How Insurance Works

Why Should I get Life Insurance Even Though I Have Group Benefits?

Hey everyone I’m Jenni with Sustrate
Strategies, I’m a strategic legacy planner and I specialize in securing the
legacy of your family for all future generations. I am honoured to be here today with my
best friend Cynthia Cherie, she is licensed as both a Mortgage Broker and a
Realtor. In today’s video, we’re gonna go over why having life insurance replace
your group coverage is a good idea. Actually I’m going to bring up one that
comes up a lot of times when clients are on the other side of my desk. “It’s okay,
no problem, we can take the mortgage life insurance because we understand it’s a
liability coverage.” Right? The liability of the loan, this policy, is now covering
that liability. But then they say “But we don’t need to meet with the financial
advisor because we have group life insurance” through their employer. And
this is another one where we have to deconstruct. What if that employer laid
you off? Your insurance is no longer valid, right? That group insurance policy
with your employer is an income protection, it’s not a lifestyle
protection. It’s not a long-term legacy protection at all. So I also have to try
to explain before getting to Jenni why this isn’t even adequate. If a group
policy with your employer covers up to two times your annual salary, remember
that’s your base salary. It’s not actually covering off any overtime, or
shift differential or bonuses, it’s just your base wages, times two, for a year,
that’s it. Right? And that’s another one but I find people don’t
quite get.
– Oh absolutely, so just like Cynthia said, if you get laid off, that
coverage is gone. But not only if you get laid off, what if you decide to leave
that company? That coverage is gone. A lot of us aren’t staying with the same
employer as long as we used to.
– That’s true.
– So having your own insurance is so important because it’s portable with you. It will stay with you for your lifetime, no matter what job you have. And
I feel that a lot of people maybe just don’t know, as I mentioned before in my
other videos, that we just don’t have the education right now. So when you look at
your group plan and you think, Oh I have two times my base salary,
that’s good enough, you think that only because you don’t know what you don’t
know. So when I come in and I educate you with you still have to pay for final
expenses, and taxes, income replacement, grieving time, then people really
understand the scope of what they’re trying to insure. So if any of this
information resonates with you, I would love to connect with you! You can follow
me on Facebook or Instagram at Sustrate Strategies. And if you go to my website
so, you can book a complimentary session with me where we can start working on creating the legacy for you and your family. Thank you so
much for spending your time with me today and sharing all this valuable
information. If people are looking to contact you regarding any of this
information that you shared, or for real estate needs, mortgage needs, how can they contact you?
– Thanks for having me on today Jenni, I really appreciate it.
And for sure, if anyone does have any questions and would like to talk with me
further, you’re welcome to reach me, i’m Cynthia R Cherie on Instagram, Facebook
or LinkedIn. And my details will be in the description below.

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