Whether you are married or single, have children or not, one thing remains a priority on our minds; that is making sure our family is taken care of and our last wishes are carried out upon our death. It’s not something pleasant to think about so our approach is set it up right and visit it only if things change.
Most businesses provide insurance options for their employees, but those options usually terminate upon being upon termination of your position, which includes retiring. If you do get to keep the insurance (being portable), you will find that premiums go up and benefits decrease. Life insurance offered through your employer is always term, which means at a certain age or after a certain amount of years those plans terminate. That’s why many people tend to get themselves some coverage on the individual basis as well.
Let’s discuss some of the biggest differences between group and individual options, and lets talk about some products you can get on the individual market. We believe having the proper knowledge of what your options are will help you protect your family and interests to the best of your ability.
Group vs Individual
Group insurance is ONLY offered through your employer. It tends to be cheaper because the group rates are based on multiple people which drives the price down. Group insurance offers the same products as individual insurance except the life insurance is only term life. It will not get cash value and it will only last for a certain amount of time.
Individual insurance has a wide range of products that can have special advantages. For instance you can buy whole life (with a variety of options) that will fit your budget, that grow cash value that can be borrowed against, and lasts till your 101st birthday. They do not terminate. Some whole life policies allow you to have them paid in full in 20 years called paid up 20 whole life. Some allow you to have smaller initial premiums which eventually increase till it levels out. Things like this, make the individual product line a truly customizable market. We can even customize you a retirement plan should your employer not offer one. The individual plans offer life, living benefits, disability, protect your income, long term care, etc.
Many times individuals tend to supplement or complement their group plans from work with individual products. The only downfall is individual products do cost more and may not get you tax savings.
Needs Basis
I look at every person’s situation when helping you decide what coverage you need. This is very important because not all agencies or agents do this. When I meet with you I LISTEN! I listen to your concerns, I look at your budget, I look at the things you want for your family when you depart this world, I look at what you want for your last wishes. I look at your health risks (family/generational) and make sure you are covered. I will not sell you something you don’t need.
