Updated May 9th, 2025
Most of the time, it is suggested that if you don’t have dependents and have savings for final expenses, you may not need life insurance coverage in Florida. If you do have dependents, you’ll want to buy enough life insurance combined with other income sources to provide for them when you are gone.
Also, consider other sources of income when figuring out how much life insurance you may need. Don’t overlook what other sources your dependents may be losing as well, like retirement contributions and health insurance costs. Your Social Security benefits may also be added into the equation.
You should also plan for the final expenses that arise at death. Funeral costs, taxes and other costs could get as high as $15,000 at a minimum.
Many experts suggest a multiple of salary equation when figuring your life insurance needs. Depending on your other sources of income and the ages of your dependents could determine your total amount to provide. Most will recommend 10, 15, or 20 times your salary as a good determination of the amount of life insurance you may need.
Give one of our agents at Wells Insurance a call or fill out our quote form to see what you best options may be.