OK. I get it. If you are lucky enough to have a job with benefits, you probably are eligible for a nice group sponsored term life plan for either no cost or very little cost.
So, while that's a great benefit and certainly one you should take FULL advantage of, don't bet your family's future on it. Why?
1) The average person changes jobs 5 TIMES in their career ! So, that group term plan you have today is only as good as the length of your job.
2) Although you may be able to convert your group term to a personal plan when you leave your employment, usually the products you can convert to are only an annually renewable term policy meaning the rates go up EVERY YEAR! Sounds like fun, huh? Goodbye budgeting!!
3) YOUR HEALTH. Who among us can guarantee what our health will be in a week let alone in years? Today is the day.
4) Insurance is bought with two things: Money AND Health condition. While you may have both now, you might have only one in the future.
5) Most importantly, your employer owns your job. do you want them to own your life insurance too? There is a very affordable alternative solution.
Life Insurance companies provide a 30 Year GUARANTEED level Term policy! That means you lock in your rate from your current age for 30 YEARS!!
So if you are 35 years old your 30 year rate is based on your being 35 for the next 30 years!!!! For example a 35 yr old may be able to purchase a $1,000,000 life insurance policy for $75 a mo guaranteed for 30 years!! If you have a young family , a mortgage, average debt and children to raise and educate you can breath easy knowing that you have them all protected for 30 years! All for a few dollars a day.
One last thing, why do you need $1,000,000 or even more? Why are rich folks rich? Because they don't live on principal they live on earnings and interest. So if you create a $1,000,000 block of capital from TAX FREE life insurance proceeds and it returns just 3% that will generate $30,000 a year in income. So, figure out your income and expenses, take yourself out of the picture and see just how much life insurance you'll need to keep your family in the lifestyle in which they are accustomed.
At Beene Insurance, we are independent advisers and can help you navigate the life insurance marketplace. We have access to many many carriers so if your health is stellar or not, we can find the right policy and rate for you. Give us a call today or shoot us an email. We will work with you so you can protect yourself AND your family!