Life Insurance With Nicki
Who Needs Life Insurance and Why?
How Much Life Insurance Do I Need?
People often think "the more, the merrier", and while they aren't wrong, life insurance can be an expensive asset to maintain if you have too much of it. Term life insurance offers high monetary payouts because they are designed for younger people. The likelihood of a 26 year old dying is statistically lower than that of a 75 year old. These policies also expire when the term is up and don't have any type of cash value. So while that million dollar policy seems great, it's often not realistic for anyone who is searching for a permanent life insurance policy. So how do we calculate how much we need? There are many online tools available to you to help you figure this out, but many of them are going to spit out a large dollar amount that just simply isn't reasonable. Let me sit with you and help you figure out what IS reasonable in order to meet your family's needs.
When's the Best Time to Purchase Life Insurance?
The moment you ask yourself this question is the moment you answer it. Lets be straight up here: the younger you are, the less likely you are to die, therefore creating the best time to purchase life insurance. If you have $0 in debt, then consider yourself among the few and far between. This includes student loans, car payments, house payments, credit card debt, and funeral costs, to list a few. This also means you have no future planned expenses, such as your child's first car or college tuition. And this means no one relies on your income whatsoever, such as a spouse, family member, or pet. If you fall into this category, you're in great shape and I would not recommend you purchasing life insurance. If not, then now is the best time to purchase life insurance. The longer you wait, the more expensive it becomes.
Why Life Insurance Through Your Work Isn't Enough
Some type of coverage is always better than none. I will never say negative things about a company that offers a life insurance benefit to it's employees. However, this policy is not yours. You are not the owner of the policy, your company is, and there are many things that could leave you and your family hanging when you need the support the most. If Covid-19 has taught us anything, it's that the things we consider to be secure in our lives oftentimes are not. This is a whole topic I will dive into later on, but here are a few reasons why life insurance through your work just isn't enough:
First and foremost, you could lose your job
You could develop a health condition before you lose your job
Most companies offer an amount that will not cover the financial loss your family would endure
You won't be working forever
Your company benefits could change
The longer you wait to purchase your own life insurance policy, the more expensive it'll be
Why Should You Trust Me?
Before you jump to conclusions that I'm just another sleazy salesperson out for your money, let me explain a few things to you. I am an independent broker, meaning I am contracted with many different insurance carriers. I can show you a wide variety of products so that you can determine what's best for your family. I don't have any type of sales quota I have to meet, therefore I'm not going to push a product that isn't beneficial for you. I am also simply a field underwriter, so I am not the one who determines whether or not an insurance company approves your application. If it were up to me, I would approve everyone. I am here to collect your information so we can determine which company is most likely to approve your application. I don't care which company it is. I care about helping you and your family get protected.
Most importantly, yes, I make money through commissions. However, that does not mean I am going to suggest the most expensive option. Life insurance is not typically a single-purchase transaction. It is a financial investment that must be maintained in order to stay in effect. Most insurance agents get paid an advanced commission. This means that if you cancel your policy after I received a commission, I have to pay that money back to the insurance company. This is not something I want to do. If you can't afford your policy and therefore decide to terminate it, it costs me money. I want to make sure any product you decide to move forward with is well within your budget and makes sense for you to spend money on. I have the tools for you to tell me what you want to spend, and I can show you the amount of coverage it'll provide. My main objective is to help you and your family feel financially secure, and all I ask is that you allow me to prove it.