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Protecting Our Families

Most employees want to feel sure that if something happened to them their loved ones would still have financial stability. And yet many people don’t prioritize having sufficient coverage in place, and 2 in 5 people don’t have any life insurance in place according to Life Happens, 2016 Insurance Barometer Study, 2016.


This is just scary. Look around at work. Yes, right now. Look to your left and look to your right and identify 5 people. Two of those five people don’t have any life insurance and their families would be left to cover funeral costs, and figure out how to replace your co-worker’s wages if something were to happen to them. If you work in an insurance office like I do, go talk to those 5 people and ensure they are all covered for their families sake.


Life insurance is for the survivors. It usually brings them great peace and comfort knowing they have a little bit of financial stability – at least for a little bit.


Life insurance is one of those things people procrastinate about. They know they need it — but there are other pressing bills to pay, and other things to think about, and somehow it never ends up at the top of the list.


On top of that, there’s the question of how much to buy.


For both of these reasons, it’s a great thing to o er as part

of a workplace benefits package as it provides an easy route for employees to get insurance. With a small, straightforward selection of policies to choose from, employees can more easily decide which one is the right choice for them.


30% of Americans admit they know they need more life insurance. Factors like cost make them put off buying it according to LIMRA, 2015 Life Insurance Awareness Month, Sept. 2015.


Highest regards,




Kiristen Draughn: ‘We thought we had a lifetime’

Watch this tear-jerking video about how this family’s life change in a second.

Kiristen Draughn says that her mom, M’Linda, is her role model: a strong independent woman who always wants the best for her children. That hasn’t been easy, though. Kiristen’s dad, Kenneth, died in a boating accident when she was just 4.

Watch the video HERE

Kiristen Draughn: ‘We thought we had a lifetime’



Do you really know what comes with “Whole” Life? A Whole Lot More

Authored by Blake Rogers, Jimmy Hinton and Ricky Reynolds, Colonial Life & Accident Insurance Company

Life insurance is always a little tricky to talk about. You have dental insurance to keep your smile healthy and car insurance so you can afford to repair your car after a fender-bender. But life insurance is different: In most cases, it’s your beneficiary who receives the benefits.


Most of America’s workers sidestep the issue by relying on the group life insurance they get at work. You likely offer your employees group life coverage with a flat dollar amount benefit or a multiple of salary. And don’t get us wrong: This is an extremely important benefit to offer, and employees value it highly. LIMRA’s 2015 Life Insurance Awareness Month Facts reported nearly seven in 10 employees have access to this type of financial protection at work, and 80 percent of those participate.


A growing gap in coverage

The problem is employer-provided group life coverage is all the life insurance most people have — and it’s not nearly enough. LIMRA estimates there’s a growing trillion dollar gap between the amount of life insurance we need and the amount we have (news release, Sept. 8, 2015). And most U.S. workers know it. Sixty-five percent of employees with group life coverage believe they need more life insurance beyond what their employer provides.


It isn’t just the dollar amount that’s a concern. Your group life insurance only covers your employees while they’re working for you. If they change jobs, or retire, or have to leave work for any reason, the coverage usually ends. If that reason was a serious health problem, they may not be able to get coverage elsewhere later.


That’s why it’s important to offer your employees supplemental life insurance. Voluntary life insurance employees select and pay for themselves can provide additional coverage and an ongoing financial safety net families can rely on.


Offer choices for different needs

Just like the other benefits you may offer, life insurance shouldn’t be one-size-fits-all.


Term life insurance is less expensive but covers only a set period of time, such as 10 or 20 years. If you have younger or lower-income employees, term can help them get started with some coverage. It also can be a good fit for those who want to protect the “if” — if they die prematurely and need income replacement or help paying off a mortgage.


Permanent life insurance can provide lifelong protection for the “when” — the idea is it’ll still be in place when you die. Unlike term insurance, permanent coverage accumulates cash value. You could say it’s more like buying a house than renting an apartment. The policyholder can take out a loan against the cash value if needed for unexpected expenses or even to pay the premiums.


