 Chelsea Rice-Glymphcvglymph5rings@gmail.com 540-702-6726 |
I recently had a chat with Chelsea Glymph, Division Leader at Five Rings Financial to get some information about something that we all take for granted, but shouldn’t - Life Insurance. She had a lot of great information that I wanted to share:
Chelsea, Life Insurance is something that most of us only think about when we are signing up for benefits with our job and then we never think about it again. I would love to get some additional information from you so that we are all better informed on this topic.
Can you start by telling me why someone needs life insurance?
We all need life insurance. If you have debt, own a business or have people who depend on you financially, then you need life insurance. The “old” Life insurance provides financial protection for your loved ones when you pass away. It can help cover funeral expenses, replace lost income, pay off debts, and ensure your family’s financial stability during a difficult time. The “new” life insurance I advocate for is Life Insurance with Living Benefits, this works the same way as the old life insurance, plus it has built-in features that can protect you while you are living. Life insurance for your children can protect their insurability and it can be built to build cash over time, which is not only a monetary asset, it is also a tool for supporting their future financial needs.
What does it do for me?
Life insurance with Living Benefits gives you and your family “peace of mind”. If you were to pass today your family will receive a death benefit. If you were diagnosed with a terminal or chronic or critical illness, depending on the severity you will be able to put in a claim to access a portion of your policy. This can help YOU and your family with medical expenses, actually, you can use this money for whatever you like it's yours. As I said before, it can also build generational wealth for your children and grandchildren.
If my spouse has life insurance, why do I need it too?
While your spouse's life insurance may provide some financial support, having your own life insurance ensures an additional layer of protection. It can cover your individual expenses, debts, and contribute to your family's overall financial well-being. It's a way to safeguard against unexpected circumstances and provide peace of mind for both you and your loved ones.
What age can I get life insurance?
You can generally get life insurance at almost any age, but the availability and cost can vary. Many people typically consider purchasing life insurance in their 20s or 30s when they may have dependents or financial responsibilities. However, the earlier you get life insurance, the more likely you are to secure lower premiums. It's important to note that as you age, the cost of life insurance increases, and certain health conditions could impact eligibility.
Do children need life insurance?
Yes, children can be insured as early as 15 days. Not only is this protecting their insurability it is allowing their policy to grow cash which may be used when they are older.
Are there any benefits of having life insurance while I’m still alive?
Absolutely, I offer life insurance with living benefits. Living benefits is a built-in feature that allows you to accelerate the death benefit of your policy if you become ill. I’m not talking about a common cold, it has to be terminal, critical, or chronic.
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Am I too old for life insurance?
It’s never too late to consider life insurance, premiums are higher as you get older. The best time is NOW.
Can I afford life insurance?
Yes, while costs vary, life insurance can be affordable. Factors like age, health, and coverage amount influence premiums. Seek the help of a qualified life insurance agent to help you determine the most cost-effective policy for you and your family.
What are some common misconceptions about life insurance?
1. **Life Insurance is Only for the Elderly:**
2. **Life Insurance is Expensive:**
3. **Only Breadwinners Need Life Insurance:**
4. **Employer Coverage is Sufficient:** Employer-provided life insurance may not be enough. Individual policies offer flexibility and portability if you change jobs.
5. **Single People Don't Need Life Insurance:** Even without dependents, life insurance can cover debts and funeral expenses, easing the burden on family.
6. **Term Life Insurance Has No Benefits During the Term:** Term life provides a death benefit, but some policies also offer living benefits like critical illness coverage.
7. **Only Unhealthy People Need Life Insurance:** Healthy individuals often get better rates, but life insurance is valuable for everyone, regardless of health.
Understanding these misconceptions can help you make informed decisions about life insurance.
Chelsea, before we end, can you tell me why it is so important for you to share this information with others? What is your why?
My why is my mom, she had Alzheimer’s and I was her primary caregiver. The companies I contract with have living benefits. Had I known then what I know now, I would have had options on the care my mom received. A policy with living benefits gives families options. My passion is to educate families on life insurance with living benefits.
January Is Living Benefits Awareness Month!
For more information about what Life Insurance can do for your family, contact Chelsea. Meetings are always FREE!
