Life Insurance Archives - Employee Benefits Broker

This is the Life Insurance category of the Broad REach Benefits blog. At Broad Reach Benefits, we focus on employers that have between 30 and 500 benefit eligible employees. We’re employee benefit specialists, not a big box brokerage firm or payroll company with a sales force peddling policies.

Thinking About Applying for Individual Life Insurance? Here’s what to Expect…
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Thinking About Applying for Individual Life Insurance? Here’s what to Expect…

Employee Benefits, Life Insurance

Thinking About Applying for Individual Life Insurance? Here’s what to Expect…

Let’s use some common sense here. Insurance carriers can’t just give life insurance away to just anybody who applies. In order to qualify for a good rate, the applicant has got to meet certain criteria.

In the individual life insurance market, you must be in at least decent (not perfect) health in order to buy significant quantities of life insurance. Yes, we said decent health. Life insurance is designed to exclude the very, very sick, but it is also designed to be sold, not denied. Life insurance companies want to issue you a policy – but only at a premium that makes sense. Chances are very good that you can get a good, solid life insurance policy at a reasonable, affordable premium even if you have a few black marks in your medical history.

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By pcohen|June 5th, 2014|Employee Benefits, Life Insurance|Comments Off

Survivorship Life Insurance Protects Your Assets For The Next Generation

Most people view life insurance as merely a death benefit for their dependent children or surviving spouse. However, life insurance, specifically a life insurance program called second-to-die or survivorship insurance, can additionally be a very effective asset preservation tool for estates of all sizes.

This type of life insurance covers two individuals (most often spouses) through a single life insurance policy. The premium for survivorship insurance is usually much less expensive than other individual life insurance policy options and the policy respects martial estate tax deductions that defer estate taxes until both insured spouses are deceased. The benefit will not be paid out until both individuals on the policy are deceased.

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By pcohen|April 28th, 2011|Employee Benefits, Life Insurance|Comments Off

Getting an Adequate And Affordable Life Insurance Program Despite Being An Impaired Risk

Unfortunately, the concern stemming from developing a chronic health issue isn’t limited to your medical needs and health. On the insurance side of things, you’re not just an everyday Jane or Joe purchasing life insurance any longer.

While you might not be considered a standard risk any longer, there are still life insurance programs that can provide you with the coverage you need. One such option is called impaired risk coverage. This is a special form of life insurance designed to provide coverage for individuals that are no longer a standard risk. An impaired risk is life insurance underwriting terminology used to describe an individual that has some factor making him an above average risk to insure, such as an unfavorable health history or current health condition. Most underwriters consider an individual an impaired risk if any of the following statements are answered with a yes:

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By pcohen|April 15th, 2011|Employee Benefits, Life Insurance|Comments Off

Life Insurance Provides Irreplaceable Protection

According to A.M. Best, an insurance rating company, less than 50% of U.S. households have life insurance outside of what’s provided by their employer. This statistic begs the question – why have so many individuals abandoned their life insurance needs? There’s not a one-size-fits-all answer to such a question, but there are a couple of common contributing factors.

One factor is the alleged product misrepresentations cited in class-action lawsuits against several life insurance companies. Another factor is that much of the media focus today is centered around individuals living much longer than previous generations and the resulting need to adequately prepare for the retirement years. This focus has caused many Americans to redirect their attention toward saving for their retirement years and to start placing their money into tax-favored accounts. Consumer trending hasn’t gone unnoticed by life insurance companies. Despite the fact that most individuals don’t consider life insurance a good investment option, many insurers have been heavily marketing the investment side of life insurance policies instead of the death benefit aspect of it.

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By pcohen|April 2nd, 2011|Employee Benefits, Life Insurance|Comments Off