Rob Hill Insurance Group in Atlanta, GA wants to ensure that you have all the information you need to make the best decision for you and your family. Employer-sponsored life insurance can be a great option for some, but it’s not right for everyone.

Here are some things to consider when making your decision:

Ease of Use

One of the benefits of getting life insurance through your employer is that it’s often a very easy process. You can typically sign up for coverage during your annual open enrollment period and don’t have to go through the hassle of a medical exam or answering health questions. Coverage is usually effective the first day of the month following your enrollment.

Coverage Amounts

Another thing to consider is the amount of coverage you need. Employer-sponsored life insurance typically provides coverage in the $50,000 to $250,000 range. If you have significant debt or other financial obligations, this may not be enough coverage. You may need to supplement your employer-sponsored life insurance with an individual policy to ensure your loved ones are taken care of financially if something happens to you.         

Portability

If you leave your job, you will usually lose your employer-sponsored life insurance coverage unless you convert it to an individual policy within a certain time frame (typically 30 to 90 days). With an individual policy, you own the policy and can keep it even if you change jobs or retire. However, converting a group life insurance policy to an individual policy can be expensive, so it’s important to compare costs before deciding what to do.

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There are a lot of things to consider when deciding whether or not to get life insurance through your employer. The ease of use and guaranteed coverage amounts can be appealing, but it’s important to ensure that the coverage amount is enough and that you understand the conversion process if you decide to leave your job. Be sure to compare costs before making a decision to find the best option for you and your family. Contact Rob Hill Insurance Group in Atlanta, GA for your insurance needs.

Life insurance is one of the most important decisions you will make. This is because the death of the primary breadwinner can have a devastating financial impact on a family. Luckily, life insurance can help to alleviate the burden. But with so many options available, how do you choose the right life insurance for you? Rob Hill Insurance Group in Atlanta, GA offers this guide in navigating this important coverage.

Here are a few things to consider when choosing a life insurance policy. 

Life Insurance: What You Need to Consider

What Type of Policy Do You Need? 

When it comes to life insurance, there are two main types of policies: term life insurance and whole life insurance. Term gives coverage for a specific period. This can be anything from 10 all the way to 30 years. It is the most affordable type of life insurance. A whole life policy is a long-term coverage that covers you for the remainder of your life. It is more expensive than term life insurance, but it also has cash value that you can borrow against.

How Much Coverage Do You Need? 

Before you start shopping for life insurance, you need to determine how much coverage you need. The amount of coverage you need will depend on your personal circumstances. Consider things like your age, health, debts, and dependents when determining how much coverage you need.

What Can You Afford? 

Once you know how much coverage you need, you can start shopping around for policies. But before you choose a policy, make sure you can afford the premiums. Some policies have higher premiums than others. Choose a policy that you can comfortably afford to pay.

What Are the Policy’s Terms? 

When you are shopping for life insurance, be sure to read the policy’s terms and conditions. Pay attention to things like the death benefit, premium payments, and length of coverage. These are all important factors to consider when choosing a life insurance policy.

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Now that you know a few things to consider when choosing life insurance, it’s time to start shopping around for the right policy. Rob Hill Insurance Group in Atlanta, GA can help you find the perfect policy for your needs. We offer a wide range of life insurance options, and our experienced team can help you find the right one for you. Contact us today to get started.

Having questions about life insurance is not unusual. It is not something that generally is talked about. Most people will have no idea if their friends and family know anything about life insurance because it is never discussed. At Rob Hill Insurance Group in Atlanta, GA, we enjoy talking about life insurance. As independent insurance agents, it is part of our responsibility to share our knowledge with our customers. 

Do I need life insurance if I am young?

Being young is the best time to buy whole life. You will set the premium at a low price, and it will be with you at that lower cost for your entire life. Your chances of dying are lower when you are young, and you may not have dependents, but it is still the best time to start acquiring life insurance. 

Why should I buy life insurance if I get some from work?

Do you know exactly how much and what type of life insurance you get from work? Do you know what happens if you change employers? Can you continue to pay for life insurance? It would help if you had complete control of the protection you get from life insurance and not leave it to your HR department. 

How much life insurance do I need?

Life insurance needs are a very personal figure. It is determined by the number of people who count on you for financial support, your income, and how many years you will need to provide that support. Will you need to supply 100% of the support for your dependents, or will they have other sources of income? Experts think that 7-10 years of income is needed if you have children is the average amount. 

Contact Rob Hill Insurance Group in Atlanta, GA with all your questions and needs about life insurance.

Life insurance is often misunderstood.

Despite being essential protection for you and your family, many Americans don’t understand how life insurance is even calculated. Yet, it doesn’t have to be a mystery.

Rob Hill Insurance Group can help. In a process known as underwriting, the agency will analyze demographic components to determine what policy is ideal for you. In order to better explain the process, the agency lists five factors that impact life insurance rates the most.

Policy

Payout and length directly influence pricing. Term life insurance, which expires after a set number of years, usually costs less. In contrast, permanent life insurance contains guaranteed benefits, making it more expensive.

Age

New life insurance policies become more costly as you get older. In general, younger people have greater life expectancies and more opportunities to pay premiums. As a result, locking in rates at an early age is encouraged.

Gender

Women typically pay less than men. Again, this is due to life expectancy. On average, women in the U.S. live five to seven years longer than men.

Medical History

Pre-existing medical conditions will increase rates. Insurers will also consider your family’s medical history as well. Chronic illness, like cancer or heart conditions, could result in coverage being denied entirely.

Lifestyle

High-risk behaviors and dangerous occupations can negatively impact your life insurance policy. In addition to looking at your career, agencies will review how you spend your free time too. This could include examining criminal history, driving records, travel overseas, or even your finances.

Contact an agency serving in Atlanta, GA

Life insurance is too important to be overlooked. Rob Hill Insurance Group is here to answer any questions you may have. Their experienced professionals will evaluate these factors and determine the right policy for you. Schedule an appointment today.