Life and Disability Insurance – Really?

For over 35 years I have been licensed as an agent for Life and Health Insurance as well as a Licensed Life and Health Insurance Counselor for over 23 years, which is a distinct license that allows me to charge fees to evaluate contracts. All that said I am also a husband, father and grandfather who has had to personally make decisions on life and health insurance. So, knowing what I know and have experienced over the years, and also what I have done with respect to my own personal life insurance coverage, here are five actions I would share:

  1. From the book Life Insurance by S.S. Huebner and Kenneth Black, Jr. and years of experience with underwriting departments of varied life insurance companies, one’s human life value can be estimated at 10-15 times your income, dependent on age, and /or one’s net worth, whichever is greater.
  2. “Non-working” spouses have tremendous value and life insurance is very appropriate.
  3. Life Insurance can be invaluable, not just during the child-rearing stage but throughout retirement.
  4. Guaranteeing the insurability of children and grandchildren may be very valuable to them in the future. I’m not saying to buy their life insurance, but one can purchase a policy that will provide a guaranteed future insurability options. This would guarantee that child or grandchild can purchase life insurance in the future regardless of their health.
  5. August, 2018, Social Security Administration report indicates the probability of being disabled to be 2 to 4 times more likely than death before age 65.

Life and Disability Insurance – yes, really. As a seasoned financial wealth manager I maintain life insurance now equivalent to my net worth, some permanent, some term. Yes I purchased life insurance on the mother of my children and maintain coverage to this day. Yes I purchased policies on my children and grandchildren that guarantee their future insurability. Yes I owned and continue to maintain disability insurance.

I welcome the opportunity to share any details with you in the hope of helping you to be comfortable with your life and disability coverage.

Charles R. Elhoff, Jr.
CFP®, ChFC, CLU
Life and Health Insurance Counselor

2535 East Southlake Blvd., Suite 100
Southlake, TX 76092
Phone Numbers:
817-717-3812
817-735-1095

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Level Four Advisory Services, a registered investment advisor. Level Four Advisory Services and Virtus Wealth Management are separate entities from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Insurance guarantees are based on the claims paying ability of the issuing company.

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