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Should I Get Life Insurance Through My Employer?

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.

Contact Us Today                 

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.

How to Choose the Right Life Insurance

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.

Contact Us Today

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.

Life insurance FAQs

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.

5 Factors that impact a life insurance policy in Atlanta, GA

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.

Term vs. Whole Life Insurance

At Rob Hill Insurance Group, many of our finest Atlanta, GA clients have heavily debated the nature of term life and whole life insurance policies. We understand this confusion and can help explain the different options that may be necessary to consider in this situation. 

Term Life Insurance: A More Limited Option 

Your term life insurance policy is more limited in the sense that it does not last as long as whole-life insurance. In other words, your policy is usually set for a term of 10-30 years, depending on your policy. Why would anyone want a policy that didn’t last their whole life? 

Typically, term life is a good option for people who are already reaching the end of their life. And it is also a strong choice for those who don’t have a lot of money to spend on a policy. A good term life policy still offers high-quality compensation, making it an excellent choice for many.

Whole Life Insurance: A More Comprehensive Choice

By contrast, full life insurance is designed to last your entire life. As a result, you can expect this type of policy never to lapse, as long as you continually make your policy payments. The downsides do include a higher level of cost and some difficulties getting this type of coverage. 

Often, whole life insurance is something designed for younger people or those in better health. People with weaker bodies may find it harder to find this type of coverage. That said, it may also be available in some scenarios, so it is worth considering even if you’re aging towards your senior years. 

Don’t Neglect Your Insurance Needs

Which type of life insurance seems more suitable to your needs? If you still aren’t sure, it might be time to reach out to us at Rob Hill Insurance Group to learn more about your Atlanta, GA options. We work closely with all our customers to help improve their chances of satisfaction. 

Why You Need a Life Insurance Policy

Understanding why you need life insurance can be complex at times, especially if you do not know what you specifically want. However, there are various benefits why you should consider having life insurance, especially if you want to protect your loved ones from financial loss. That is why Rob Hill Insurance Group of Atlanta, GA explains why you need a life insurance policy.

For Peace of Mind

At one point, we will all pass away, but we do not know when. And as much as money cannot replace a person, it protects us from life’s uncertainties. It gives you and your family peace of mind, knowing that they will be well taken care of when you are gone. It offers your beneficiaries protection from the unknown and helps them get through a difficult time when you pass away.

Protect Family and Loved Ones

If you are the sole provider in your family, getting life insurance is advisable. This is because when you pass away, the payout will help replace your income. It is especially vital for parents with young kids who will have a difficult time sustaining their living standards when they no longer have access to the income they had before.

Leave an Inheritance

If you do not have assets to pass on to your loved ones, having life insurance is one way of building an inheritance to leave behind for your heirs. This gives them a solid financial foundation for the future when they will need the money.

Financial Security

Like any other concerned parent, you want to know that your kids will be well taken care of when you are gone. You want them to get a quality education or have some money to start a business with. Therefore, with life insurance, you create that additional coverage that is important even when your kids are still at home.

Pay Off Debts Plus Other Expenses

Apart from your family having income to cover the daily expenses, they can also use the death benefits to pay off any debts you had. For instance, if you are still paying the mortgage on the house, they will have money to pay off the remaining balance. Other debts can be credit cards or car loans.

The above reasons can help you understand why you need life insurance. If you reside in Atlanta, GA you can reach out to Rob Hill Insurance Group for assistance in choosing a suitable policy.

What Is Term Life Insurance?

Death is inevitable. It’s essential to protect your loved ones by getting a life policy to help them maneuver through life even in your absence. If you are in Atlanta, GA, Rob Hill Insurance Group will help you get insights on the most misunderstood policy, life insurance. 

You’ll know more about term life insurance and how it works. The team will guide you on everything to help you make the right decision. 

How Term Life Insurance Works

Term life insurance refers to a life insurance policy, which provides coverage for a specified period. In case the policyholder dies within the policy term, the insurance pays out a death benefit. 

With time insurance, you’ll pay the premiums annually or monthly, depending on the agreement you have with the insurer. As long as you’re paying the premiums, your beneficiaries will get the payouts upon your demise. The team at Rob Hill Insurance Group will customize the policy to meet your individual needs. 

If one dies within the period the term life policy is active; the beneficiaries submit a claim to the insurance company. The insurer mostly requests a copy of the deceased policyholder’s death certificate before paying out the death benefit. 

Types of Term Life Policies to Buy

Term life insurance is quite different in terms of the costs, payouts, and what they include. Some types of term life insurance include:

  • Level premium
  • Return of premium
  • Yearly renewable term 
  • Guaranteed issue

It’s crucial to go through these policies with a professional agency to know which is best for you. If you’re new to an insurance policy, everything might seem confusing. 

