Hardly anyone wakes up in the morning thinking, "Today I'll go shopping for health insurance," or "I think I'll buy some life insurance today."Unfortunately, too many people never think of either type of insurance at all until they see a friend or loved one need hospitalization or pass away.
Some life insurance companies use radio and television ads that play on our fear that when we die there won't be any money in our estate to pay for our funeral expenses.
In many cases, that's exactly what will happen. The deceased didn't plan for the expenses death ultimately brings. A few dollars paid in premium each month would have been returned many times over if the now-deceased simply had purchased a whole life or universal life insurance policy.
The untimely death of a young or middle-aged father or mother can lead to incredible hardship on a spouse and children, especially if the one who dies was the breadwinner or co-breadwinner for the family. The surviving spouse may be forced to take a job, or a second job, and the family's plans for their children's education, for example, may evaporate, or the survivor's ability to continue paying mortgage and other household expenses may be strained or overwhelmed.
In the above case, term life insurance on both husband and wife would have been a simple solution.
About a year ago, an online acquaintance and Masonic brother in California passed away unexpectedly after a brief illness. He was in his early 50's. A few weeks after his death, a plea for financial help for his family went out from his Lodge. The request said that his family had been "unable to find" his life insurance policy. My guess is they couldn't find it because there was not one to find.
That's utterly sad. Not even a group as charitable as Freemasonry is going to be able to raise for an individual brother the $100,000 to $200,000 that an inexpensive life insurance policy would have provided his family.
"I'm covered at work"
Having health and/or life insurance coverage through your job is a great benefit, but not one all employees may have.
Even if you are fortunate enough to have work-paid (fully paid or partially paid) life and health insurance, there are certain pitfalls to consider.
If you lose your job, what happens to your coverage? You may be eligible under COBRA to keep your health insurance for 18 months, but you'll have to pay the entire amount that your employer was paying, plus an administrative fee. And after 18 months, your coverage disappears.
Most healthy people could find a less expensive individual policy, if they knew where to look. But many people don't look; they either pay the high premiums for COBRA, or refuse COBRA and go without coverage, thinking when they get a new job, they will again be provided employer-paid health benefits.
Here's something people don't typically think of: We're all potentially one doctor visit away from being non-insurable.
What? Non-insurable?
Health insurance isn't a right. Insurance companies can and do decline to provide coverage to certain people. They can choose who they wish to cover. Insurance — life, health, buildings, automobiles, whatever — it's a matter of what risks the insurance company is willing to accept.
My point here regarding COBRA, or going without health insurance "temporarily" while you're looking for a new job, is that you are risking becoming non-insurable. A diagnosis while you're on COBRA may lead an insurance company you apply to after your COBRA expires to give you a "rate up," a condition-specific higher deductible, a condition-specific exclusion, or even to decline coverage altogether.
It's better to control your own destiny with your own individual health insurance policy.
"I already have individual health coverage"
That's great! You're smart! And fortunate. More than fifty million Americans currently don't have health insurance.
But are you paying too much? Do you have the right kind of coverage? Does it have limitations you aren't aware of? I've talked to people who proudly showed me their policy, saying, "See? It's says I'm covered for this or that 100 percent!"
I pointed out the fine print that said, "Covered 100% up to $400 a day."
For four hundred dollars they might not even take you out of the ambulance!
Not all policies are like that, but some are. In many cases, people were paying more for a low-benefit policy than they would have buying my full bells-and-whistles policy.
Even if you already have a great policy, you might be paying too much.
I was talking with a 37-year old business owner about his health coverage one day, and when he told me about a rare and potentially life-threatening health condition he had, I knew that he should stay with the company he was with, expensive though it was, as his condition was one that most health companies wouldn't cover.
He said, "I can't even get life insurance!"
Au contraire. It took me a few days, but after several phone calls I found a life insurance company that welcomed him, offering up to $150,000 in coverage.
My point? You need an expert that cares on your side.
The real reason for health insurance
Keep in mind that health insurance isn't really designed to take care of every little ache and pain, every "three hour wait to see a doctor for two minutes" kind of doctor visit. Yes, many policies offer "doctor visit copays," but that's not the reason you need health coverage.
It's called "major medical" for a reason. The average stay in a hospital is over four days, and the average cost — not including doctor's fees — can be over $20,000.00 even for what you might think would be "routine."
Getting sick can bankrupt you. That is the reason you need health insurance.
Imagine what that would do to you, to you family, and if you own a small business, what that might do to your employees and their families as well.
So why do you need me as your insurance consultant?
Who else is gonna tell you these things?
I know which companies offer what benefits, at what price. After consulting with you about what features and benefits you want on your health plan, I know what companies or what policies within a company to recommend. After discussion with you about your goals regarding life insurance, I can recommend the right company and the right policy. I know which companies do or do not require physical exams; I know which company to suggest if you're super-healthy, or if you have particular health challenges. I know which health companies offer two- or three-year rate guarantees, and which ones will bump up your rates after six months or a year, even if you haven't submitted a claim. I know how to have lower rates through higher deductibles yet erase those deductibles if you're hospitalized for an accident or life-threatening critical illness.
I'm the kind of person who will work for you and with you; I don't just "work you" as a potential source of commissions. Sure — I work for money just like you do, and selling insurance is how I earn money.
But if you're not satisfied with what you buy, what's the point?
Whether you have health and/or life insurance coverage right now or not, let's talk. I can probably either save you money on your health coverage, or get you more benefits for the same money.
And please, tell your friends and relatives about me. My business is fueled by referrals.
Ask your loved ones if they feel they are adequately covered with life insurance. Are your kids now young newlyweds? If so, now is the time they can lock in very low rates for up to 30 years of term life insurance. Are your aging parents adequately covered for their final expenses. Don't be embarrassed to find out.
Take a moment to complete my confidential questionnaires about your insurance needs. I'll get back to you within 24 hours with my suggestions, and we can talk further about how health and life insurance can help protect your and your family's future.
My health insurance questionnaire can be found here.
My life insurance questionnaire can be found here.
