Employer Provided Insurance - Is It Enough?

Say you work for a company that offers all employees life insurance. The rates seem low; some may even be free. You feel protected because your job provides you with life insurance benefits. But how much coverage is enough coverage?

Don't forget the cautionary tale of the unfortunate husband and father who left his family financially burdened, leaving behind just 30,000 in benefits from the company policy given to him at work. Had he purchased an additional individual policy, his wife and children would have received enough to provide them with basic care for decades. Remember that employer-provided death benefits often neglect to include commissions, bonuses, and retirement contributions.

If you lose your job for whatever reason-- the company closes, you change jobs, or even switch from full-time to part-time-- your insurance benefits go out the window! Most people don't plan for an alternative coverage option in these cases, but it's important to make sure you're covered no matter what. Another similar issue to this one is job loss due to a sudden medical condition that would keep you from working... just when you need insurance the most.

Taking advantage of any free or inexpensive insurance offered to you by your employer is great, but should it be your only source of life insurance? Probably not. Jobs can be fleeting, and life can change forever in an instant. Remember to buy young, at your healthiest, when insurance premiums are lowest.

With an individual or family plan through B&B Insurance, you're always covered, no matter what your situation may be.

Who Needs Life Insurance?

While nothing is more uncertain

than a single life,

nothing is more certain

than the average duration of a thousand lives.

-Elizur Wright (1804-1885, American mathematician “Father of Life Insurance” for his pioneering work)

The prospect of purchasing a life insurance policy rarely crosses young minds. You're just starting out in life with a picture of perfect health. Life insurance is for someone else, someone older; possibly ill, or whose health is visibly degenerating. But in the event of the unthinkable occurring, is your family secured? If anyone depends on you... a husband, a wife, child, parents, siblings, or any relative... you need life insurance.

Life insurance is a legal contract that promises a payout to certain beneficiaries in the event of the untimely demise of the insured, usually a lump sum payment. Often, exclusions are written in for death under specific circumstances, such as suicide and war. Costs can depend on the health of the insured; whether they smoke, or have any preexisting conditions. Members of young families are the perfect candidates for a life policy. Tragically, they are all too often the last ones who think they need a policy. A couple of stories come to mind, all stellar examples of the huge impact life insurance can have on a number of lives.

Click here to request a free quote. No strings attached. We are a private company based in Lantana, Florida. Our insurance professionals are always there to listen to you and understand your needs.

Click here if you're interested in reading about the history of life insurance, and here for a few choice heart warming insurance stories.

Why Single Women Still Need Life Insurance

Often times we think of life insurance for a traditional family consisting of two parents and dependent children. However there are many types of families unique in structure, all needing the safety net of life insurance. The average number of households led by single women in the U.S. continues to climb. This addresses the need for life insurance for single women, single mothers, divorcees and widowers.

Did you know that only 4 percent of all life insurance policies sold in 1997 were purchased by divorced or widowed women (“The Women’s Market: Myth & Reality,” LIMRA International, 1999)? This startling fact means that a majority of the 11 million single moms in the U.S. today are without life insurance. As a single mom, if you do not have life insurance, you run the risk of not having your children’s basic needs met should you die unexpectedly, especially if there is not a father in the picture. Note: In addition to providing for your children’s college tuition and living expenses, single moms may need to factor in additional expenses such as child care and domestic help that a life insurance policy could cover. Purchasing a life insurance policy as a single woman is a critical step to securing yours and your family’s financial future. In fact, recent studies show that 60% of American women will be living alone by the time they are between the ages of 80 and 85 years. Currently half of these numbers of women live in poverty because they neglected to buy life insurance and benefit from the cash values in a policy.

— Why Single Women Need Life Insurance