How Does Life Insurance Work, Oklahoma Health Insurance, Best Life Insurance Policies

Are you putting off life Insurance because of three myths?
how does life insurance work?

Myth 1: Life insurance is too pricey.

More than half of Americans overestimate life insurance costs by threefold, according to a 2021 study. Millennials think it's six times more expensive than it is.

Age, health, policy type, and coverage amount affect the cost of life insurance. Younger, healthier people pay less.

A healthy 30-year-old can receive a $250,000 30-year level term coverage life insurance without a medical exam for $32 a month. This policy would give your family $250,000 if you died. 

Myth 2: My employer provides life insurance.

Many people believe their job provides enough life insurance.

Here is some information to consider in getting the best life insurance policies. Based on 30 years’ experience and a little research, it appears that many employers that do offer life insurance as a benefit typically provide one to two times your salary in life insurance coverage and others offer a flat amount, typically about $20,000. According to Indeed, the average salary in the U.S. sits around $50,000 per year.  That means your family would only receive $50,000 to $100,000 if you passed away and even less if it is a flat amount.  Is that enough for your loved ones?  What will happen in 6 months to a year when that money is gone?

No matter what your profession, skilled labor to CEO, retail, hospitality, teacher, one thing remains; You may be significantly under insured.  Funeral cost alone ranges from $7000-$15,000 and unplanned end of life expenses can double or triple that number.  Suddenly, that $50,000 is gone.  In short, many financial professionals recommend a life insurance benefit of 10 to 15 times your annual salary. 

Myth 3: Employer-provided life insurance is permanent.

Many are under the impression that the job-based life insurance is designed to cover them for life.  That simply is not the case, most of the time that coverage ends when you leave that job for whatever reason; retiring, switching jobs or getting laid off to name a few.  In addition, if a company decides to cut expenses, they can drop the coverage at any time, leaving you with no coverage.

Times have changed when it comes to professions, very few people start with a job and stay until retirement.  According to U.S. Bureau of Labor Statistics, the average American will have around 12 or 13 jobs throughout their career.  That being said, there is a good chance the coverage you have today will be gone tomorrow.  If your employer offers free or low-cost life insurance coverage, take advantage of it, however make sure you have enough life insurance to protect your family that is not tied to your job.

 Myth buster

When tragedy strikes, how does life insurance work? Life Insurance protects your family! It is providing them with financial security and gives them time to grieve without having to worry about paying the bills or going back to work right away.  It helps alleviate the fear of; Who will take care of the kids? Will we have to change our lifestyle?  It’s not about just providing for immediate needs; it’s about providing a nest egg to help with future needs like college tuition or continuing or starting a business.  Your family needs you, but the good news is you can provide for them long after you are gone with the right Life Insurance Plan. 

If you are like us, you have been bombarded with Life insurance options on social media.  You can try them and get a million follow up calls from everywhere or you can use our protected tool that does not ask for any personal information until you are ready to buy, and remember, you can get life insurance without medical exam.  If for some reason, you do not qualify, don’t worry, give us a call at 405.585.0648 and we will help you in getting your best life insurance coverage. 

Having a good Insurance Agent to rely on doesn't cost you anything and In Return;

  • You get better information
  • You're more likely to find a "best fit" plan.
  • Save more because of that fit.
  • Have more all around benefits.
  • Be more on top of the insurance game as changes come... and they will.

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The Elite badge; The highest designation by HealthCare.gov  to  top agents  who serve their community.  “Agents are there for people in the community,” said Kevin Counihan, Marketplace CEO.  “They help people get the coverage they need for their families, where they need it.”

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