Eastern Shore Insurance Connection

Blog
Tuesday, 21 April 2015
Can You Take It With You? (Your Life Insurance, that is)
We’ve been a little surprised how much we have been running into clients who are expecting to be able to take their life insurance policies along with them when they move companies, or when they retire but then find out that simply isn’t the case, for many reasons, which we’ll detail below. Since we’ve seen a good deal of disconnect and even some misunderstood information (or perhaps just misinformation) we wanted to take a minute to explain what you should be looking for.

For someone to be able to take their life insurance with them, it really helps if it is permanent insurance, which can be either whole or universal life. If your policy is a term policy (many companies DO choose term since it is much less expensive) it will (a) expire at a certain age, (b) sometimes not be portable (so you can’t take it with you) and (c) may be cost prohibitive when you move up to the next bracket (especially if you’ve retired.)

Now, suddenly, that nest egg you wanted to leave behind if you died, is not there. This is a very rude awakening for way too many people we speak to each day. We believe life insurance should have long term benefits, what are called living benefits so you can be paid even while you are alive if need be. If you are not sure what your policy says, or how portable it is, or what the costs to take it along will be, we’d love to discuss with you your options and your choices.

Give us a call today and we’ll arrange a time to review these policies with you. 443 397-8787

I like to address all the folks that have life insurance on your job. If you have life insurance on your job and lose your job you no longer have life insurance. Unless your insurance policy is portable whatever changes in your circumstances will result in you not having life insurance. The best thing to do is check your policies always review your policies and know the type of coverage you have or you will end up paying high premiums because of age. Give me a call and let's look at your circumstances my number is 4433978787.

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