September is NATIONAL LIFE INSURANCE AWARENESS MONTH! Now is the best time to evaluate your existing life insurance policy and/or what type of life insurance is best for you and your family and/or business. Life insurance is the most flexible and leveraged product available to humankind!
Let me cover some of the basics before getting into life insurance uses, scenarios and benefits. In general, life insurance (ALL TYPES OF INSURANCE) is state regulated (not Federal), meaning, for example, that New York and New Jersey have different products and pricing. One of the first questions I ask new clients is: “What state(s) other than New York do you have a property or business address?”
This is different than the stock market (FINRA: Financial Industry Regulatory Authority) and the banking industry (FDIC: Federal Deposit Insurance Corporation). Federal rules are the same in every state. It is important to work with an agent or broker that is licensed in multiple states.
AGENT VERSUS BROKER! Independent brokers are in a better position to help you than “captive agents” also known as “career agents.” Independent brokers represent you, the client, and offer numerous insurance companies (we have over 100). They must be well-versed on all policies to find the best fit for you at the right price point. Captive agents (Allstate or New York Life etc.) are employees of their company. They usually offer proprietary products first to qualify for their company-sponsored trips, subsidized health insurance benefits and 401k matches. Make sure your agent places your needs before his or her own!
BIGGEST MYTH: Life insurance ONLY benefits my heirs when I am deceased. FACT: This is false! MY TOP 10 LIFE INSURANCE SCENARIOS LIST:
WINDOW OF OPPORTUNITY: Due to Covid-19, most insurance companies have filed with New York State to raise premiums. This is a great time to review NOW before the life insurance premiums rise!
Are you confused yet? You are not alone. Feel free to contact me at 917-359-3985 or Rob@InsuranceDcotor.us for a review at NO COST for Wave readers.
Be Safe and Keep the Faith!