Published in Clifton Park Neighbors Magazine – Fall, 2020
By Don Ferlazzo, Agent/Agency Owner
September is Life Insurance Awareness Month and it comes at an appropriate time considering interest in life insurance has spiked due to the uncertainty of the COVID-19 pandemic. But the truth is, life insurance has always been an important part of ensuring a family’s financial future.
Just imagine if something happened to you and you didn’t have enough life insurance to cover your family’s financial needs. Or worse, imagine if you had no life insurance, leaving your loved ones with nothing at all.
Who’s going to help pay for monthly expenses? The mortgage? Even groceries? It’s not fun to think about, is it? That’s why I always remind people: “Life insurance isn’t for you, it’s for the people you love.”
While it’s hard to argue with a statement like that, we’ve found people still try to avoid talking about life insurance. Here are some of the objections we hear from clients at The Ferlazzo Agency and why it’s still a good idea to have a conversation about it:
“I’m too young for life insurance.”
The truth is, life insurance rates are strongly tied to your age and health when you first take out your policy. You are never going to be any younger (or likely healthier) than you are right now, so delaying the purchase of your own life insurance policy will almost certainly result in higher premiums later. And what’s worse, if you develop a significant medical condition down the road you may become uninsurable all together.
“I can’t afford life insurance right now.”
Life insurance can be affordable if you work with an agent who can help you identify the right policy and options for you. There are different types of policies, each aimed at accomplishing specific goals, and there are multiple payment options, as well. Additionally, if you work with a company like Allstate you can benefit from bundling your life policy with your auto and home insurance for a discount.
“I already have life insurance through work.”
While it’s great that some employers give their employees a death benefit as part of their benefits package, these group life insurance policies are not as beneficial as owning your own policy. After all, your employer owns the policy (not you), so they may alter your coverage or even cancel it at any time. And if you get sick and are forced to leave work due to your illness, your coverage ends and you could pass away with no benefit to your family at all, so we recommend our clients consider owning their own life policies, as well.
“I already have my own life insurance policy.”
That policy may have been sufficient when you bought it years ago, but it may not provide enough coverage for you anymore. If your situation has changed at all since the policy began – maybe you got married, bought a house with a mortgage, changed jobs or had a child – then you may no longer have the right coverage. It’s always a good idea to review your policy with an agent whenever your situation changes, in case more coverage is now needed to protect your family.
I personally consider offering my clients life insurance the most important aspect of my job as a licensed insurance agent. Whether you already have a life insurance policy in place or you are considering one for the first time, it would be my pleasure to assist you. Call me today at 518-978-4044 to learn about the different types of coverage Foursurance can offer and how we can protect your family affordably.