With Rob Hill Insurance Group in Atlanta, GA, you’ll understand every single detail about the term life insurance. Our team of professionals will guide you through the process and answer your questions. Call Rob Hill Insurance Group today to kickstart your term life coverage.

Life Insurance Options

Nothing is more difficult for a person than losing a loved one. To ensure that your family members are taken care of properly and experience less stress if and when you pass away, the best present you can leave for them is the gift of a life insurance policy.

A life insurance policy is important for many reasons. For instance, if you provide the main income for your family and you die unexpectedly, not only will your family have to deal with the loss they will experience, they will have the stress of trying to figure out how to pay the bills. If you have a life insurance policy in place, this will alleviate some of the financial stress for your loved ones.

A life insurance policy will also help your family pay for your funeral expenses and burial, which can both be very costly. The life insurance agents at the Rob Hill Insurance Group in Atlanta, GA have the experience and knowledge to help you create the best life insurance policy for your loved ones.

Life Insurance Options

There are many different types of life insurance policies, including group life insurance, which many people have through their employer. This is normally just enough to cover your funeral expenses, which is why you may want to opt for one of the three main types of life insurance: term life insurance, whole life insurance, and universal life insurance.

Whole life insurance guarantees that the death benefit will last throughout your life and be provided quickly to your loved ones upon your death. Universal life insurance will gain interest based upon the cash value of your policy. Hence, it is similar to a savings account, while term life insurance is only in effect during the “term” in which you decide to pay it. For example, if you have a ten-year term policy, it will need to be renewed for another ten years at the end of that term.

To obtain the best life insurance policy for you and your situation, call upon the Rob Hill Insurance Group’s trusted agents in Atlanta, GA for an appointment today!

What can nullify a life insurance policy

You purchase life insurance to give your loved ones financial security if you are no longer here to provide support. You expect that policy to be in effect if your loved ones should ever need it. In most cases, it will offer the needed protection, but some things can nullify a life insurance policy, and the company will refuse to pay the death benefit. At Rob Hill Insurance Group in Atlanta, GA, we make sure that our customers understand life insurance and the things that can nullify their policy. 

You die during the contestability period.

If you die within one or two years of taking out an insurance policy, the insurance company has the right to investigate the statements you made on your insurance application. You can be quite sure they will take advantage of that right. It can take them quite a while to pay if they do pay. In the state of Georgia, the contestability period is two years. 

You failed to reveal relevant information.

If there is an error on your application, it can result in your policy being nullified. This has to be something relevant, not just a wrong address or an incorrect date. If you know that you have been treated for a disease that might keep you from getting the policy or being charged more and don’t disclose it, this is enough to give the insurance company a reason to refuse to pay. Lying on an insurance application is not acceptable. 

Failure to pay

The most common reason that insurance policies are nullified is that the premiums are not paid.  Most policies have a grace period, but after that, you could lose your policy. 

Life insurance is a vital coverage most people need. Don’t take any chances with your loved one’s security. Call Rob Hill Insurance Group in Atlanta, GA with any questions about your life insurance coverage.   

Whole Life vs. Term Life

Understanding the two main types of life insurance can help you make the right decision for yourself and your beneficiaries. Keep reading to learn about term versus whole life insurance. Remember to discuss any questions on your individual coverage with your agent from Rob Hill Insurance Group in Atlanta, GA.

About Term Life Insurance

Term life insurance lasts for a specified period, during which you pay premiums. If you die within that timeframe, your beneficiaries get the death benefit. It’s simple and easy to understand.

Term life policies end after a set number of years, giving you time to build wealth and for your dependents to grow up and finish college. The assumption is that you won’t need such a big safety net later in life. On the downside, term life has limited coverage. If you still need coverage past your 60s, you may need to purchase a new policy. 

In general, term life is less expensive than whole life insurance. 

What Is Whole Life Insurance?

Whole life is also called permanent life insurance. If you keep paying the premiums, it remains in effect indefinitely. So, you won’t lose your safety net as you age. There are more components to consider with whole life insurance. For example, your policy has a cash value, giving it an investment component.

Part of your monthly premium goes to a savings account. The tax-free account grows in value. How much money gets put aside depends on your individual policy. Work with your insurance agent to determine the policy that best meets your goals.

Here’s what you can do with this cash value:

  • Pay for your life insurance
  • Use it as a retirement fund
  • Borrow money against it

Combining your insurance and investment forces you to save money. If you aren’t good with money management, this could help you build a nest egg for future needs. Some whole life policies pay dividends as well.

If you have a complicated financial situation, this money could pay the estate tax, freeing up the estate for your beneficiaries. 

Compared to term life, whole life insurance has much higher premiums.

Contact Us Today

If you’re looking for life insurance in Atlanta, GA or around the state, contact Rob Hill Insurance Group today. We can set up an appointment to discuss whole and term life insurance as well as your other insurance needs.