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FAQ: Should I purchase the supplemental Life Insurance offered by my employer?

Life insurance awareness  month

Life insurance awareness month

September is Life Insurance Awareness Month. 

Soon many employers will have Open Enrollment for their benefit plans.  Most employees wait until it is too late to review choices.

If you are currently purchasing life insurance in a Employer Group Plan then pay attention.  You may be paying too much! Here is an answer to the question we frequently here from our clients.  Plan now as it takes about 4 to 6 weeks for a life insurance policy to be approved.  You may not time if you wait until Open Enrollment!

A: Most companies will hold their open enrollment period where an employee can change their group coverage. Many employers offer Group Life Insurance coverage and some of this coverage may be provided free as an employee benefit.  Many times you can purchase supplemental coverage and the cost will be deducted from your paycheck. Should I buy this additional coverage? There are pros and cons… 

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 that 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
  • You 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?
  • 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 http://spencerinsurance.com/insurance-quotes/life/  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!”

Check it out before it is too late!

 

 

 

 

Don’t forget to protect your family while you enjoy your summer activities!

life-family

One of our responsibilities at Spencer Insurance Agency is to make sure you have the proper protection so you can go out and enjoy what you like to do.

For example, many of our clients like to waterski, snorkel, scuba dive, Jet Ski, rock climb and ride motorcycles and ATV. You work hard so you should go out and enjoy yourself.

Some of these activities have special risks associated with them.  Make sure you protect your families so you can enjoy these activities.  These activities present a higher risk when purchasing life and disability insurance.  Let us help you make sure you are properly protected with life and disability insurance.

You should be thinking about reviewing your life insurance when you have a life changing event such as buying a home, getting married, having a baby, separating, downsizing, and retiring.  Our website has a section that gives you some tips on what you need to do when you have these life changing events.  Check it out!

Unfortunately, many of us wait until it is too late to purchase life and disability insurance.  A friend, Rachel was kind enough to share her story with us.  Check out Rachel’s Story.

Call us today at 215-885-2200 to review your life and disability insurance.  It could be critical to your family’s financial future.

 

Tax Deadline – Did you get a “Wake up Call?”

 

Tax return

Now that the tax deadline is here, all of us have either paid or extended our tax deadline.  Even if we extended the deadline we still paid what we estimated will be our tax.  So, I ask you, was doing your tax return a “Wake up Call?”

What do I mean by Wakeup call?  As you did your tax return you had an opportunity to review:

  • How much money you earned
  • How much money you spent
  • How much money you invested last year
  • How much money you have invested

So what does all this tell you?  Here are a couple questions to ask NOW:

  • What would happen to my family if I died and they did not have the income I earned this year?
  • What would happen to my family if I was disabled and could not work and I did not have my current income?
  • Am I on target to retire when I want to retire?
  • Would I bankrupt my retirement assets if I had long term care expenses?

So have I added to your stress?  I hope not.  A solution to financial stress is to take action:

  • Meet with a financial planner and discuss your retirement goals and evaluate where you are in reference to those goals
  • Meet with your insurance agent and review your life, disability, long term care, auto and home insurance
  • Meet with an attorney and draw up a will, power of attorney and medical directives
  • Review your budget to see where you can save money
  • Start tracking what you spend so you know where your money is going
  • Now that your accountant has some time to breathe, discuss your tax situation and see if any tax planning for this year would help you save on taxes

We are here to help you!  Take some action today.  Email us at info@spencerinsurance.com or call us at 215-885-2200 to get some answers to the questions above.  Taking some action now will help reduce your stress and put you back on the path to reach your goals.

Don’t Bet your Life!

Do you see life insurance as a bet?  “I am betting I will live and the Insurance Company is betting I will die.”  I hear this phrase too often!

Here is one of my secrets. . . We are all going to die!  The question is WHEN. I urge you to get a life insurance review now.  Don’t wait until it is too late and your surviving family members are not only grieving the loss of a parent but are also in a financial mess!

September is Life Insurance Awareness Month.  A couple years ago I asked Rachel to share her story.  It is a powerful story.  Listen to her words. . .

Rachel’s Story

 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 our honeymoon in St. Thomas my wisdom teeth became abscessed. 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. In October I woke up and my neck felt stiff.  I rubbed it and found a lump on the right side just below the ear.  I went to my family doctor who said that it was a swollen lymph node to fight the inflamed wisdom teeth, but he sent me for a 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 it would take about 30 days for the lymph node to go back to normal.  After 30 days it was still swollen.  My doctor sent me to an Ears, Nose
and Throat specialist who treated me for two months on antibiotics and when it had still not gone away and another lump showed up 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 recovered decided to start a family.  After 3 years we decided to adopt and that is when I found out, at the age of 33, that I was going to have difficulty getting life insurance because of my past medical condition.

I filled out the paper work and told the truth when the questions about cancer came up. Thank God the paper work I 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 the company had received my medical history from my primary doctor.  Thankfully for us, all the papers were filed with the courts so it did not affect our adoption
of my daughter, Faith.

I tell you this story as detailed as I felt necessary because you can see that the time in between getting married and 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 in my life, the adoption of my daughter.  The adoption required that I have life insurance to be a Mother.  At age 28 I was young and invincible, but now I am a 38 year old cancer survivor, waiting out the time limit of 10 years so I
can get life insurance at an affordable rate, and at the amount that would actually benefit my family.  And not be turned down because I was 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

Take time now to review your life insurance needs.  Give us a call today at 215-885-2200 or visit our website for more information.  Prepare now so yur family will be protected when you die.  Please share with us any of your stories.  Put your story in the comment section so others may benefit from your experiences.

 

Rachel’s Story

A while ago Rachel told me her story.  I asked if she would please write down her story so I could share it.  Take a minute to read her story. . .

Rachel’s Story

I was 28 years old and got married in September of 1999.  While on our 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 the ear.  I went to my family doctor who said that it was a swollen lymph node to fight the inflamed wisdom teeth, but he sent me for a 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 it would take about 30 days for the lymph node to go back to
normal.  After 30 days it was still swollen.  My doctor sent me to an Ears, nose and throat specialist who treated me for two months on antibiotics and when it had still not gone away and another lump showed up 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 a family.  After 3 years we decided to adopt and that is when I found out at the age of 33 that I was going to have difficulty getting life insurance because of my past medical condition.

I filled out the paper work and told the truth when the questions about cancer came up and thank God the paper work I 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 was denied life insurance after the company had received my medical history from my primary doctor.  Thankfully for us, all the papers were filed with the courts so it did not affect our adoption my daughter, Faith.

I tell you this story as detailed as I felt necessary because you can see that the time in between getting married and 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.  The adoption required that I have life insurance to be a Mother.  I too was young and invincible, but now I am a 38 year old cancer survivor, waiting out the time limit of 10 years so I can get life insurance at an affordable rate, and at the amount that would actually benefit my family and not be turned down because I was 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

Thank you Rachel for sharing this very personal story.

Please don’t procrastinate, buy life insurance today.  At a young and healthy age life insurance in very inexpensive, however it will mean a great deal to your family if you die.  Imagine how tough it would be for your family to make ends meet if they lost your income.  To get a no obligation quote call our office at 215-885-2200 or Click here and I will call you for a life insurance review and also send our free report “How to Protect Yourself and your family if you die.”  Don’t delay, take care if this today!

P. S.  Please feel free to share your story with us.  Add your comments below.

 

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