09/12/2018 Life Insurance: Is it for you?

Alli Walsh, Social Media Strategist

Life Insurance: Is it for you?

It’s too expensive. I really don’t need it. It’s difficult to obtain. I can’t figure out what’s best for me. I don’t want to think about this subject at all.

These are some of the most common concerns about life insurance. Combined Insurance sells life insurance, but we also pride ourselves on selling the right products to the right customers. That means life insurance—an insurance policy that pays a sum of money upon the death of an insured person or after a specified period—may or may not be right for everyone.

Customer education

Combined Insurance Account Executive, Robert Filippo makes it a point to help his customers make good choices: “I pride myself in helping my customers choose the products that are right for their unique life circumstances. I realize not everyone needs life insurance, but I’m always surprised by how many people do not have it who really could benefit from it. I take the time to explain how our products can help their loved ones carry on if the unexpected happens.”

Rob continues, “While I’m always saddened to hear that one of our customers experienced a life-changing event, I’m always satisfied that because I took the time to meet with them and explain our products, their families may have a little peace-of-mind.”

While it’s always advisable to discuss your unique needs with a qualified life insurance agent, here’s the bottom line on who should consider coverage and what the various options entail.

Do you need it?

If you have dependents, life insurance likely makes sense for you. Securing a policy gives peace of mind that should you need it, the coverage will be there to assist your family members maintain their quality of life after you’re gone. It also allows you to guarantee your insurability, as long as you continue to pay your premiums. Starting young means you may pay a lower rate, but you’ll also pay more premiums over time.

For those without dependents, or whose children are old enough to care for themselves, life insurance may not be needed.  Or, if you and your spouse have earned and saved enough to provide for yourselves in the event one of you passes away, you may not need to purchase life insurance. Just like you don’t need car insurance when you stop driving, eventually, some people outlive their need for life insurance, too.

There are two main types of life insurance, term and whole life or permanent.

Term life is the simplest and most common, paying a benefit should the death of policyholder occur during the term of the policy. Terms can range from one to 30 years and rarely include other benefit provisions.

Level term policies have the same death benefit at any point during the term, while decreasing term policies decrease, usually annually, over the life of the term.

Whole life or permanent insurance lasts your entire life, no matter how long you live. The cost per $1000 of benefit amount increases as the policyholder ages. In order to offset later in life costs, younger policyholders overpay premium amounts early in their policies. Overpaid funds must be refundable should the policy be cancelled before it’s used. 

  • Whole or ordinary life insurance involves a death benefit with a savings account filled with dividends the company pays to you.
  • Universal or adjustable life insurance offers possible flexibility in terms of the amount of the death benefit and the option to alter monthly payments based on how much money has accrued in your related savings account. This flexibility can be helpful if your financial situation changes, but caution must be exercised. If the savings account overages are used, the associated policy could lapse.
  • Variable life insurance combines a death benefit with a savings account that can be invested in stocks, bonds and mutual funds. Interest-earning potential may increase the value of your policy more quickly, but is tied to the health of investments. The associated death benefit may decrease if investment performance is poor.
  • Variable-universal life insurance offers the investment risks and rewards of variable life combined with the ability to change premium amounts of universal life.

Combined Insurance has a life insurance product that may fit your needs.  To learn more about it, visit our Family Life Protector site.

The information provided by this document is only a brief description. See the actual policy for complete details of the policy plans, features, benefits, options, rates, definitions, limitations, and exclusions. Products vary by state and are subject to availability and qualifications.

Policy Limitation: Suicide — Benefits will not be paid for death by suicide within the first two policy years (within the first year in Colorado and North Dakota).

Accidental Death Benefit Rider (Form No. series 36414) issue ages: 0-59. Child Accidental Death Benefit Rider (Form No. series 36434) available for an additional cost and only available if you also purchase the Child Term Rider; issue ages 11 days to 22 years. Child Rider terminates at age 23.Whole Life Insurance Issue Age: 0-75(4) Accidental Death Benefit Issue Age: 0-59.

Whole Life – Policy Form Series 33055 / In New York 43055

This product is issued by Combined Insurance Company of America in all states, except New York. In New York, this product is issued by Combined Life Insurance Company of New York (Latham, NY). Combined Insurance Company of America is not licensed and does not solicit business in New York.


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