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Wymer Brownlee covers a portion of estate planning fees and a $25,000 group term life insurance policy, with no waiting period and at no cost to the employee, for every full-time team member.
With this option, employers would work directly with the insurance company to facilitate an annual renewable term life insurance policy.
A term life insurance policy will give financial protection to all those who are dependent on you, your parents, spouse and children when you are no longer a part of this world, especially if you are the primary breadwinner.
If they are more interested in having insurance primarily for the death benefit -- to help pay for college or eliminate debt -- a term life insurance policy that will provide for their family following the loss of income may be a better option.
Related: 6 reasons to convert that term life insurance policy
If you have a need for life insurance now - to protect your family or cover for a mortgage for example, take out a term life insurance policy today and the premiums you pay will forever be based on the information supplied at this point in time.
Buying a term life insurance policy with a conversion option is really important.
Eight in 10 Americans overestimate the price of a term life insurance policy, according to the Insurance Barometer Study.
It would cost a healthy 40-year-old woman about $60 a month to buy a $1 million, 20-year level term life insurance policy; less if you're younger and more if you're older.
Affordability should be less of an issue if critical illness insurance is purchased as a rider to a term life insurance policy. Hybrid life/CI solutions, like their long-term care insurance counterparts (life/LTCI), are growing in number to cater to middle market consumers for whom a single-purpose product is beyond reach.
As part of the succession plan, when I became sole owner of the company, I purchased a term life insurance policy. If something were to happen to me, a new owner (my son-in-law) would be able to buy my stock from my heirs and then be the majority owner of the company.