There are several types of permanent plans, but perhaps the best choice in today’s economic environment is whole life insurance. Interest rates have been low for years, and that’s likely to continue. Whole life premiums and cash value don’t depend on current interest rates as much as universal life or variable life, so it offers more stability.


For example, Colonial Life’s recently enhanced whole life plan features a “triple guarantee” — the premiums, cash value and death benefit are all set at the point of sale and won’t fluctuate based on economic conditions. That means your employees know exactly what they’re buying now and what they can expect in the future, as long as they pay premiums and repay any loans.


Removing the interest rate rigmarole means whole life is a much less complex type of life insurance for enrollers to explain and for employees to understand. That also makes it a better fit for your workplace benefits enrollment. Even if you take advantage of no-cost one-to-one benefits education sessions for your enrollment that providers such as Colonial Life offer (and we certainly hope you do), the time each employee has for decision-making is limited. In this case, simpler is better. Today’s enhanced whole life plans also can include valuable additional coverage, such as an accidental death benefit rider or long-term care benefit rider. Paying for long-term care is a top financial concern for American consumers, according to LIMRA’s 2016 Insurance Barometer Study. A significant number of those who took the survey said they’d be interested in a plan that combines life and long-term care coverage. A long-term care rider can pay a monthly benefit amount if the policyholder qualifies for certain types of long-term care assistance.


No need to kid around


Whole life insurance also is a valuable voluntary benefit your employees may want to select for their children, grandchildren, stepchildren or adopted children. This can begin a lifetime of protection at affordable rates. The younger children are when their coverage starts, the lower the rate. In fact, LIMRA’s 2015 Insurance Barometer Study says 45 percent of those who purchase juvenile life insurance do so to lock in a low rate. Buying whole life for a child also protects them against the chance an unexpected accident or illness could make life insurance more expensive — or even unavailable — later on.


Just like adult coverage, juvenile whole life accumulates cash value at a guaranteed rate as long as the policy is in effect. Of course, life insurance isn’t designed as a savings plan. But it can help play a role in providing a financial safety net, now and in the future.


Whole life offers a whole lot of value for your employees. If you’d like to learn more about how you can make this benefit —or other life insurance — available to your employees without affecting your benefits budget, give any of us a call.

Small Business Guide to Creative Employee Benefits

When it comes to employee benefits, health insurance, retirement accounts and sick days, they are often standard at larger companies. To set your small business apart, you’ve got to think more creatively. Here are 10 great ideas I hope you can benefit from:


  1. Free food: Try keeping the break room stocked with free snacks, soda, and bottled water. You could even do something more significant, like providing a catered lunch on a weekly basis. The productivity is higher each day/week because they don’t have to leave for lunch.
  2. Four-day workweek: A three-day weekend once in awhile could make your employees not only happier but also more productive. A four-day workweek allows more time for employees to restore, if you will, their energy levels.
  3. Unlimited vacation: This policy speaks mostly about your company’s values. It sends a really clear message to employees that you care about them, that you want them to spend time with their families and that you want them have a high quality of life. When people feel cared for by their company or employer, they are much more likely to do great work.
  4. Professional development: Employees want to work for companies that help them advance their careers. Paying for classes, certifications and conferences is a major draw. Another idea, however, is establishing a mentoring program between employees.
  5. Personal development: Employees place a high value on work-life balance. Consider offering personal development benefits. One way to do so is by paying for the services of a life coach. Another is by offering lunch-and-learn events. You can have your bank come in, for instance, and help people learn how to get a mortgage, when the right time is to refinance or how to use their savings account.
  6. Massage therapy: Sometimes the greatest opportunities are the simplest things, like paying a massage therapist to come for two hours on Friday afternoons to give chair massages. This helps your employees relax and relieve stress.  
  7. Flexible working: Giving employees the option to work from home shows that you care about work-life balance. So does letting them come in late or leave early when they need to.
  8. Gym memberships: Fitness and keeping healthy is very important.  If you don’t have the space for weights and a treadmill, consider gifting employees a gym membership or negotiating discounted memberships at a nearby facility.
  9. Community service: Companies that offer time off for employees to volunteer or participate in community service projects earn points with their community and their workforce.
  10. Voluntary benefits: Employers who can’t afford to pay for dental insurance, life insurance or disability insurance can still offer them. You could give your employees—through payroll deductions—the option of accumulating a block of hours for an attorney to help them with the assembly of their will or the closing of a house.


