Are Your Loved Ones Protected?
Life Insurance Awareness Month, September 2016
Every September, Life Happens sponsors Life Insurance Awareness Month. It’s an opportunity to raise awareness for the importance of life insurance. Most people don’t like to think about life insurance. Mostly because it means that you have to think about your mortality. But the fact is that buying life insurance to protect your family is one of the most generous and responsible things you can do as a parent or spouse. There is no better time to buy life insurance than right now. Term life insurance rates have declined substantially and the application process for life insurance has never been easier. Here are some important facts you need to know about life insurance.
The Importance of Life Insurance to Protect Your Loved Ones
If you died today, how would your family cope financially? How would they replace your income? Life insurance is a valuable tool for income replacement. In many cases, a life insurance death benefit is paid tax free to your beneficiaries. Your loved ones would not have to worry about funeral costs, mortgage payments and other monthly bills. They could grieve without having to worry about their financial well-being. The sad news is that today most families aren’t prepared financially if a breadwinner were to pass away unexpectedly. According to a study done by LIMRA, 70 percent of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today. 4 in 10 households with children under 18 say they would immediately have trouble meeting everyday living expenses. This could easily be avoided with a simple, inexpensive term life insurance policy.
Term Life Insurance Rates Have Never Been Lower
Term life insurance rates have been on the decline for years now. Most people overestimate the cost of life insurance, but it is quite affordable. For instance, a 35 year old male non-smoker in excellent health can get $500,000 of coverage for 30 years for less than $40 per month with a several leading carriers. A 35 year old Female non-smoker in excellent health can get $500,000 of coverage for 30 years for around $33 per month with a several leading carriers. These rates are very reasonable considering the peace of mind life insurance can offer.
Now is a Good Time to Review Your Existing Coverage
There are several reasons why you should review your life insurance coverage on a regular basis. It is possible that you don’t have enough coverage. In fact, according to a study done by Genworth, 40% of Americans who have life insurance coverage don’t think they have enough. You might think that the life insurance you have through your work is enough. In most cases, employer sponsored coverage is usually offered in small amounts. What’s worse is that premiums will increase over time and you can’t take it with you when you leave your job. In most cases, it’s better to purchase an individual policy with level premiums.
If your health has improved since you purchased life insurance coverage, it might make sense to price out a new policy. If you are able to move up a couple of health classes, you could save hundreds per year.
If you didn’t shop your policy to multiple carriers when you purchased life insurance coverage, you might have chosen the wrong company. There are many companies out there that offer term life insurance coverage but the premiums can vary by several hundred dollars annually for essentially the same coverage. Since rates for term life insurance have come down so much, there is a tremendous opportunity for savings if you shop around for coverage. Use an independent agency that can shop your coverage to multiple carriers to find you the best deal.
The Application Process is Simple in Most Cases
Applying for life insurance has never been easier. Most agents can take applications over the phone and policies can be signed and delivered electronically through email. Your paramedical exam can be taken in the comfort of your home at a time that is convenient for you. If you’d rather not take the paramedical exam, you could opt for no medical exam life insurance. This type of life insurance does not require a paramedical exam and you can be approved almost immediately. It should be noted that this type of coverage costs more than fully underwritten coverage and usually maxes out at about $500,00 in coverage.
Term Life Insurance is Evolving
There are term life insurance products out there that offer more than just coverage if you die. You can now buy term life insurance that offers chronic and critical illness riders. These riders allow you to tap into the death benefit if you have a qualifying chronic or critical illness. These riders offer an extra layer of coverage on top of a death benefit.
John Hancock has come out with an innovative product called Vitality. John Hancock’s Vitality term allows you to lower your premiums and earn rewards and discounts for living a healthy lifestyle. You will receive a free FitBit when your insurance is in force to monitor your progress. Read more about John Hancock’s Vitality.
Now is the Time to Buy Life Insurance
There has never been a better time to buy term life insurance. Rates are at historical lows and the process for purchasing life insurance has never been easier. Think long and hard about the financial impact your death would have on your loved ones. Life insurance has become so affordable that it can fit almost any budget. Use our quote engine on the right of the screen to get free no obligation quote. If you would like to contact us directly, call us at 888-687-9444 or email us info@archstoneagency.com
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
