life insurance costs - Spencer Insurance Agency, Inc

The words I hate to hear. . .

I didn’t know you sold life insurance. Those are words I hate to hear.

Okay, now you know! Spencer Insurance sells life, disability and long term care insurance too.  My specialty at the agency is in these coverages.  I started my insurance career with John Hancock in the late 80s before joining my Dad’s agency.

I have been selling life insurance for over 30 years.  How many life insurance agents can say that? Most of the people I meet do not even know if their life insurance agent is still in business.  They have not heard from the agent since the policy was purchased. As a father, grandfather and small business owner I understand the needs of parents and small business owners to protect their families and businesses in the event of a death or disability.

Another issue I run into often is that clients rely too much on group life and disability policies. These policies are very helpful and important, however you need us to review the group policies to make sure they provide the coverage you think they provide.  Check out my article “Is my employer paid Long Term Disability Plan enough? When is 60% only 30%.”

You can also check out our life insurance “Frequently Asked Questions.”

Contact us for a review so we can discuss:

  • Do you have the right amount of life and disability insurance? You may have too much or too little.
  • How does a business owner protect their small business from the death of an owner or key employee?
  • What is your small business worth? We have a program that will give you the answer!
  • How much will my spouse receive when my business is sold? (Probably less than 50% of its value if you do no planning.)
  • Can my children and spouse stay in our home if I die? Can the children still go to college?
  • How to use life insurance proceeds while living to pay for long term care expenses.

If you don’t have life insurance what are you waiting for?  Contact us now!  If you do have life insurance call us to review the policy and make sure it is still providing the coverage you need and that the coverage is not running out soon. (We see a lot of people who purchased a 20 year term years ago and don’t realize the premium guarantee is running out.

Whether you just need a $15,000 final expense policy or $1,000,000 in term we can help.

Rely on my 30 years of experience.  Contact us today so you can check it off your “to do” list.

            

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

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!

 

 

 

 

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