Dottie called and said she’d read my column and wanted to share her story. I told Ruth about the call when we had lunch. I’m always happy when I get calls from someone who wants to share their real life story.
My customer, Dottie, retired a couple of years ago when she turned 65. Since she worked her whole life, all of her insurance was through her employer as an employee benefit. Every year during their open enrollment, Dottie would review the insurance offered and sign up for what she felt she and her family needed. She never “shopped” or looked for other insurance on her own. This was easy and she felt it was good insurance because her employer offered it. Then she retired. The insurance offered through her employer had been good and affordable. When she retired things changed. Rates increased - some even doubled. Some plans she could not keep after she retired. Dottie was particularly interested in keeping her life insurance. She wanted to make certain her family has the money to bury her. Even though the rates had been increasing every 5 years, the increases were small and affordable – almost unnoticeable. Then she hit a magic age and the rates increased a lot – about 5 times more than what she’d been paying – ouch! Life insurance is so important to Dottie that she continued paying those higher rates. When Dottie checked into her policy a little more, she found out that in 5 years the rates will increase again. That rate will be more than double (2 times) what she’s paying now! Those rates will not be affordable and will not fit in her budget. Unfortunately, Dottie had never taken out a life insurance policy that was unrelated to her working and her employer. If she drops her life insurance policy with her employer, she will have nothing. Even though she’s older and has some medical issues (like many), there are still options for her to consider at her age and that are within her budget. Her goal is to have a policy that will stay in effect until she dies, the amount of the policy will not reduce, the premium will never change and it’s with a highly rated company. Dottie found a policy she really liked. The policy does exactly what she wants it to – the amount of insurance will stay in effect until she dies, the amount of the insurance will not change or reduce and the premium will never change. We completed an application and sent it to the insurance company. The insurance company reviewed her application and her medical history. Dottie was accepted - she is thrilled. And the premium is in her budget! Your takeaway from Dottie’s story– even though employer benefits may be easy and low cost, consider adding a life insurance policy that is not related to your working; a policy that is guaranteed to be there when your family needs it. Do you have a story to share? Call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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