cost of life insurance - 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.

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!!

 

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.

The 7 Wonders of Life Insurance

life-family

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 and do for your family.

Life Insurance:

  1.  Buys Time – Loved ones can focus on their grief instead of worrying about how to pay for the funeral and other final expenses.
  2. Provides a fresh start – By helping to pay off credit card bills, outstanding loans and even the mortgage, life insurance starts your family members off with a clean slate.
  3. Generate Income – Surviving family members can continue to pay for life’s necessities for years to come
  4. Offers flexibility – Family members may take time off from work or transition to a more adaptable work schedule.
  5. Creates opportunities – Funds may be used to start a business or pay for schooling to train for a new career
  6. Funds for the Future – Loner-range goals, college education for the children or a comfortable retirement for a surviving spouse may be obtained with the insurance proceeds.
  7. Helps leave a legacy – Parents have the chance to leave future generations a legacy of long-term financial security.

Life insurance can be life changing.

Call us today at 215-885-2200 for a life review

Or check out our website

Share with us how life insurance has helped your family or someone you know. . .

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