You’ve planned out how you’ll save for retirement, pay off your mortgage, put your kids through college, and support your loved ones along the way, but have you ensured your loved ones will be cared for when you are no longer here?
When asked about their greatest financial asset, most people don’t think about themselves. But with the median lifetime returns of a bachelor’s degree recipient at $2.8 million[1], income is many people’s most valuable asset, and it must be protected.
“You can’t replace someone as a mother and a wife, or father and husband,” said Steven Vaphiades, Vice President for SBLI. “But we can replace what you do financially to support your family, and that’s really what life insurance is designed to do.”
Life is unpredictable, and the sudden loss of a household’s primary provider will cause not only emotional hardship but could spell financial ruin as well. However, purchasing life insurance is a proactive measure that ensures your loved ones will be taken care of financially, no matter what.
Finding the right policy
There are many things to consider when buying a life insurance policy that will effectively protect your loved ones. With SBLI, you can learn all about the various types of policies and discover which is right for your situation.
One of the top things to think about when seeking life insurance is the policy amount, which varies based on each individual’s situation.
“When you have someone who’s young and starting out their life, maybe they’ve just had a child or are purchasing their first home,” Vaphiades said, “their need for life insurance is significantly different than someone who is older, whose kids have grown and are maybe getting ready for college.”Similar factors will help determine the type of policy you need — either term life (a fixed amount of protection for a fixed amount of time that pays benefits to survivors tax-free), whole life (lasts your entire life, and builds up as a savings account you can borrow from during your lifetime), or a combination of the two.
You may also want to include final expense benefits (to cover the cost of funeral expenses and more) and additional “riders” that ensure your policy is perfectly tailored to fit your situation.
All of these things will affect the price of your policy, but there are options to get an estimate of monthly premiums. When you’re ready to buy, it’s important to work with a life insurance provider that will take the time to explain all of your options to you, and make sure you purchase the right policy for your stage in life.
There for you
Because life insurance is a major financial decision and there are so many variables to consider, you’ll want to pursue a policy with a company that shares your values and is financially strong enough to provide peace of mind. Founded in 1907, SBLI has developed a reputation as an experienced life insurance company, both in terms of its financial strength and customer service. It’s A+ rated by the Better Business Bureau[2] and A (Excellent) by AM Best[3], and A- by Standard & Poor’s (S&P)[4] which means customers feel their financial future is safe when they buy a policy from SBLI.
“You know you’re dealing with a company that is both financially strong, and also has integrity and character,” Vaphiades said. “The SBLI story is one that gives people confidence.”
SBLI strives to make sure its customers regularly review their policy as circumstances change and stands ready to respond to any questions or concerns that arise.
“When you call us, realize there is a team of professionals who understand every situation there is,” Vaphiades said. “And we can help guide people to make the right decisions on everything from the face amount to the duration of coverage, the type of coverage, and the beneficiary arrangements.”
Find the right life insurance policy for you today by visiting SBLI.com.This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives. The Savings Bank Mutual Life Insurance Company of Massachusetts. Woburn, MA. Products and features may not be available in all states. NAIC #70435
[1] Georgetown University Center on Education and the Workforce, The College Payoff, accessed 2/18/2021 [cew.georgetown.edu]
[2] Better Business Bureau, SBLI Business Profile, accessed 2/18/2021 [bbb.org]
[3] AM Best, The Savings Bank Mutual Life Insurance Company of Massachusetts, accessed 2/18/2021 [ratings.ambest.com]
[4]Standard & Poors (S&P), The Savings Bank Mutual Life Insurance Company of Massachusetts, accessed 2/18/2021