The Total Coverage Blog
We know there is a lot to consider when it comes to buying life insurance and if you’re located in PA, you’ve come to the right place for guidance.
From misconceptions and medical exams to figuring out how much you need, life insurance can sometimes be a complex process. But we’re here to give you some good news: Insurance carriers have been listening to customer feedback. This means there are new, more consumer friendly policies on the market that streamline everything, saving you time and potentially money.
In the following sections we will debunk a few life insurance myths, discuss how much you may need, and suggest a new, easier life insurance product.
There are a lot of myths surrounding life insurance: It’s too expensive, you don’t have enough time, and the life insurance you have through your employer is enough. We are here to dispel these myths!
Starting with price: 80% of those surveyed in a 2015 barometer study (by Life Happens and LIMRA) overestimated the price for a given policy. In fact, the median annual estimate for a healthy 30 year old to purchase a 20 year, $250,000 term life policy was $400. The actual price is only half of that.
You don’t have enough time: Marvin Feldman, CEO of Life Happens explained some of the results from the 2017 barometer study:
“Our research shows increasing interest among consumers for speed, ease, and transparency in the life insurance purchasing process,”
Many insurance carriers have adjusted their products over the last few years to better meet consumer needs. Things like simplifying the process, e-signatures, and not requiring a medical exam have made life insurance a quicker process than ever.
The life insurance you get at work is enough: A workplace policy typically has a lower payout when compared to privately purchased life insurance. Plus, once you leave your job, that policy won’t be following along. Workplace life insurance is a nice perk, but ultimately falls short.
With all of this out of the way, there’s the all-important question: How much life insurance do I need?
A very basic — but safe — rule of thumb to decide How much life insurance do I need? is by establishing 5 to 8 times your yearly salary. Essentially, you want to calculate life insurance needs that would pay off debt, cover final expenses (funeral costs, for example), create an emergency fund, and replace your income for 5 to 10 years.
However, to take this a step further, we have created an in-depth guide to figuring out how much life insurance you need.
Life Happens also created this nifty calculator to help you get a better idea of how much life insurance you may need:
Are you ready for an easier life insurance?
There is good news for those looking for life insurance in PA. Purchasing the life insurance you need is now easier than ever.
With ERIExpress Life, you can easily get the life insurance you need at a rate that is more affordable than you may think. ERIExpress Life features:
After debunking a few myths, figuring out how much life insurance you need, and finding a product that will streamline the process, there’s only one thing left to do: Contact your local agent about life insurance. By doing so, you will be protecting the people who matter to you most.