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Fun fact: if you have life insurance through just your employer (job/work). There’s 8 potential problems you want to be aware of that are not explained.
Problem 1: Your employer may not offer enough life insurance.
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Most employers provide basic insurance (Term) which is low cost. Your policy face value still may not be high enough especially if you’re the bread winner of your
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏠" title="Haus" aria-label="Emoji: Haus">& family. You need coverage 10x your annual salary.
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Most employers provide basic insurance (Term) which is low cost. Your policy face value still may not be high enough especially if you’re the bread winner of your
HUGE ISSUE HEREhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="❗️" title="Rotes Ausrufezeichen" aria-label="Emoji: Rotes Ausrufezeichen">
Problem 2: U can lose ur coverage if ur job situation changes. If u quit, are fired, laid off or moved to part time status. Ur coverage will be terminated within the next 6 months from status change.
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Ur employer can cancel ur policy to save the companyhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="💵" title="Banknote mit Dollar-Zeichen" aria-label="Emoji: Banknote mit Dollar-Zeichen">.
Problem 2: U can lose ur coverage if ur job situation changes. If u quit, are fired, laid off or moved to part time status. Ur coverage will be terminated within the next 6 months from status change.
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Ur employer can cancel ur policy to save the company
Problem 3: Coverage gets Tricky if your health Declines.
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Very simple the younger & healthy u are the cheaper rate u will get for a policy & qualify for. The older u are the more expensive the premium will be + if u have had changes in health over the last 5-10 yrs.
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Very simple the younger & healthy u are the cheaper rate u will get for a policy & qualify for. The older u are the more expensive the premium will be + if u have had changes in health over the last 5-10 yrs.
Problem 4: Your plan doesn’t provide enough coverage for your spouse/partner.
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if you have a plan through work it’s most likely that your spouse does not have a plan. (Spouse rider) does not count as a individual plan for your partner.
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if you have a plan through work it’s most likely that your spouse does not have a plan. (Spouse rider) does not count as a individual plan for your partner.
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This means that just because ur spouse is on your plan does not mean they have coverage. If something happens to you (the insured) ur spouse loses that temporary coverage. If your spouse passes away then u the owner of the policy will receive a DB check. Rarely does this happen.
Problem 5: Employer-Provided Life Insurance may not be your cheapest option.
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Even if you get life insurance through work it’s always good to shop around to see if ur getting the best rates from your employer. You can also get policies outside of your job at a cheaper rate.
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Even if you get life insurance through work it’s always good to shop around to see if ur getting the best rates from your employer. You can also get policies outside of your job at a cheaper rate.
Problem 6: Most people get policies that don’t fit their lifestyle.
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Most people get over insured or under insured. Most people feel that they are getting ripped off or have a outdated policy. Due to premium & face amount. If that’s you let’s talk on how to fix that.
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Most people get over insured or under insured. Most people feel that they are getting ripped off or have a outdated policy. Due to premium & face amount. If that’s you let’s talk on how to fix that.
Problem 7: People are sold insurance but not educated on it nor know what they really have.
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If you’re considering a policy or have one already. Ask to view the illustration of a policy & ask questions on how the type of policy you have works & its pros & cons.
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If you’re considering a policy or have one already. Ask to view the illustration of a policy & ask questions on how the type of policy you have works & its pros & cons.
Problem 8: Most people don’t know you can use life insurance while you’re living.
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Most people are just familiar with the oh I need life insurance for when I die. That’s the old type, the new type has what we call living benefits & cash value.
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Most people are just familiar with the oh I need life insurance for when I die. That’s the old type, the new type has what we call living benefits & cash value.
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Yes you can access tax free money from a life insurance policy (infinite banking). This is the most efficient way to build generational wealth to use for yourself or family in future times. These types of policies usually have a higher interest for your $$$ to compound over time.
Now living benefits is the best advantage of you have a policy with no living benefits consider looking at policies that do. I say this because for living benefits if you get chronically,terminally,critically ill or critically hurt. You can access up to 90% of the policy.
To pay for your living expenses & medical bills while living. If you have 1 of those 4 situations you’re more than likely not going to be working. Also it’s tax free money.
There’s a lot more to break down and how to build your wealth through life insurance. If you have questions or want to talk shoot me a message.