Pass on your wealth by covering yourself with Life Insurance
Your financial situation doesn’t matter you need to buy an individual life insurance for your family. You will need to 10 to 12 times your annual income to be covered for your family to replace your income.
It's smart to take advantage of free life insurance through your employer if it's available, but your policy is at your employers discretion and when you leave the company it cannot come with you. If you quit your job or get fired or even more recently get furloughed from work for risks of COVID-19, you will lose your employees coverage.
Group life insurance also limits your coverage amount and isn't portable if you leave your job as well, do take advantage but always add on. As an example your company is offering $400,000 worth of coverage for $15 a month with no health check take advantage this is excellent. But you make $80,000 per year, will ten times your income is $800000 you would be $400,000 short of coverage that you could pick up outside of work.
If you lose your job, quit, or get laid off or furlough and have had medical issues in the past you might not be insurable. This is the biggest threat to people that don’t look for outside coverage they get up in age and want to get outside insurance late in the game just to find out that they’re uninsurable or the cost is to much for their budget.
Insurance Broker vs Capative Agent
Really simply put a broker shops all companies and finds the best deal for their client. A capative agent can only sell their companies policies example: State Farm can not sell you Progressive Insurance. At Forever Legacy Investments I am a financial coach as well as a license insurance broker able to shop all companies to find my clients the best coverage available.
