Your employer's life insurance coverage is enough.
When it comes to workplace insurance policies, you don't own the plan. The company has the right to change your life insurance policy at any moment.
It's also a possibility that your employer's policy can't be ported, in case you switch careers.
Locking in private life insurance gives you more control and stability.
Talk to your employer's HR department to see what your current life insurance plan entails.
Everyone needs a lot of life insurancE.
Everyone has a different lifestyle.
You never want to get the most coverage you can get, because then you're going to
over-insure yourself and pay for something you don't need.
If you have a young family, or disabled children who may need ongoing support, you might need a higher coverage amount, depending on how much income you bring in.
Don't just make up a number - do the math and come to the right number for your circumstances.
This is where a life insurance broker comes in handy.
Life Insurance is Expensive.
Good term life insurance is affordable.
The best rates are secured when an applicant is young and healthy.
I went and quickly pulled the numbers on my phone for a 30-year old female, non-smoker, requesting $2,000,000 of a 20-year term policy:
For less than $70/month she can get a 20-year term policy for $2,000,000 (as of May 11,2021).
I'm young. Why would I spend my money on life insurance now?
Similar to the myth above - obtaining coverage at a younger age allows you to lock in a low premium.
Let's take the same example from above, and change the age from 30 to 40.
As you can see, the price for the same term, and same amount of coverage, almost doubles in price if this individual waits another 10 years to apply for coverage.
I'm a smoker. Insurance companies won't consider me.
The reality is, if you're a smoker, the premium for someone the same age and gender as you is going to be cheaper.
But - you can still get affordable coverage.
There are even some insurance companies that offer lower cost incentives if you plan to quick smoking (which you should do anyways, come on!)
I have insurance with my mortgage lender, isn't that enough?
And the reason is - your mortgage isn't your only expense. What about your daily living expenses? Expenses for your spouse? Your kids? Cars? College education? Medical expenses? Funeral expenses? The list goes on...
Coverage through the bank also decreases as you pay down your mortgage.
A good option instead of mortgage creditor insurance is term insurance.
getting life insurance is a hassle.
All you need to do is provide basic information about yourself and talk to a professional!
After you've spoken with a professional, they will provide you with different options, such as the coverage amount and the type of insurance.
If you'd like, I can help you get started!