McEvoy Ins Blog
The ancient Greek philosophy known as Stoicism has recently experienced a worldwide surge in popularity. Followers of Stoic wisdom believe the philosophy offers a path to a more contented life through understanding what you can and cannot control.
Stoics are fond of reciting the Latin phrase “Memento Mori” (remember death). On the surface, this seems to contradict the notion of living a contented life. How are we supposed to find contentment while reminding ourselves we are, most certainly, going to eventually die? The answer is clear when you realize the real focus isn't mortality. It's the fact that mortality is not something we control. Our ultimate demise is inevitable. By maintaining awareness of what's out of your control you can make the most of the life you're living.
What does Stoic philosophy have to do with life insurance? Well… quite a bit. The Stoics were on to something. Imagine if everyone had the ability to process certain inevitabilities—like their own death—with a calm, level-headed sense of responsibility. It’s quite possible everyone on Earth would have life insurance in that scenario. Plainly stated—a life insurance purchase requires contemplation of your own death not to mention pondering the fate to befall those you leave behind. This is understandably difficult for most of us. It's charged with powerful, negative emotion. Also-- to the extent that most people believe death is something that only happens later rather than sooner-- it's illogically conceptualized. When it is indeed "our time"-- we'll have no say in the matter. The Stoics would remind you that death is out of your control and then ask why you’re acting like it is.
One of the most well-known Stoic philosophers, Seneca, once wrote:
"Let us prepare our minds as if we'd come to the very end of life. Let us postpone nothing. Let us balance life's books each day... The one who puts the finishing touches on their life each day is never short of time."
Have you prepared your mind for the one thing we all know must happen to every living thing on the planet? What are you postponing?
If you have not yet purchased life insurance—we’re here to help you control what you can and worry less about what you can’t. Call us at (877) 296-2386 or start the process with a quote and application request today.
If you’ve already purchased life insurance—whether it’s through McEvoy Insurance or someone else—give us a call so we can conduct a beneficiary review. We’ll review your coverage, help you determine if it’s adequately meeting your needs, and make recommendations. It’s how we help our customers “balance life’s books each day”.
Most people have seen life insurance commercials on television or heard a few on the radio from time to time. Unfortunately— too often these types of advertisements can be very misleading to the average consumer. The ads typically boast astonishingly low rates for generous amounts of coverage which, as intended, spurs those thinking about getting a policy into taking immediate action. To the extent that we believe everyone should acquire life insurance protection for those who depend upon them—we can’t help but applaud those who act decisively and make a life insurance purchase. However—the reality is that many people become almost instantly disengaged from the concept again when, after watching or hearing a life insurance advertisement, they’re told that the rate they should expect is considerably higher than the very low rate which inspired their action in the first place.
Obviously—the larger the life insurance benefit and the longer it provides protection the more it will cost. Most consumers know this intuitively.
But what if you were to hear an advertisement for a $500,000 life insurance policy for a 35 year-old male with a 20 year level term period and—since your age and perceived need are a match for what you just heard—you immediately call to take advantage of “The Deal”. Can you reasonably expect to sew up protection for the precise advertised rate?
The best answer is… well… a strong “maybe”. You see—it’s not just your age, gender, benefit amount, and policy type (permanent or temporary life insurance) that dictate the cost of a life insurance policy. In order to know what we’ll actually pay for a life insurance policy, we also need to be placed into an appropriate “health classification” (or “underwriting classification”). Our individual health characteristics, motor vehicle record, habits, hobbies, and family histories all play a role in how our rates are ultimately determined.
It’s the job of your agent to explain this to you and guide through some questions that will help increase the level of certainty that the rate at which you apply for coverage is the rate you will ultimately be offered by the insurance company. After underwriting, your actual rate may turn out to be higher or maybe even lower. If higher—you might astutely and quite appropriately ask, “Why isn’t the rate I applied for and the rate I ultimately receive automatically the same?”
There is not generally a short answer to this question; but it’s definitely a question you should ask.
