If 2020 has taught us anything it is that life happens, and while we cannot control it, we can plan for it. Being in the insurance industry for 37 years now, I have seen too many times what happens when the right answers are not asked, and it can be devastating. Often this happens when some assume that life insurance that is offered by their employer is sufficient - but let me tell you why it may not be.
Employee life insurance, while an appealing benefit to your job, does come with risks. What if the contract or rate with your employer is renegotiated or eliminated? The coverage likely ends if your position ends and you may be unable to, or it may be too expensive to convert the policy. Also, if you are older, your rate to purchase insurance on your own may be markedly different. Typically, the amount of these policies are one to two times the amount of your yearly salary. Would that even be enough for your family to pay off a mortgage and set up the kids for college? These policies are usually group rates and you are not given much control over the amount of coverage or the type of coverage you can purchase.
Setting up your own life insurance now can be beneficial to you in the long run. You can lock in premiums while you are young and healthy, and choose payout amounts that fit the changing needs of your family. Asking the right questions and choosing the options that work for you gives you the peace of mind that no matter what life delivers you, you can feel confident that your family is protected. We know how important it is to choose life insurance and we know all the questions to ask. With Martin & Martin it is not just filling out a form during an enrollment window, it is ensuring that your coverage will be there when it matters most!
