Nine Things About Life Insurance Your Clients Should Know

Nine Things About Life Insurance Your Clients Should Know

Some 37.5 million U.S. households have no life insurance coverage at the moment, and nearly half of all households are underinsured, which puts them at risk of not being able replace their income if the need arises.

At the same time, life insurance can help families build, manage, and pass on their wealth. Too often, however, life insurance is underused on account of misperceptions. Here are the nine things you need to know about life insurance today:

  1. It’s rather affordable. The top reason people cite for not buying life insurance is the expense. Still, it may be possible to buy coverage for less than what you pay for utilities.
  2. No magic number. How much life insurance coverage does your family need? Use an insurance calculator to see what’s right for you.
  3. You can use life insurance now and later. Flexible policies provide living benefits addressing needs at every stage of life, e.g. retirement income or charitable gifting.
  4. Prepare for care. Certain types of life insurance can help with potential long-term care expenses in the future. 
  5. Life at work. Over 100 million Americans have employer-provided life insurance, often for free. You may be able to buy additional coverage as well.
  6. Get and keep talent. There is fierce competition for workers, and life insurance can play a key role in recruitment and retention. 
  7. Quicker and easier than you think. If you’re healthy, you can get life insurance in as little as 24 hours, and without blood tests.
  8. Put a name on it. One beneficiary isn’t enough. Still, don’t name minors as outright beneficiaries.
  9. Life changes, and your policy might as well. Review your policy at least every three years to ensure it still makes sense for you and your circumstances. 

As part of a well-rounded financial portfolio, life insurance can be an extremely powerful tool. It can help provide for your family and covering final expenses, and many types of coverage also offer lifetime benefits usable for supplementing retirement income, protecting a business, or addressing long-term care expenses. All clients should have a clear understanding of where life insurance fits into your financial plan.

For more information, please read:
Make Sure Your Clients Know These 9 Things About Life Insurance | Insurance News Net

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