Why Supplemental Life?
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Important Statistics
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Only 41% of adult americans have individual life insurance. Many rely on group insurance leaving them vulnerable if they lose a job.
The U.S. Justice Department calculated compensation to meet the needs of families of victims of the Sept 11, 2001 terrorist attacks.
The government recommended approximate payments of 12 times income for couples with no children and 20 times income for households with no children.
The average life insurance need is about 459,000, but the average amount of life insurance owned is $126,000. The average underinsurance is more than $300,000.
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Leaders Lifestyle Plan is not a substitute for your current group life plan, but an enhancement to it.
Statistics from the Bureau of Labor suggest that about 80 percent of employees are interested in purchasing life insurance.
Life insurance is the #1 voluntary benefit requested by employees.
Consider the following...
Group Term lacks portability. Benefits end upon termination or retirement, and the conversion premiums are cost prohibitive for most.
Group Term benefits start to decrease when employees need them the most. Most plans decrease by 35% at the age of 65 and 50% at the age of 70.
Group Term offers minimal coverage and is only designed to provide for burial and final needs. Without the flexibility to purchase additional coverage, employees are forced to purchase needed coverage in the individual market.
Group Term usually only covers the employee, leaving dependent family members underinsured or without needed coverage.
Employees depend on employers to provide insurance protection options.
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