Life Insurance Policy | Whole Life Insurance Florida

Posts Tagged ‘life insurance policy’

Do You Really Have Life Insurance?

“Do you really have life insurance?” might sound a little funny, especially if you have it through your job. After all, paid term life insurance is a fairly common benefit. So you can rest assured, right?

Wrong!

Because what happens if you lose your job? Whether it’s changing jobs (where you can temporarily be between policies) or getting laid off, the result is the same.

If you die, your family gets nothing. Scary, isn’t it? Especially these days when so much can go wrong, right out of the blue.

You’re More Insurable if You’re Insured

Sounds strange, but the fact is, it’s easier to get a life insurance policy for a good rate if you already have life insurance. Kind of like because another company has considered you a decent risk, other companies are likely to agree.

So in reality, the best time to pick up a term or whole life policy is when you have a policy from your work. Because that’s when you can get the best deal.

What if You’ve Been Laid Off?

You’re learning the hard way that when you lose your employment, you lose all your benefits.

Health insurance you can usually extend through COBRA, but generally you can’t extend your life insurance policy. And of course there’s the flip side; if you’ve been laid off, money is probably tight. But if you have a whole life policy, you might be able to defer payments for a little while, but still keep your life insurance intact.

The Best Time to Get Insurance

I think you know now that the best time to get life insurance is now. The rates won’t get lower as you get older, and indeed will rise. But by having your own life insurance, you’re protected if your employment ends. And more importantly, your family is protected.