Life Insurance for Young Families
Sometimes people can overthink the most basic necessities, such is the case with life insurance. If you have a young family and care about their financial well-being in the event of your unexpected death, don’t waste time exploring the entire universe of life insurance, go get an inexpensive term policy in place. Here is why; YOU CAN ALWAYS CHANGE it down the road, PROTECT your family now!
No Penalties to Switch Term Policies
Term life insurance does not build any cash value and there are no penalties if you decide to cancel the policy. Meaning, if you take out a 20-year term policy today and find some better deal two months from now, there is no penalty to cancel the policy and switch. Of course, you do not want to cancel your current coverage until the new underwriting process is approved at a better deal. Most importantly protect your family as soon as possible and search for a better deal later.
Get a better Deal
Now that we have established it is unintelligent to procrastinate when it comes to protecting your family with life insurance; if you have already purchased a policy it is wise to meet with an independent agent who has access to the largest landscape of life insurance products and can make sure the policy you purchased still accurately meets your needs. Work with a knowledgeable licensed agent who is passionate about life insurance and knows the best products currently being offered. Not your uncle who used to be a captive agent with… (fill in the blank) 30 years ago. Times and products have changed, work with an agent who is paying attention to the current products being offered.
Accelerated Living Benefits
About twenty years ago term life insurance had no accelerated benefits whereas today you can purchase a term life insurance policy which protects your family if die but also has living benefits you can accelerate in the event of:
- Terminal Illness
- Chronic Illness
- Critical Illness
- Heart Attack
- End Stage Renal Failure
- Organ Transplant
- ALS (Amyotrophic Lateral Sclerosis)
- Arterial Aneurysms
- Central Nervous System Tumors
- Multi System Trauma
- Severe Disease of Any Organ
- Central Nervous system Disease
- Major Burns
- Loss of Limbs
In layman’s terms, you can purchase a term life insurance policy for the same price or a few dollars more per month and have living benefit you can access in the event of a qualifying event. It is a total no brainer. If your current policy does not have these living benefits reach out to a life insurance agent who can provide you with products that do.
Captive Agent VS. Independent Agent
Bottom line, captive agents are incentivized and brainwashed into selling their companies’ products. Independent agents have access to hundreds of insurance companies to provide their clients the most competitive products at the lowest cost possible.
Life Insurance Call Centers
Although life insurance call centers typically have access to a wide variety of products they are typically owned by insurance carriers who incentivize and promote the company’s products who own these call centers. Please, do not work with a life insurance call center who only sees you as the next transaction, work with an independent agent who has your best interests at heart.
Research and look at the reviews of the agency who you are purchasing your life insurance policy from, see if they have any reviews on google, Better Business Bureau (BBB), yelp, or Facebook. Pay attention to clients who have left reviews about filing a death claim and if the agent or agency was there to help out. It is unlikely a call center has these kinds of reviews.
At Pacific Insurance Group we treat our clients like family, not only do we offer competitive products with the most benefits, we pride ourselves on being there for families when the unexpected death occurs. We welcome the opportunity of working with you and designing the best life insurance policy to meet your needs.