Best life insurance agent in Montgomery county pa - Spencer Insurance Agency, Inc

It may be too late. . .

     

 

September was Life Insurance Awareness month, but I still want you to be aware. . .

Now is a great time to review your employer’s group benefits.

In October I get a lot of calls from my clients asking me to review their group supplemental life insurance.  They have received the packet of employee benefits for the following year and they need to make choices.  Typicaly you can add or remove benefits at this time. However, it may be too late.  Applying for life insurance may take up to 6 to 8 weeks.  By the time you apply for and are approved for life insurance your deadline for your open enrollment may have passed you by.  You are stuck for another year.  So get a review today.

Here is a summary of the pros and cons of purchasing Supplemental Life Insurance through your employer:

Here are the pros:

  • Very convenient as the premium is deducted from your paycheck
  • Few medical questions are asked so it is easier to apply
  • No blood tests or other lab work is required
  • Many times the rates are blended with non-smoker rates making them lower for smokers.
  • Many times the rates are unisex which will make male rates less expensive

Here are the cons:

  • Group life rates are banded based on rates and typically increase every 5 years.
  • Group life rates are blended so if you are a healthy non-smoker you could get the same rate as a chain smoking unhealthy person.
  • The amount of life insurance you can purchase is limited and may not be sufficient for your needs.
  • May lose the coverage if you leave the employer
  • Rates can increase immediately if the employer chooses a new life insurance company.

What should I do?

Contact us today at 215-885-2200 to review your life insurance needs and the cost of your employer’s life insurance coverage before your next open enrollment.  Most open enrollments happen in the fall so this is a great time to review that coverage.

Consider purchasing life insurance on your own for the following reasons:

  • You can lock into a rate for up to 30 years.  The cost of your employer group coverage changes based on age bands every 5 years. Your coverage may look inexpensive now but what will you be paying in 10 years?
  • Check out the rate for yourself on our website.
  • You won’t lose your life insurance coverage if you get laid off or change jobs.
  • If you are a healthy non-smoker you may find less expensive rates.
  • You will be able to purchase the amount you need.

Go to our website and click on the Life Insurance Tab for more information and a free report “What you need to know about Life Insurance and How to Make sure the People You Intended to get your Life Insurance Benefits Actually Get the Benefits!”

We have been very successful helping our clients save a lot of money on their life insurance coverage.  Contact us today so we have plenty of time to review your choices and see which way is the best for you.

September is Life Insurance Awareness month!

We live for life’s wondrous moments whether it’s a baby’s first step, graduation, or retirement.  Life Insurance helps to ensure the life you’ve built for your loved ones won’t come to a halt if something were to happen to you.  It’s never too early or too late to consider all the things life insurance can do for your family.

Spencer Insurance Agency has many resources to help educate you on solutions to your life insurance needs.  Our agency wants to make sure you coordinate your life insurance planning with a financial planner, estate attorney, and us.

Part of our review of your life insurance needs is to make sure you have a will and that the will has been updated recently.  We want to make sure the people you want to receive your life insurance proceeds when you die actually get them.  I wrote a report on this subject called “What you need to know about Life Insurance. . . How to make sure the People You Intended to get your Life Insurance Benefits Actually Get the Benefits.

Many people ask “How Much Life Insurance do I need?  I will help have a discussion with you that includes four factors that will give you an answer to that question.

Another frequent question I hear is “Should I purchase supplemental Life Insurance offered by my employer?  There are pros and cons to purchasing your life insurance in a group plan.  Check out this article for the pros and cons.

Lastly, DO NOT PROCRASTINATE!  A friend of mine, Rachel, told me her story.  Read Rachel Story to see how waiting for the right time to buy life insurance can be devastating.  If you wait too long you may not be able to buy life insurance.

Call us today for a review of your life insurance needs.  Even if you have some life insurance call us at 215-885-2200 to make sure it is still performing the way it was set up to perform.

Do you know how to get your annual Social Security Statement?

retirement crossroads

 

Many clients have asked me this question:  “In the past I received my Social Security statement by mail near my birthday. I have not received one recently, what happened?”

The U.S. Social Security Administration no longer mails the statements.  You can still get your statement annually by creating an online account on “My Social Security.” Visit www.socialsecurity.gov/myaccount and click where it says “Create an Account.”

To set up an account you need to be 18 years old and have a valid email address, social security number and U.S. mailing address.  When you set it up you will be asked for some personal information to verify your identity.

After you set up your account you will be able to get your Social Security Statement and can print or save the statement.  This statement is very valuable when planning your financial and life insurance needs.  It also tells you your options for your benefits at retirement, disability benefits, and your family survivor benefit.

If you have any questions call our office at 215-885-2200.  This statement is a valuable tool when reviewing your estate and retirement plans.  Let us know by commenting if you were successful in setting up your account.

 

Thank you for voting us #1 Again!!!

5 YEARS IN A ROW!

Thank you for voting Spencer Insurance Agency the “#1 Insurance Agency” and the “#1 Life Insurance Agent” in the 2012 Montgomery Media’s Reader’s Choice Awards.

This is the Fifth year in a row you have voted us the best.  Thank you for the trust you place in our agency.  Our goal is to provide you the coverage you need at a very competitive price.  At Spencer Insurance we know that price is important.  However,  the True Cost of Insurance includes the money you pay out of your pocket because of the coverage you don’t have.

Did you know we have a referral program called the Spencer Referral Reward$ Program?

We reward our clients for their referrals.  Check out how you can win $100 in cash or a 42 “TV.

Click Here  to learn more about the Spencer Referral Reward$ Program.

Thanks again,

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