employer life insurance Archives

Life Insurance for Dads: 4 Things To Know

If you’re a dad, you’re probably the go-to guy in your family for a whole lot of issues. Your family relies on you every day, probably more than you even know, so what would they do if something were to happen to you? Aside from dealing with the immense grief of losing their husband and father, they would also struggle financially without you.

Unfortunately, though, studies show that an estimated 1 in 4 men do not have life insurance, and many are not even sure what the purpose of a policy is. But before you write off the need for life insurance, or before you begin searching for a policy if you are planning on purchasing one, there are some important things you need to know.

1. Your Employer’s Life Insurance Is Not Enough

puzzle with a missing piece — *Employer life insurance is usually not enough to help your family when you are gone.*

A lot of employers offer life insurance to their employees for a very low monthly cost. You might be tempted to think that this coverage is enough, and you won’t need another policy, but the reality is most of the time employer-based life insurance simply doesn’t provide enough coverage for the average family. Many studies show that you should have a policy that is at least seven to ten times your income, which is generally not possible with employer-based life insurance. In addition, if you leave your job, you will lose that life insurance policy.

2. Children Are Expensive!

This will probably come as no surprise to you, but raising children is not cheap. According to the US Department of Agriculture, the average cost of raising a child from birth to age 17 is almost a quarter of a million dollars! And this does not include the cost of college tuition, if you are planning on helping them with that. So consider what would happen if you weren’t around to help. Fortunately, life insurance is a great way to help your spouse continue to raise your children and provide for them no matter what happens.

3. Your Spouse Needs Your Help

black and white picture of a married man and woman — *Your spouse will need help with bills and debts when you are gone.*

You took a vow to love and protect your spouse for as long as you both shall live, but those vows should actually go beyond that. Your spouse needs your help now while you’re raising your family, but they would need your help more than ever if you were to pass away. You can make sure that they would be taken care of with life insurance, which can provide help paying the bills, caring for the kids, and more.

4. Coverage Is More Affordable Than You Think

One of the main reasons that people don’t buy life insurance is that they think it’s more expensive than it actually is. In fact, research shows that consumers think life insurance is nearly three times more expensive than it really is, which is why many don’t even look into it. However, what most people don’t know is that a $250,000 10-year term life insurance policy for a healthy 30-year-old man can cost as little as $14 a month! Not to mention, the younger that you are, the cheaper your rates will be, which is why it is important to begin looking into life insurance as soon as possible.

Protecting Your Family

So all you dads out there, remember: your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price.

The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

4 Misconceptions About Life Insurance

There are many misconceptions about life insurance, and these misconceptions can turn people off from even looking into purchasing a policy. In fact, a lot of people are just plain confused about life insurance! To help clear things up, we want to talk here about what life insurance is not, in order to help give you a better understanding of this subject, and address some of the misconceptions you might have about it.

1. Life insurance is not a luxury item

Although it might seem like life insurance is only for people who are well-off, it isn’t. Life insurance is not a luxury item, even though many people think it’s too expensive to fit into their family’s budget. In fact, nothing could be further from the truth: life insurance can often cost the same as a monthly subscription to a music streaming service, or a meal at a restaurant.

2. Life insurance is not just for covering funeral expenses

Yes, many people purchase life insurance specifically to cover funeral expenses, but life insurance can cover so much more. Funerals can cost around $10,000, but even some of the most affordable policies can offer much more coverage than this, meaning they can help with replacing lost income, making mortgage payments, and raising children.

3. Life insurance through your employer is not enough

A lot of people don’t purchase life insurance because they have a policy through their job, and they think they are fully covered with this employer-based life insurance. And don’t get us wrong: employer-based policies are great because they are often very affordable, but they’re usually limited to providing coverage equal to only one or two times your salary, or a fixed amount like $100,000. Research, though, shows that you should have coverage that is five to ten times your income. Not only that, but you will lose your coverage if you leave the job or are terminated. You can consider keeping your life insurance policy through your employer, as well as purchasing a private policy to make up the difference.

4. Life insurance is not just for healthy people

Life insurance is indeed cheaper when you are healthier and younger, but that doesn’t mean you can’t find an affordable policy if you aren’t young and healthy. Even if you have certain health conditions, like diabetes or high blood pressure, it’s still possible to qualify for a great policy, as long as your medical conditions are under control. And if you are worried about qualifying for a policy, know that there are policies available to you that do not require a medical exam or medical questions.

Hopefully, all of this has cleared things up for you, and has shown that life insurance is for everyone, and is affordable. Because remember, your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price.

Is Employer-Provided Life Insurance Enough? Most Likely Not

Life insurance is something everyone should have. Fortunately, most employers offer life insurance as part of their employee benefits package. It is a valuable benefit because it is convenient, and costs little to nothing to have. But while employer-provided life insurance is a nice perk, does it provide enough coverage for you and your family? The answer to this question may vary depending on your situation, but most of the time the life insurance your employer offers is simply not enough.

Benefits Of Employer-Provided Life Insurance

red prohibition sign — *One of the major benefits of employer life insurance is not needing to undergo a medical exam.*

There are some benefits to having employer-provided life insurance. For one thing, it’s usually free, or only a few dollars a month at most. Another major benefit is that you do not have to undergo a medical exam in order to get coverage. If you are looking to get private life insurance, many companies will require a medical exam, and if you have any health conditions, your policy might be expensive, or you could be denied coverage.

Disadvantages Of Employer-Provided Life Insurance

Although employer-provided life insurance is convenient and costs little to nothing, there are major downsides:

Limited Options-The life insurance plan offered by your employer is not tailored to your specific financial needs. You will not have the ability to choose the best policy for you, as you would if you worked with an agent and purchased private life insurance.
Not Enough Coverage– If you have dependents who rely on your income, then you need coverage that is at least 6 times your annual salary. Some experts even recommend getting coverage worth 10 to 15 times your salary. Employer-provided life insurance generally does not offer this much coverage.
When you leave your job, you will lose your life insurance policy.
You Can Get Dropped– Unfortunately, if your employer decides to drop this benefit (which they can do because the contract is between the employer and the insurance company), you will lose your policy. You can also lose your insurance coverage if you work past a specified age or when you retire.
You Lose It When You Leave– You cannot take your life insurance policy with you when you leave your job or if you lose your job. The moment you are no longer employed, you will have to buy your own coverage, which can be difficult as you age or if you develop a health condition.
Supplemental Coverage Can Be Expensive- You have the option to buy additional coverage through your employer-based policy; however, supplemental policies can cost more than buying your own individual life insurance policy. Not to mention, you cannot convert your supplemental policy when you leave the company; even if you can, expect to pay even more.

Finding An Affordable Individual Life Insurance Plan

The disadvantages of employer-provided life insurance outweigh the benefits, especially if you have a family who depends on you. An employer-provided plan might not offer enough coverage, but you can tailor an individual life insurance plan to meet your specific needs and finances. You can do all of this at a reasonable price, you simply need to speak to an experienced agent who can compare different plans available in your area. We have provided the top life insurance companies in the nation – all of which offer hassle-free assistance and the most competitive rates – below. Make sure your family is properly prepared for the unexpected by checking rates today!