Highest Regards,





10 Things You Must Know About Life Insurance

Life insurance is a crucial part of personal finance- one that deserves consideration by every household. However, despite the fact that life is insurance is almost universally applicable, there remains a great amount of confusion and even skepticism over this very important decision.

Here are 10 important things to consider when making a decision regarding life insurance.

  1. If anyone relies on you financially, you need life insurance.

Life insurance is basically obligatory if you have a spouse or dependent children. You may also require life insurance if you are someone’s ex-spouse, life partner, a child of dependent parents, the sibling of a dependent adult, an employee, an employer or a business partner. If you are retired, financially stable, and no one would be affected by your passing, then you may not need it.

  1. Life insurance does not simply add monetary value to a person’s life.

Instead, it helps to compensate for the inevitable circumstances that accompany the loss of life. It helps those left behind to cover final costs, mortgages, outstanding debts, and lost incomes. But most importantly, life insurance can help lessen the burden on family members who already grieving the loss of a loved one.  This is why life insurance is vital to the breadwinner of all single-income households.

  1. Life insurance is a contract.

A policy is a contract between a person and the insurance company. The insurance company pools the premiums of policyholders and pays out claims—called a death benefit—in the event of a death. The difference between the premiums taken in and the claims paid out is the insurance company’s profit.

  1. There are 4 roles in a life insurance policy.

These roles are the insurer, the owner, the insured and the beneficiary. The insurer is the company, responsible for paying out claims in the case of a death. The owner of the policy is responsible for paying the premium payments. The insured is the person whose life the policy is based on. The beneficiary is the person who receives the claim in the event of the insured person passing.

  1. Life insurance is a risk management tool, not an investment.

Although some policies can offer a tax incentive, it is not wise to view a policy as an investment. If you haven’t made an emergency cash reserve, paid off your mortgage, and maxed out your 401 K, then there are smarter places for you to making an investment and you should look into a policy that does not have an investment component.

  1. There are two types: term and permanent

Term life is least expensive, simplest, and most widely available. With this type, the insurance company bases the premium on the probability that the insured will die within a stated term, whether that’s 10, 20, or 30 years. They are guaranteed for the length of that  term. If you let this policy lapse, you can lose coverage and often be obligated to continue paying your premium.

Permanent life insurance is also based on probabilities, but has a “cash value” that is designed to keep the policy going in perpetuity. It has further options such as whole life, variable life, or universal life, each with specific tailored to different situations. These policies are often used to cover business planning or independent financial situations.

  1. Life insurance can be extremely expensive or extremely affordable.

If you apply for all of the bells and whistles of a life insurance policy, you will be looking at a hefty price tag. However, most people are pleasantly surprised with the premiums for a plain-vanilla policy. A healthy, non-smoking, 30-something male, for example, might pay less than $500 per year for a 20-year term policy with a million dollar death benefit.

  1. Determining the Best Option For You Doesn’t Have to Be Hard

Many people fall into a trap where they do not purchase life insurance because they are intimidated or they do not understand all of their options, so they push off the decision. In the vast majority of situations, most families would be fine if the policy paid out simply enough to replace the income of the person passing. The important thing is that you do not avoid life insurance because of its complexity.

  1. Consider Using A Live Person

A live insurance agent is your best option for custom-tailored policies and premiums. Our agents have considerable experience in this area, and are able to give you the coverage and price point that you feel confident in.

  1. Know Your Options When Cancelling

If you have a policy that isn’t appropriate for you, proceed with caution. Don’t cancel your existing policy before your new one is in place. If you have a term policy you no longer want, you can contact your company to cease coverage and cease payments. If you have a permanent policy, you will want to examine the tax consequences before you cash it in.
Life insurance is a very valuable tool for your long-term and comprehensive financial future plan. The BeneChoice Companies are proud to be a resource for all of your insurance needs.

Highest regards,