One of the best investments you can make in your family is to make sure that you are covered with a life insurance policy. While talking about life insurance and wills are not comfortable subjects, they are crucial to ensure the financial security of your loved ones. The purpose of life insurance is to replace your income so that your family can have financial stability in a time of need.
There is a NEW type of life insurance that provides the same benefits as a Term Life insurance policy but for no additional cost, you also get Living Benefits.
Watch the 2 videos below to have a better understanding of how Living Benefits can protect you and your family.
Living Benefits: The Smartphones of Life Insurance from Alliance Group on Vimeo.
Living Benefits Testimonials from Alliance Group on Vimeo.
Frequently Asked Questions and our recommendations:
Who needs Life Insurance? – Life insurance is intended to replace the lost income and pay off the debts of the insured so that the dependents will not be left with a financial hardship. If you have kids at home, a mortgage on the house, or don’t have a massive amount of money in the bank, you need a living benefits policy.
What if my employer provides Life Insurance? – If your life insurance is through your current employer, consider what will happen when you change companies since the average person stays with the same company for about 7 years. Once you change employers, you will be older and possibly less insurable since most term life insurance policies require you to pass a health screening before they will insure you. You would be best served to have an insurance policy separate from your employment so you have 100% control and your life insurance is not dependent on your employment as well. The upside to an employer provided policy is that they usually don’t require a health screening for the lower amounts of coverage which is good for someone in the middle of serious health issues but most of those policies are going to default to the lower health ratings such as a “Standard Tobacco” rating. Since most company provided policies don’t do health screenings, you may actually save money on a policy you own compared to an employer provided option if you’re healthy.
How much Life Insurance do I need? – Since Life insurance is a tool to replace income, you should have 10-12 times your annual income plus enough to pay off all debts. Let’s say you make $50,000 a year, have no debt, and something happened. If you have a $600,000 life insurance policy, your spouse could cover the final expenses and still have enough to put into a modest investment earning 8-10% per year and effectively replace the lost income without touching the principal. Each person’s situation is different so speak with one of our experienced advisors for a customized plan.
Click “Get a Quote” above to answer a few quick questions and I’ll help you find out how inexpensive a living benefits policy can be!