When you consider your workplace benefits package, how much value do you see in your employer offering life insurance? This coverage can oftentimes be overlooked or undervalued but it can be very beneficial to your loved ones in the event something were to happen to you. Then there’s the question of whether or not the coverage your employer provides is enough. According to most experts, the answer is no.
There are several things to take into consideration if you depend on employer-sponsored coverage alone, especially if you are responsible for the care of others. The biggest mistake most people make is that they do not truly understand their need for life insurance and do not realize that the amount they have is inadequate. More individuals than ever before are using their employee perk as sole coverage over buying outside coverage, according to LIMRA. If you have a family, outside coverage will aid in paying bills, debts, and future expenses that employer-sponsored coverage could not fully pay.
Do not worry if you haven’t purchased life insurance separately because it’s not too late and we’re here to help! Those who are single, mostly debt free, and do not have dependents will probably be fine with their work coverage. Determining if you need more coverage is the first step.
At any point in the process, you can give us a call at 352-371-7977 and speak with Nick Deas, our resident life insurance expert. Nick can help you determine what type of life insurance your lifestyle requires and how much coverage you’ll need. Although discussing life without a loved one can be very difficult and a topic many people avoid, it’s extremely important to be prepared and all on the same page. Feeling confident and comfortable with your family’s financial stability can bring a lot of peace to an otherwise negative subject.
Claiming life insurance benefits takes more effort than you think!
Do you know what type of life insurance policy your loved ones have?
Do you know what company it’s with?
Do you know where to find the original paperwork?
Do you know how a claim can be filed on that policy in the event of a loss?
If you aren’t able to answer yes to all of those questions (and most people aren’t), this is for you. Oftentimes, consumers sign up for life insurance, pay their premium, and assume that their loved ones will receive a check in the mail shortly after they pass away. Unfortunately, that isn’t the case. Most insurance companies have no intention of contacting beneficiaries when the insured person becomes deceased. There’s also the issue of contact information changing and the excuse that the beneficiary can’t be located. This leaves some work for the family to do but it’s not as overwhelming as it may seem.
Chief Financial Officer of the State of Florida Department of Financial Services, Jeff Atwater, is working to implement new processes and procedures to fix this problem. His plan says that soon enough, all insurers will be required to locate beneficiaries and provide their due benefits. If they can’t be found, the unclaimed funds will be turned over to his office (for the state of Florida) to hold on to and continue trying to locate the person it’s intended for.
Words of advice: Communicate with your loved ones about the details of your life insurance policy. It’s a tough conversation to have as no one enjoys talking about death but it’s very important. Paying premiums and leaving the insurance company responsible to actually pay out the benefits to your family is not enough. Make copies of paperwork for their records or inform them of your safe place where the documents are kept. If policy details are lost or the beneficiaries are unsure, there are “life policy locator” services such as the Medical Information Bureau that can assist in locating policy information for a fee.
More questions about life insurance? We can help! Email Nick Deas at firstname.lastname@example.org.
With a 30+ year reputation for quality home, auto and business insurance products, it was a natural fit to add health insurance to the McGriff-Williams’ line of products in May of 2014. In order to provide our customers with the most well-rounded insurance offerings it was only a matter of time before we knew we wanted to add life insurance as well.
As of January 2016 McGriff-WIlliams is excited to announce that our agency will now offer an array of life insurance products (term and whole life insurance) as well as disability insurance and long-term care. It is our hope that these added products and the expertise of Financial Insurance Advisor, Nick Deas, is a convenience for our current clients, as well as future clients.
Nick began his financial insurance career in 2002 after completing his Bachelors in Business Administration with a Finance Major from the University of Florida. Nick is a third generation Gator, and while his career in the financial insurance industry began in his hometown of Miami, FL, he and his wife Dari relocated back to Gainesville in 2011, which is where they now call home with their daughter Reagan and son Ryan.
As a member of the McGriff-Williams team, Nick strives to maintain the goal of “treating every client like he would treat his mother,” a lesson he was taught early on in his career.
Have questions about life, disability or long term care insurance? Contact Nick by email at email@example.com or call (352)371-7977