After an application is made for life insurance coverage at a rate an agent honestly believes is accurate based on how certain key questions were answered—the application is submitted to a life insurance underwriter at the company of choice. This is “Part A” of the application process.
“Part B” of a traditional life insurance application will usually entail a visit from a paramedical professional (paid for by the insurance company) who is tasked with confirming some of the answers to the health questions from Part A of the application, physically measuring your height and weight, and possibly obtaining blood, urine, and (depending on your age and the requested benefit amount), maybe even an EKG. Once Part B is submitted to an underwriter—he or she may decide that additional information is required from a physician to make a final decision.
For the consumer—this isn’t as labor intensive as it sounds. Once the “hard part” (finding a good day and time for the free paramedical exam and completing it)—most of the process is methodically conducted behind the scenes as you await a final decision.
One important thing to know is that there are many types of life insurance products on the market and there are various methods of underwriting as well. Generally speaking—the larger the benefit amount (the amount at risk for the company providing the protection) the more thorough the underwriting process will be. This is the type of coverage situation on which we’re placing our focus right now. It is the traditional process; and it’s the most reliable way consumers can expect to acquire the best coverage at the lowest price.
Hopefully—so far—this goes a long way toward explaining why there can be disparities between the rates we hear (or see advertised) and the rates for which some consumers ultimately qualify. Getting excellent rates means you’re currently in excellent health. Your health history is excellent. The health history of your parents and siblings (usually before they turned 60) is excellent. Your paramedical results were excellent… and so on.
Many people can qualify at the best possible advertised life insurance rates. But certainly not the majority.
The moral of the story: When you know you need to secure protection for your family—choose not to become a victim of advertisement-induced-insurance-premium-optimism that could lead you down the road to disappointment and a delayed decision. On the other hand, you shouldn’t allow yourself to be a victim of ignorance-induced-insurance-premium-pessimism either. In both scenarios there is real risk in not acting in a timely fashion to protect your family.
Once you apply for life insurance, receive an approval, and accept your policy—your rates are certain. Unfortunately… life itself is not.
You can acquire a life insurance quote for yourself in just a few seconds on our site or you can simply call us today at (877) 296-2386 and we can guide you to a fully informed, tailored solution.
It is certainly plausible to consider that a pandemic might cause an increase in what you will pay for a Term Life Insurance policy in 2021. After all—the cost of life insurance is intimately tied to the risk of mortality. And obviously—a pandemic can indeed negatively impact our risk of passing away too soon leaving our loved ones unprotected.
So what’s really happening?
Fortunately—at McEvoy Insurance—we have NOT seen evidence of any increase in the costs of term life insurance products through our numerous, top-rated carriers. Life insurance is as affordable now as it was in 2019 (pre-pandemic).
Past and on-going affordability of life insurance is crucial to point out to anyone hesitating to make a purchase due to overestimation of cost. A recent LIMRA study (2021 Insurance Barometer) indicates that over 50% of the country believes life insurance costs 3 times more than reality demonstrates. In fact—that same study reports that most Millennials are overestimating cost by a factor of 6!
Consider this column chart representing the average cost of a typical policy:
Don’t let a misconception get in the way of doing the right thing for those who depend on you. Life insurance is usually more affordable than people think.
Call us today at (877) 296-2386 or get an instant quote and request an application right now. We’re here to help you…
*About these rates: The pricing displayed here is not meant to provide the monthly premium that a specific life insurance company may charge. These rates are meant to reflect the average cost (accurate as of April 14, 2021) of life insurance providers you’ll find when you obtain a quote online through McEvoy Insurance. Rates are ultimately determined by age and an individual’s unique health profile which means you could pay more or less than what is shown above. Get started here to found out how you may qualify. It only takes a couple of minutes!
Welcome to our new insurance agency blog!
This is our very first post. We're not quite sure what we're going to write about here, but the plan is to create helpful content for customers and prospective clients about information that is relevant to you.
We hope you'll come to view this as a top resource for keeping your family and your finances safe.
Here are a few of the topics we may be writing about: