Contemplating a New Job? Purchase Life and Disability Insurance
We can lose our life insurance and disability insurance rather easily moving from one job to the next if they were employer paid and not our own personal insurance. So people contemplate leaving their current job and going elsewhere, yet often hastily fail to remember that they will no longer have that valuable life and/or disability policy after they do.
It is much wiser to look into purchasing ones own individual policy(s) before making the switch and putting our families in jeopardy during the transition from one employer paid plan to the next (if your next even has one). Those that plan on leaving a current employer that has provided these forms of coverage to go and start their own company are extremely vulnerable.
The excitement that may come to those who are eager to embark on a new endeavor could be in for some major disappointment to find out they are unable to qualify either medically or financially to get their own personal insurance. Maybe their health and their paychecks were more stable six months before?
If only they had thought of looking into it when the “getting was good” they could have avoided a serious dilemma or even tragic situation if they were to pass away or became disabled. Did you know that most disability carriers want to see two years of tax documentation to prove your previous income that will allow them to anticipate future income, or they will at least want a copy of a guaranteed contract or more that would prove your future income? Trying to get disability insurance while you are just starting your own business is not easy.
If you had purchased your own individual disability policy before leaving your previous employer you could have taken it with you and “locked in” some or all of your future income replacement. Similarly this is true for life insurance as well. Why would a company want to insure a person who is currently making little to no income, but wants insurance for a large amount of income replacement without the actual income to replace? Again, if a personal life insurance policy was in place before leaving ones prior occupation/job, none of this would be an issue.
Coming down with medical issues all of a sudden is another huge factor. We take our health for granted. How many times have we gone to a hospital because something causes an ailment all of a sudden? Often the condition is not something that is dragging on and obvious for weeks or months before we have to go and get checked out.
There is no time like NOW if you have the “itch” or “inkling” to start anew. Therefore, prepare for the worst, but hope for the best, because protecting those you care about is the best you can hope for. The quoting engine on our website, Pivot.com, is a great place to start. Visit us today for your free term life insurance quote or call us at 1-800-651-1953 and we can discuss the right coverage for your current situation.
About the author: Kyle McDonald holds FIC, FICF, FSCP® & CLTC designations. His viewpoint on life insurance is simple, “Anyone with a family must have life insurance. In the end, life insurance is for others you care about, not you.” He is ready to help you and your family get the best option available. Contact Kyle today at 1-800-651-1953 or KMcDonald@Pivot.com.