum of money) upon your death. They honor that clause in the contract if you honor yours, which is to pay periodic (generally monthly) payments called premiums. Your premium amount is based on factors like your age, health, sex, and the price of the life insurance policy you purchase.

Life insurance can be used for various purposes that help your family after your death:

  • Paying off the mortgage
  • Funding future or current college tuition
  • Recovering your lost income
  • Paying for your funeral costs

How much life insurance do I need? 

Your life insurance plan needs to compensate for your family’s losses, i.e., your lost income. Here are two ways you can determine how much life insurance is necessary for your family after you die.

  • Income Replacement Analysis – Take into account everything that you provide for your family: Your salary, benefits and health insurance, 401(k); and personal things like child spending, cooking, home maintenance, et cetera.
  • Survivor Needs Analysis – This approach in life insurance analyzes the amount required in order for your beneficiaries to maintain their desired and accustomed level of income and lifestyle. These needs are then compared to their assets, current active life insurance, and income sources to determine any further needs and insurance requirements.

Contact the independent insurance professionals at Little & Sons Insurance Services for all of your insurance needs in Banning, Beaumont, Calimesa, and surrounding California areas. We will work with you to find the coverage you deserve!

Little & Sons Insurance Services

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Little and Sons Insurance Services is your complete insurance resource. Since we were established in 1922, we assist individuals and business owners with all of their insurance needs, whether it be for auto, home, or commercial insurance. As an independent, full-service insurance agency, our duty is to our clients’ best interests.

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After 23 Years of serving our clients at our location in Beaumont, CA it is with a heavy heart that we are consolidating our operations to our Banning Office. We will be available all the same hours and will work to make this transition as smooth as possible. Thank you for your continued business and we look forward continuing to serve your insurance needs. Our contact information will stay the same so feel free to contact us.

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