Lakewood Ranch Life Insurance

Lakewood Ranch (LWR), Florida, is a thriving community in SouthWest Florida near Sarasota. From young couples, large families, business owners, and retirees, life insurance is a common thread that most people need.

Located in Lakewood Ranch, RiskQuoter explores life insurance solutions tailored to Lakewood Ranch residents in this guide.

One of the easiest ways to calculate your life insurance needs is to use your annual income times the number of years you would like to provide your beneficiary with your income.

According to the latest census data, the average household income in Lakewood Ranch is $123,437, and an average per-person income of $65,616.

Life insurance companies have earned income multipliers and factors they use to determine the maximum amount of coverage available.

As you can see, the older you get, the less coverage companies will offer you. Using the table above, a 55-year-old could obtain 20x their annual income.

If your income is the average of Lakewood Ranch – $65,616 x 20 = $1,312,320 of life insurance is available to you. If you have a non-working spouse, they can typically buy 50% of the amount of life insurance you buy.

The above is general in nature, as you may have unique circumstances that warrant more or less coverage.

If you own a home in Lakewood Ranch, you already know it’s expensive. The average home price there was recently $639,005.

What would you like to have happen with your home if you die?

You can look at paying off the home or providing a fund to help pay the mortgage going forward.

If your home requires the incomes of both spouses, your insurance needs for a 55-year-old could be closer to $2,468,740 (based on a household income of $123,437 x 20 = $2,468,740).

How do you address your life insurance needs when you have a blended family?

In general, get separate policies for separate families.

For example:

You and your new spouse were previously married, and each has two kids from the first marriage. You are now forming this new big blended family and want to address your life insurance needs.

Each of you should consider getting two policies instead of one. If you die, where are your kids going to live? Will they go back with the ex-spouse? What’s that financial situation like?

It’s a little more expensive (maybe $100-$200 per year) to have two policies vs one, but the advantages are tremendous!

Here’s a nightmare to avoid:

You buy a $1,000,000 policy and name your spouse as the beneficiary. You drop dead, and your spouse gets the money but then decides they would rather not have your kids around anymore.

Do your kids go back to the ex? What is that financial situation like?

You could name your spouse and children as primary beneficiaries on your policy, but that could also lead to problems.

Instead, for the extra $100-$200 per year more than two policies cost, get one policy addressing your needs with your spouse and the second policy for the benefit of your kids.

Also, don’t name a minor child directly as a beneficiary, as they’ll get stuck in court deciding who will manage the money. Set up a trust where you can dictate how the proceeds will benefit your kids.

Are you a young mom with an older husband, and are you dependent on his income and assets to support your lifestyle?

You need life insurance on him.

Make him get a life insurance policy in which you are the beneficiary. Even better if you are also the owner, as the owner controls the policy.

And if he has high-risk medical conditions like heart disease or cancer history, we’re experts at finding affordable coverage for him.

The federal estate tax will not be an issue for most people due to the exemption amounts.

• 2025 – $13,610,000 per person, or $27,220,000 per couple.
• 2026 – $7,000,000 per person, or $14,000,000 per couple.

The estate tax changes often, but federal estate taxes will not be a concern for many people. You should also be aware that some states have estate and/or inheritance taxes.

If the tax is a concern, we offer the most competitive survivorship life insurance products on the market to meet this need.

But that’s not all there is to estate planning. In our experience, estate planning with life insurance is more commonly used to equalize estates among the beneficiaries.

For example, if you own a business and some of your kids work in it but some don’t, you can use life insurance to equalize the estate.

The family member who works in the business gets the business while the other members receive the life insurance proceeds.

If you’re a business owner in Lakewood Ranch, we have life insurance solutions for:

• SBA Loan Collateral
• Key Person Coverage
• Buy-Sell Agreements
• Executive Bonus Plans
• Foreign Nationals

Our service is available nationwide if you have employees in another location.

We offer life insurance solutions to families and business owners. Whether you need straightforward protection, estate planning, blended family planning, or coverage for special circumstances, RiskQuoter offers the best companies and rates in the market to help you.