Trevor Garbers knows that life is unpredictable. A quality
life insurance policy can help people to better prepare for when
changes, whether expected or not, arise. It is a valuable way for
people to help protect their loved ones and provide for them. Life
insurance is not a new concept, and yet it is one that is shrouded in
misunderstanding. Taking the time to explore what life insurance plans
allows people to better prepare for their future and ensure that they
have the coverage they need.
Myth 1: Life insurance is too expensive.
There are a wide variety of plans available. Depending on the
person’s age and the coverage that they select, the costs will vary.
Some people can find very affordable plans to meet their needs that fit
within their budget. Discussing their needs and goals with a
professional can help people to find the right plan for them. Prices
have changed over the years so it is worth looking into the current
options.
Myth 2: All policies are the same.
This is certainly untrue. Not only do plans vary by provider, people
can tailor them to meet their specific needs. They can choose
different levels of protection and benefits. It is important to look at
more than just the price. Read the details about what is covered and
how the plan works. A person may pay a little bit more but get a policy
with more comprehensive services and save in the long run.
Take the time to compare what different policies provide. Also
assess personal needs. In addition to paying for medical and funeral
bills, having coverage that will satisfy other debts and living expenses
for the family is valuable. Professionals can help people to assess
their cash flow and debt, and determine how much coverage is most
beneficial.
Myth 3: Single people do not need coverage.
Although single people may not have any dependents relying on them,
this does not mean that they do not need coverage. If something should
happen to them, their family is left to cover the costs of their care,
funeral, and any outstanding debts. Insurance coverage can also help to
support loved ones in the future and provide them with more financial
security.
Myth 4: It is okay to wait to purchase a policy.
When a person purchases a life insurance policy is a matter of
personal preference, but it is never too soon to invest. Even though
the person is young and healthy now, they have no way of knowing what
the future will bring. Should they become ill later on, they have the
comfort of knowing that they already have a policy in place. This can
reduce the stress and burden they feel.
Myth 5: People with health problems cannot purchase life insurance.
Insurance companies work with people who have a wide range of needs.
While it is sometimes less expensive for someone in better health to
get a policy, that does not mean that others are excluded. Some
providers offer special plans for those who have existing medical
problems to address their needs. This is another reason why early
planning is key.
Trevor Garbers Tackles More Myths
Myth 6: Employer coverage is enough.
“It is a nice benefit when employers provide life insurance
coverage,” says Trevor Garbers, “but there are limitations.” For
example, the amount of coverage may cover one to two times their salary
but still fall short when it comes to meeting their family’s needs as
well as other expenses. Also, if the person should leave the company,
their coverage ends. It is not generally something that they can take
with them. If they want to continue having coverage, a separate policy
is required.
A separate policy can also supplement what their employer provides.
It can help to better meet the individual’s and family’s needs and
expenses. Should they leave, they can adjust their personal plan to
make sure that it is still beneficial and provides adequate coverage.
Myth 7: Stay-at-home spouses do not need coverage.
Although a stay-at-home spouse may not bring in a salary per se, they
provide valuable services. Should that person pass away, will the
remaining spouse have enough to cover child care or cleaning costs?
Will they still have the means to maintain the same type of lifestyle
they are accustomed to? A non-employed spouse may not bring money in,
but they help to save on the amount of money going out.
Myth 8: Buying a life insurance policy is a once-and-done event.
Just because someone’s life insurance policy was appropriate at the
time and provided them with the coverage they needed does not mean that
they can forget about it. As their life changes and they get married,
buy a house, have children, get divorced, or retire, it can affect the
type of coverage they need. Reviewing their coverage periodically can
help to ensure that it still fits their needs even as their life has
changed.
This gives them the opportunity to make adjustments. They may find
that what they once needed is not enough, or is more than enough. These
changes could also affect the cost of their policy. It is important to
make sure that they stay up-to-date so should anything happen, they are
prepared.
ABOUT:
With a wealth of knowledge and experience regarding the insurance industry, Garbers
has become a recognized sales leader. He is adept at building
relationships with national distribution channels and helping carriers
and brokers to have access to valuable voluntary insurance benefits that
meet their needs. Trevor Garbers is the vice president of national
accounts for Allstate Benefits, a position he has held for the past two
years.
