Common Misconceptions with Life Insurance

EMPLOYER-provided life insurance lasts forever.

As a Licensed Life Insurance agent in the field I hear a lot of misconceptions.

Many believe that because their employer provides life insurance, that they are covered for life💭

And!

PRIVATE LIFE INSURANCE IS A WASTE OF MONEY 🥺

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Are you planning on staying at your job for the rest of your life? 🤔

I let them know that, in most cases, employer-provided life insurance isn’t portable. That means if you leave your job for any reason, the coverage ends. That includes retiring, switching jobs or getting laid off. In addition, a company could decide at any point to end that particular employee-benefit, leaving you with no coverage.

Prime example At&T .. Sears..etc 💬 (Google it!)

According to the U.S. Bureau of Labor Statistics, the average American will have between 12 and 13 jobs throughout their career. 😬

Today’s coverage could be gone tomorrow. 💡

Storytime:

Just recently I learned about this story while speaking with one of my business partners who told me about how shocked her mom was she learned her true life insurance coverage amount upon retiring. Her mom retired after 20+ years with a company. During her employment, she had $50,000 life insurance policy. She was set, right?!? WRONG!!! Upon retirement her mother learned that her then 50k policy coverage amount was now a whooping 5k. This happens a lot guys. Companies offer decreasing group term policies to employers.

I was with a company for years and it wasn't until I became a Life Insurance agent that I located the policy,,, with some digging around of course. But I noticed at 65 the policy decreased by 25% . As I continued reading I noticed that the policy continued to decrease as the employer aged.... So much for 50k of life insurance when it's all said and done

Statistics also show we will become disabled before we die... Hmph! You better get you the NEW Life Insurance you don't have to die to use.

Living benefits... Oh you haven't heard, please reach out. I will be happy to answer any questions..

No obligation consultations. Yes, it's Free.

#lifehappens#insurance#lifeinsurance#matters

#YourFavLifeAgentKemC 🦸🏽‍♀️