Why Buy Life Insurance?

The benefits... and the minimal cost of adequate coverage

It is a fact that 1/3 of all adults do not have life insurance. Today, the majority of adults who have term life insurance obtain this coverage through their employer, as part of a group plan. Those insured by group insurance have the lowest amounts of coverage. So, most people who are insured through group plans are under insured when it comes to life insurance. And many others do not have insurance at all. The cost is minimal, so why are so many under insured? One, those of you that are part of a group plan, may assume you are covered by an adequate level of insurance. Those of you with none at all, may not realize how inexpensive and simple it is to have coverage and how important it really is.

Also, a quick fact is women are less likely than men to be covered by a life insurance policy, and women have lower coverage amounts than men. Of course, lower coverage is better than no coverage, but adequate coverage should still be the focal point for discussion.

Your next question may be in regards to eligibility. In more cases than not, if you qualify for medical insurance you will qualify for term life insurance. And, if you do not currently have health insurance, you may need to simply schedule a health exam during the completion of the life application.

When you purchase or if you have purchased a health insurance policy, you can purchase term life in increments of $1000 of coverage. Each $1000 of coverage is usually available at $1.00 per month through age 49, and at $2.00 per month if you are ages 50 through 64. The application process is simple - either you complete a brief section on your health insurance enrollment application, or there is a simple, one page term life insurance application. The initial premium for life insurance is not due until the application is approved.

Now you may be wondering, which company is the best company for life insurance? The truth is there are many good companies out there. What you will want to look for is a company that is financially stable and sound, such as United Health Group or Blue Cross Life and Health (BCLH). Look for a company that is rated “A Excellent” in regards to financial strength and “A+ Superior” for claims paying ability; look for financial strength rating with a company called AM Best Company, and claims paying ability with Standard and Poor’s. Also, be aware of the companies length of time in business and their level of experience. For example, BCLH serves over 6 million people within the United States.

In summary, term life insurance is very affordable, requires a simple application process, and there are companies out there who can assure that you will have more than adequate coverage, and superior service. If you are currently part of a small group insurance provided by your employer, you may want to verify that you in fact have adequate coverage. If you do not, you can almost effortlessly supplement your existing policy. If you currently do not have term life coverage at all, consider the importance of acquiring it. eWebinsurance.com will be happy to answer all and any additional questions you may have to provide or supplement you with term life insurance needs.