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You can't predict the future, but you can protect it

FAMILY PROTECTOR: TERM-LIFE
Life is unpredictable, but one thing is certain - we will all leave this world one day. That's why it's crucial to plan for the future and ensure your loved ones are taken care of when you're no longer there to do so. In the event of an unexpected death, life insurance can help pay off debts and ease the financial burden on your family during a difficult time. It's an act of love and responsibility that provides peace of mind knowing that your family will be taken care of even after you're gone.

Life insurance plays a pivotal role in protecting your family

Top 3 Financial Issues families face in the aftermath of an unexpected death

Loss of Future Income
Death is not just a personal loss...it can also lead to a financial burden. Without your income, those who depend on you may struggle to pay bills and maintain their standard of living. The financial burden of losing a breadwinner could be catastrophic for those left behind, especially if there are no savings to fall back on. Ask yourself...Would your family be able to afford their current standard of living for years to come without you?
Debt: Mortgage & Other
Your debts don't just disappear when you die. They either carry over to your loved ones or to your estate. The end of 2022 saw total household debt increase to $16.9 trillion. That's nearly $129,000 per U.S. household, spread amongst different types of debt.* The proceeds from a life insurance policy can pay down a mortgage, car loans and credit card debt, providing your loved ones with a path towards financial security and stability.
Final Expenses: Funeral
On top of their continual living expenses and paying down your debts, your loved ones will also be faced with paying your funeral expenses. Funeral costs vary by location and your final wishes. The average funeral consists of a casket, hearse, funeral home service fees, headstone, burial plot and more. Life Insurance proceeds can also pay for other stressful obligations, like hospital and doctor bills as well as estate settlement costs.

Leading Causes of Death by Age Group: Under Age 65

Top Category & Breakdown By Age Group in 2020; All U.S. States

Ages 25-34

52%
Unintentional Injury
1. Poisoning/Overdoses 2. Motor Vehicle Accidents 3. Drowning

Ages 35-44

38%
Unintentional Injury
1. Poisoning/Overdoses 2. Motor Vehicle Accidents 3. Falling

Ages 45-54

23%
Malignant Neoplasms
1. Lung Cancer 2. Colorectal Cancer 3. Pancreatic Cancer

Ages 55-64

32%
Malignant Neoplasms
1. Lung Cancer 2. Colorectal Cancer 3. Breast Cancer

Life Insurance: Did you know?

EMPLOYER PROVIDED "GROUP TERM-LIFE"
Minimal Coverage
This type of life insurance coverage is typically offered by employers who purchase a single contract to cover their entire workforce, where employees' age and health status are not a factor. Death benefit amounts are minimal and may depend on your position within the company. However, it is common for these plans to provide coverage for one to two years worth of base salary.
Expensive Portability
When you're part of a group plan your protection is closely related to your employment. Once you stop working with that employer your coverage stops too. After leaving your job you're given a short time frame to continue the policy, however most often the only option offered is typically for a permanent policy. The cost is usually high, as your age and health are now a factor.
IRS Code Section 79
Although most compensation employees receive is typically considered part of their taxable income, Section 79 allows for a $50,000 exclusion for the cost of group term life insurance coverage provided by an employer. However, if your specific group term life insurance policy coverage paid for by your employer exceeds $50,000, that additional cost will be counted as a taxable benefit and will be included in your W-2.

As your expenses and debts rise with every Financial Life Stage, covering your DIME is critical (Debt, Income, Mortgage, Education)

Financial Life Stages

  • 20's
    Getting Married; Buying a Home
    entry level income; young & healthy; big one-time expenses
  • 30's
    Getting Married; Growing Family
    big one-time expenses; emphasis on future planning
  • 40's
    Income & Expenses Increase
    income and bills both growing at the same time
  • 50's
    Expensive College Costs & Life Events
    peak earnings; college tuitions; older children expenses
  • 60's
    Focus on Retirement & Health Issues
    maximizing retirement savings; retirement income planning

It's never too late to protect your family!

As you age, do you think you get more healthy or less healthy?
As you age, life insurance rates tend to become more expensive, so it's important to take advantage of lower prices while you can. Starting now will save you money in the long run.
You are never more insurable than you are right now
For every year you get older, the cost of a new life insurance policy increases. However, the cost of a new term life policy is fixed for the entire term. So it's best to secure coverage while you're younger and healthy.

Life Insurance: Did you know?

CAPTIVE AGENTS vs. INDEPENDENT BROKERS
The majority of insurance products, such as life insurance policies and annuity contracts, are sold to the public through two different distribution models. "Captive Agents " and "Independent Brokers". The debate over the legality of who is acting as an agent, broker and fiduciary leaves plenty of gray area.
However the differences to each model are clear.
Captive Insurance Agents
Captive insurance agents, also known as "career agents," exclusively represent a single insurance company and are contractually obligated to only sell that specific company's insurance products or annuities. In addition to earning commissions, these agents receive an annual salary, comprehensive benefits, and leverage the support of their insurance company's marketing and operations departments. To cover these additional costs, captive insurers often charge higher premiums and annuity fees. This exclusive arrangement raises concerns about fiduciary duty. With limited flexibility, this inherent conflict can impact the agent's ability to act solely in the best interests of the client.
Independent Insurance Brokers
Independent insurance brokers prioritize their allegiance to their clients, functioning as independent contractors without exclusive ties to any single insurance company. This can be advantageous to the insurance buyer, as independent brokers appointed with numerous insurance companies have the ability to shop around for the best products and solutions that best meet their clients specific goals and needs. Captive agents and independent brokers both accept their roles as fiduciaries to the public. However the differences are clear. At thrivealike, our licensed Financial Professionals unanimously advocate for being independent insurance brokers to prioritize our clients' interests.

We Choose To Be Independent

Why? Because we prioritize our clients' needs above all else, and have the flexibility to shop around to numerous insurance companies to find the right solutions from the best companies, and at the lowest costs.
A thrivealike Financial Professional can help identify what fits your needs.
  • The right amount of life insurance coverage
  • Lowest cost term life insurance premiums
  • Highest Rated Insurance Companies
  • Best Available Add-On Benefits
  • Ability to shop around if you have a pre-existing condition

Appointed with, but not limited to...

Pop Money Quiz

TAKE HOME ASSIGNMENT
The next time you receive your college or university annual alumni newsletter in the mail, don't throw it out. Most college newsletters have an "In Memoriam" section at the end, which lists the names and graduation year of alumni who have passed away over the past year. 1) How many people on that list are from your graduating class year or after? 2) How many people from those particular years do you think had any thought that they were going to die prematurely? 3) How many of those people do you think had enough life insurance to cover every debt and replace their income for their family to live off of for years to come?

Now ask yourself...do you honestly feel that you have enough coverage for your loved ones should the unthinkable happen to you?

Debt or Wealth? Which will YOU leave behind?

Safeguarding your family doesn't have to be expensive. Shop for the lowest cost term-life insurance below...

QUESTIONS ABOUT YOUR FINANCES?

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The idea of retirement is an exciting time in one's life, but without a pension it can also be a scary prospect. One way to help ease the anxiety and become more confident about your financial future would be working with someone who is trained to find solutions to the risks and challenges you will face in retirement.
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