Andrew Bennett, Life Insurance Agent
Andrew Bennett
InsuranceThatFits.com
Life Insurance Agent Licensed in TN
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Location
Lenoir City, TN
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About Me
Life Insurance kind of sucks to pay for, just like your homeowners insurance. Chances are your house won't burn down and chances are you won't croak during the term of your term life policy. But it does happen and you need to be protected. In the case of life insurance it's really your family that needs protection, not you. Most of the time term life coverage is the way to go. When you get older 50yrs old +, you might want to consider a small permanent policy to take care of final expenses and what not. I'm and independent rep and work with a variety of companies.
Q&A with Andrew Bennett
Can I get life insurance if I'm overweight or obese?
Answer: It can be done. How much overweight matters. It also depends on what kind of policy you want. Do you need term? If you are too obese the anser could be no. If you are looking at a smaller final expense type policy there are plenty of companies that will cover you. My suggestion is to get what you can and if your health/weight improves then try to get a less expensive policy later on, but don't go uncovered till then.
What is the most common mistake people make when buying life insurance?
Answer: You don't buy life insurance every day, and it's like the old saying goes, "You don't know what you don't know." Let me give you an example. An insurance sales rep who doesn't sell life insurance came to me recently for some coverage. They had turned down one company because the final price came back higher than the estimate.
We talked about what coverage she might need. She's the primary breadwinner in her home, and she has children. One thing she didn't know that the other company hadn't mentioned to her was that some life insurance, even term life, can have benefits you can tap into while you are living. In addition to that, she has a health condition, not a big one, but an uncommon one. That can drive rates up.
Without even giving her a price, she right away knew she wanted life coverage that she could tap into if she became critically ill or terminal. She realized she needed more coverage than she realized. When you start adding up debt (the house, the car, etc) and the possible final medical expenses (the out-of-pocket maximum) on your health insurance, and a memorial service... many times there's not much left for the other family members to live on. Sure, they aren't in debt, but they might be close to broke.
We also discussed the need for a much smaller permanent policy. Statistically, you will outlive your term, but you need it just like the coverage for your house. Your house may never burn down, but eventually you will croak. So that's something else to think about.
If she had accepted the first policy, she would be under-covered and have no critical/terminal benefits to tap into. She didn't get a smaller permanent policy, but now she knows about them. So... ask a lot of questions because the mistake is not knowing what you don't know.