Protect your family’s future with life insurance

Individuals 09.14.2021 4 MIN READ

As the COVID-19 pandemic continues to impact our lives, Americans continue to grasp for a sense of security. Life insurance could be a critical part of the answer.

Why now?

As of 2018, 40% of Americans had no life insurance and of those who did, 20% said their coverage wasn’t enough.¹In other words, over half of American families have either inadequate life insurance coverage or none at all. Your life insurance needs will change based on your responsibilities and overall financial picture, but most Americans need some level of coverage. There’s no time better than now to secure coverage.

Common life insurance questions from employees across Corporate America

Ayco coaches receive many questions about life insurance. After all, it’s not something most people learn about in school or want to think about. Here are some of the most common questions and concerns covered during one-on-one coaching sessions about life insurance.

How do I know how much life insurance I should have? Should I purchase the supplemental life insurance offered by my employer? There is no one-size-fits-all approach to life insurance. How much you (and your spouse/partner) need is based on a number of factors including:
- Who depends on you, how much debt you have
- Your goals for your family
- The income your family will need to live on
- Any other resources or assets you have to meet those needs.

An Ayco coach can work with you to help you determine how much your family may need, how much of that need is met by the coverage you already have through your employer or elsewhere and whether you might need more—or perhaps less!—coverage to meet those needs.

I don’t understand the different types of life insurance—universal, variable universal, whole life, term—it’s so confusing. Life insurance really is confusing! Once an Ayco coach understands your family’s needs, they can help to narrow down the types of insurance that may be the best fit for you. Factors will include the length of time you may need the insurance, your risk tolerance, the potential that you may need to tap into a cash value and your desire for flexibility.
What is a cash value and what can I do with it? Some types of permanent life insurance may build up a cash value that can be borrowed against or even withdrawn from, potentially tax free. The premiums that you pay on your policy are divvied up to cover the death benefit as well as the fees and expenses of the policy, but a portion may also set aside in a cash value account that earns interest or can be invested in the market.
I bought a policy years ago and I really don’t understand it or even know if I still need it. What are my options? An Ayco coach can help you understand your policy and determine whether it fits your needs now. If it turns out that it doesn’t, you could have several options, including simply surrendering the policy or exchanging it for a new life insurance policy or annuity.
How much will it cost me? Talking with a coach about insurance doesn’t cost anything and coaches won’t try to sell you anything. Ayco’s goal is to make sure that you understand how much coverage you and your family need, your options for purchasing a policy and your next steps. The cost of your policy will depend on the type and amount of coverage you purchase. There are so many choices when it comes to life insurance, your coach will help you understand and account for the impact to your cash flow as you make your decisions.

Learn more about how to determine how much life insurance you need and the different types of life insurance available in What you need to know about life insurance.

Ayco Protect

Traditionally, buying life insurance has been cumbersome and sometimes uncomfortable. But you do have options for support when considering and purchasing life insurance—like Ayco Protect. Protect offers a fully digital experience where you can learn about, compare, apply for and purchase new term insurance, sometimes without leaving your home.²

Personalized results

After answering some basic questions about your current circumstances and needs, Protect generates a curated list of insurance products allowing you to compare product features and obtain coverage based on your unique situation.

Trusted carriers

Ayco partners with highly-rated life insurance carriers, after a thorough vetting process, to provide access to quality options at competitive rates.

Transparent experience

You’ll be guided step-by-step through the application and kept informed with status updates throughout the approval process. Most importantly, you won’t be inundated with spam emails from providers. We only share your information with the provider you select when you purchase a policy.

Supported guidance

Assistance from a licensed life insurance agent is available at any point in the process.

Protect helps you:

Select from insurance products that are fully vetted through a robust selection process and regularly reviewed
Shop for insurance without the pressure of a salesperson
Feel confident about choosing the right insurance policy for you and your family

¹ https://www.iii.org/fact-statistic/facts-statistics-life-insurance
² Protect is only available to employees of companies that partner with Ayco and have elected to offer access to the tool.

If you have Ayco as a company benefit, register or log in to learn more about this and other financial wellness topics. If you’re not sure whether your company offers Ayco Financial Counseling, contact your human resources representative.