No matter how young you are, you have loved ones to protect.
Although you may not have started your own family, you may provide or receive support from family members, and you don’t want to create a financial burden for them should something happen to you.
That’s why life insurance can make sense. It can help:
- Replace your income to support loved ones who depend on you
- Provide for children
- Cover burial costs and other final expenses
- Pay off your debt, especially student or car loans for which a parent may be a co-signer
Life insurance can also offer living benefits. For example, a whole life insurance policy builds cash value from which you can borrow to, for example, purchase a first home. But it’s important to note that outstanding loan balances are deducted from the death benefit.
The Time Is Now
You may think that life insurance is too expensive, but young people in good health tend to get some of the industry’s best rates. Talk to a licensed Creative Dreams insurance agent about how to make life insurance part of your life now.
Group Life Insurance Can Give People a False Sense of Security
A life insurance policy provided through your job is a great benefit, but it may not provide enough protection for you and your family.
Life insurance from your employer, called group term life insurance, is offered for free or at a low cost, and typically provides basic coverage of at least one year of your salary. Some employers offer inexpensive supplemental life insurance of one to three times an employee’s salary. Usually, a medical exam is not required.
This type of life insurance has its pluses and minuses.
Its advantages include:
Affordability: Employers often offer basic coverage at no cost or for a small fee. And supplemental coverage generally costs less than an individual term life insurance policy of the same face value.
Insurability: Most people qualify for coverage under a group life insurance policy. It also provides for people with health issues, which could make them uninsurable otherwise, or require them to pay high premium amounts for the insurance they need.
Convenience: It’s easy to sign up or qualify for, and generally a medical exam is not required.
The disadvantages are:
No Portability: In most cases, your coverage from a group life insurance policy ends when the job ends. In circumstances where you can continue the coverage, you are responsible for the entire cost, and you may have to take a medical exam.
No options: Your employer determines the features of the life insurance policy, so you may be missing out on a product that better suits your needs.
Fiercely Protect Your Family and Your Future
It’s up to you to get life insurance protection that safeguards your family and fits your needs, whether or not you remain with your employer.
Contact a licensed Creative Dreams insurance agent for help finding a life insurance policy that works for you.
Life insurance is less expensive than most people think.
What’s stopping people from getting the life insurance protection they need? That pesky little myth that it costs too much.
When asked how much a $250,000 term life policy would be for a healthy 30-year-old, most people estimated $500 per year – more than three times the actual cost of $160.*
Don’t let this misconception stop you from protecting your family. Talk to a licensed Creative Dreams insurance agent to find a life insurance strategy that’s right for you.
* 2017 Insurance Barometer Study, LIMRA, April 2017.
Life Insurance Is for Single People, Too!
Even if you’re not married, life insurance can be part of a sound financial strategy. If you have loans, a mortgage or debt with a co-signer who would be responsible to complete the payments should you be unable to, then a life insurance policy can help ensure that these expenses are covered.
And, it can help you avoid leaving end-of-life expenses, such as burial costs, to your loved ones. You may even have a significant other, aging parents or a charity to whom you’d like to transfer wealth or leave an inheritance.
Life insurance can also help you protect the family you may have in the future. If you’re in good health, a policy you purchase today can potentially be less expensive than if you wait to purchase one after you marry and start a family. Talk to a licensed Creative Dreams insurance agent to learn how life insurance can fit into your life now and in the future.
Every Couple Should Be Fully Protected with Life Insurance.
Protecting your family with life insurance means not just having life insurance coverage for the primary breadwinner but also for the loved one whose labor – whether it’s inside the home, outside the home, or both – also contributes to the family’s well-being.
That means that every secondary breadwinner should have life insurance. Why? Because if they were to pass unexpectedly, what would it cost a household to:
- Replace the income of the secondary income earner?
- Cover the long-term expense of raising a child, which can include paying for the child’s education?
- Pay for home expenses?
- Help pay off a mortgage?
Money can’t replace a loved one and all that they do, but it can make it easier to move on after an unexpected loss.
Work with a licensed Creative Dreams insurance agent to find out how much life insurance you need to protect every part of your family.
When was the last time you looked at your life insurance policy? Do you even know where it is?
People buy life insurance policies, tuck them away in a drawer and forget about them. They don’t realize that these documents should be reviewed often because life insurance needs change as personal or financial circumstances change.
Get a Life Insurance Check-Up
Once a year and whenever a big life event happens – such as a new job, marriage or baby – make sure to meet with your financial professional to discuss the following four things about your coverage:
- Amount: How much do you need? How can you figure it out?
- Life changes: Life events (childbirth, mortgage, divorce, job change, health issues) can impact the value, term or type of insurance you need.
- Beneficiaries: Did you get married/divorced? Do you have a new business partner?
- Term length: Is the term still appropriate, or do you have to extend it or convert to a different type of insurance?
Make sure you have the protection you need. Schedule a life insurance check-up with your licensed Creative Dreams insurance agent.
If your health is less than perfect, don’t worry.
You can still protect your family. People with elevated blood pressure, diabetes or other chronic health conditions can often find a life insurance provider who will provide coverage. Even cancer survivors, especially those who have had five years since successful treatment, can purchase life insurance.
Here are just some of the ways they obtain life insurance coverage:
An employer who offers group life insurance: Many employers provide free or low-cost life insurance to their employees.
Membership in an association: Many alumni and professional associations give their members access to affordable group life insurance that does not require a medical exam.
A life insurance agent who offers the power of choice: Some life insurance agents, such as WFG associates, represent many product providers and can help people with chronic health conditions find a suitable policy.
Premiums may be higher
When not participating in group health insurance, people with serious health conditions usually pay higher life insurance premiums than their healthier counterparts. Depending on the policy, as they start to manage their condition and become healthier (for example, get their blood pressure under control), they can get their policy re-rated so that they can pay lower premiums.
Life insurance can be complicated, especially when you have health challenges. No matter your situation, a licensed Creative Dreams insurance agent can help you protect your family. Contact one today.
If you’re an empty nester exploring a different financial strategy, here are some things to consider:
- Would your spouse/partner be able to maintain their lifestyle if you were to pass away unexpectedly?
- Have you paid off your mortgage?
- Would your aging parents have the support they need if you were suddenly no longer around to help provide for their caretaking?
- Do you have an estate plan to provide a legacy for your family?
- Would you have the savings you need to pay for your funeral and other final expenses?
Before you cancel your life insurance policy, reach out to a licensed Creative Dreams insurance agent to help determine if it’s the best approach for you.
It Makes Sense to Have Life Insurance.
How many times have you heard the myth that it’s better to save than have life insurance? The truth is, life insurance can be as vital to your financial strategy as your savings, because life insurance can protect your family and the wealth you’ve built. For example, if you were to pass away unexpectedly, it can help:
- Cover financial obligations, such as outstanding credit card or student loan debt
- Pay for funeral and other final expenses
- Cover mortgage payments
- Pay for your children’s education
- Enable your loved ones to maintain their lifestyle
The main types of life insurance are:
Term life insurance
Term life insurance policies provide coverage for a set time – or term – but build no cash value. Term policies are less expensive than permanent life insurance policies with the same face value.
Permanent life insurance
Permanent life insurance policies remain in effect until the policy holder’s death, provided premiums are paid. Most permanent life insurance policies also include a component that can build cash value over time.
Find out how life insurance can be part of your financial strategy. Talk to a licensed Creative Dreams insurance agent today.
