buy life insurance when you are young - 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.

The Devil is in the details Part 2

Life insurance can be purchased online.  Is that a good idea?

  • What happens when your 20 year term rate guarantee is up and you still need coverage?
  • What happens if you become disabled and can’t afford the life insurance premium?
  • How do you change beneficiaries?
  • Did you know naming minor children as contingent beneficiaries is a bad idea?
  • What should you do with your life insurance if you get separated or divorced?

Yes, the devil is in the details.  Contact Spencer Insurance Agency  for a life insurance quote or review.  Charlie and Steve has over 30 years of experience in life insurance.  Charlie has earned his CLU (Certified Life Underwriter) designation.

Updated Fall Section of our Website now available

Updated Fall Section of our Website now available 

As summer comes to an end and the season of fall begins I wanted to share with you some Fall Safety Tips.  I updated this section with some valuable tips on what you can do today to prevent claims as winter approaches.

You will find home safety tips, car safety tips and teen driver safety tips.  And, since September was Life Insurance Awareness month I included some life insurance tips.

As always contact us if you would like more information or have any questions.

Let me know what you think of this section.

Enjoy the Fall!

 

 

 

September is life insurance awareness month.

LIfe Insurance and Disability Insurance. Get protected    

Have you purchased life insurance to protect your family from the loss of your income?  If not, what are you waiting for?  Check out Rachel’s story.  She provides a real life example of why you should not wait.

Most people overestimate the cost of life insurance.  Spencer Insurance has many companies that offer low term life insurance rates.  These low term insurance rates are only available while you are still healthy.  The younger you start the less expensive the cost.  A young person age 26 can lock into a 30 year term.  The cost would stay the same all the way to age 56.

According to studies, many people didn’t buy life insurance because no one ever asked them to buy it.

Well, I am asking you.  Contact us today for a life insurance quote.  Our website has a section that discusses life insurance.  Check it out today.

Don’t procrastinate!  When a parent dies the family is devastated emotionally.  Don’t let your family be devastated financially too.  Contact us today to buy life insurance. We are glad to assist you.

   

Spencer Insurance was voted “Best Insurance Agency” in the Best of Montco 2015 – 2016 – 2017!!

 

Why don’t you have life insurance?

LIfe Insurance and Disability Insurance. Get protected

Is it the cost?  No one asked? Uninsurable?

September is Life Insurance Awareness Month.  I want to dispel some of the myths associated with life insurance.

First, It cost too much.  Check out this video.  Life insurance may cost less than a cup a coffee a day. No excuse to subject your family to the financial blow of losing your income.

No one asked?  Well, I am asking you to consider protecting your family from this devastating financial blow.  Don’t procrastinate.  Read Rachel’s Story as she shares her story on why she wishes she did not wait.

Finally, Uninsurable?  Are you sure.  If one carrier said you are uninsurable or a high rate class get a second opinion.  We have companies that are better for certain situations.  Give us a call at 215-885-2200 to see if we can get you some coverage.

Nobody likes to talk about death, but let us help you protect your family should you die.  We can’t help with the grief your family will have should you die prematurely.  However, we can make sure this sadness is not compounded with financial hardship also.  Contact us today for a Life Insurance Review.

Rachel’s Story

I asked Rachel to share her story with you.  She was more than glad to share.

My name is Rachel and I would really love to share my story with you in hopes that you will see the importance of Life Insurance, even at a time when you still think you are invincible.

I was 28 years old and got married in September of 1999.  While on my Honeymoon in St. Thomas my wisdom teeth became abscessed and I had just switched jobs so I was in between health insurance, you know I was 28 who cares about the 3 month waiting period I didn’t need COBRA.  So I bought some time with over the counter aids, and then in October I woke up and my neck felt stiff, so I rubbed it and found a lump on the right side just below my ear.  I went to my family doctor who said that it was a swollen lymph node to fight the inflamed wisdom teeth and sent me for CAT scan just to be safe.  The Cat scan came back negative and as soon as January hit, I had my teeth pulled and my doctor said that it would take about 30 days for the lymph node to go back to normal, after 30 days it was still there.  He sent me to an ENT specialist, and he treated me for 2 months on antibiotics and when it had still not gone away and another lump showed on the left side he decided it was time to remove the “dead lymph node”.  So into surgery I went, the next day the doctor called and told me I had Stage 3 cancer.

Long and short, I survived, but in the mean time my husband and I had bought a house and then after I got better decided to start having a baby. After 3 years we decided to adopt, and that is when I found out at 33 yrs of age, that I was going to have difficulty getting life insurance because of my past.  I filled out the paper work and told the truth when the question came up and thank God the paper work I was presented when we applied was all that was needed to proceed with the adoption because my Daughter was born the next month.  About a month after she was born, I was denied life insurance after they received my medical history from my primary doctor, and thankfully for us, all the papers were filed with the courts so it did not affect our adoption of Faith.

I tell you this story as detailed as I felt necessary because you can see the time in between getting married to the time of my diagnoses  I could have applied and gotten life insurance. Then I would have had the life insurance I needed for an actual event, other than death, the adoption of my daughter  that actually required life insurance be present to become a Mother.  I too was young and invincible, but now I am a 38 yr old cancer survivor, waiting out the paperwork time limit of 10yrs, so I can get Life Insurance at an affordable rate, and an amount that would actually benefit my family and not be turned down because I am High Risk.

So please, don’t view Life Insurance as morbid conversation at a young age. Realize that you have no idea what life has in store for you. Hopefully you will survive all that is thrown at you and come out with such a great reward as I did, my Life and my Daughter (my Angel), but for whatever the outcome may be: BE PREPARED!!!!!!

Thank you for listening to my story, God Bless you in your new life, and may you have nothing but happiness and health, and a piece of paper in your filing cabinet to take care of all you acquire and create!

Rachel

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