whole life | Castle Insurance

4 years ago · by Kris Castle · Comments Off

I HAVE LIFE INSURANCE AT WORK. ISN’T THIS ENOUGH?

When discussing life insurance with my clients, lots of people tell me, “Kris, I have life insurance at work, so I am all set.”

While I am truly SUPER HAPPY that you have some life insurance, there are a couple of things to consider:

What happens when you no longer have that job? You may plan to retire from the company you are working for now, but I think 2020 has shown us that your exit may not be within your control! You may be laid off or terminated through no fault of your own.
What if you are injured in a car accident and can no longer perform your normal job duties? It would be nice if your company would still provide life insurance just because you were a great employee, but we know that isn’t going to happen.
Let’s say you make it to retirement age at your company. What happens to your life insurance policy at age 65? Bye-bye. Now you are scrambling for insurance when you are older and less healthy, and have a fixed income. How are you going to afford a life insurance policy at this stage of the game?

How can you be sure you provide for your family if you aren’t here?

Buy a life insurance policy that isn’t tied to your employment. I advise clients to buy a policy that is their own, with no employment strings attached. Keep the one at work as your extra “icing on the cake” policy. That way, when/if you are no longer employed, you still have something in place.
Have a combo of term/permanent insurance. This can be a very affordable way to have lots of life insurance during the stages of your life when you have lots of bills – a mortgage, car payments, college tuition, etc. Then taper off to one last policy that will help your family pay for your final expenses – a traditional funeral, or maybe a big send-off party! It’s up to you.

There are lots of great options you can check out. Some don’t even require a medical exam! You can’t get much more convenient than that.

Click on the “get a life insurance quote” button on the life insurance tab, and let’s make sure we get your family income protected!

For more information here are some additional sources you can check out.