Life insurance is commonly thought of as a resource for older individuals that are looking to secure a future for their families in the event of their death. This is not truly the case as young families see the importance of looking into life insurance early to keep their families protected should anything happen. Shawn Meaike understands that there are many different reasons why more young families are growing interested in their life insurance options- citing the pandemic as a huge influence of families decisions. Here, Shawn Meaike speaks to a few of these reasons, as well as the benefits of exploring your options as early as possible.

Younger Families Often Equal Lower Premiums

One of the benefits of securing life insurance when you are young, healthy, and not likely to need it soon is that you will likely secure lower premiums. This is because younger families have a probable lack of serious medical conditions. Life insurance experts recommend that younger families at least consider their need for life insurance rather than waiting until their rates get higher. While it may sound daunting to add another bill to the expenses pile, life insurance will only get more expensive as we age and have a higher chance of developing premium raising conditions.

Younger Families are Still Vulnerable to Accidents

Young parents often feel invincible, but it is important to remember that anyone can be involved in an accident that can lead to injury or death. The CDC reports that unintentional injury is the leading cause of death for young adults in the US. This means that, while young families may be less susceptible to life altering conditions that can be damaging to our health, they are the most susceptible to unplanned, unintentional injury. Young families are realizing the obstacles that their death could present for their families and are doing everything possible to ensure that they are protected should anything happen.

Younger Families Want to Safeguard Their New Families

When we are young, it makes sense that we are not thinking too far into the future. Of course, this starts to change as we start a family of our own and understand the importance of keeping them protected from outside factors. Younger families are more likely to be new to owning assets such as a home and are similarly new to the complexities of protecting their families. While it may be difficult to consider not being present, being realistic about uncertainties and safeguarding your family and your assets is an excellent way to keep them protected should you be involved in an accident in the future.

Being a life insurance agent can be a rewarding career, but it’s not necessarily easy. Shawn Meaike discusses the important skills needed to become a better life insurance agent. Key attributes needed to be a successful life insurance agent are people skills and good product knowledge.

Why is product knowledge so important?

Shawn Meaike says good insurance agents know the scope of products they sell well, so that any potential client can find life insurance coverage. But a better insurance agent will understand the legal and tax aspects of the products they sell. They understand how the life insurance product will fit into a client’s financial situation.

Some life insurance products are straight forward, and others are more complicated financially. Knowing which product fits your client best, regardless of the potential commission, is important. Being knowledgeable about the impact to your client’s finances will help the client to trust your advice and purchase the right product for them.

How will strong people skills help me be a better agent?

Insurance is sales but understanding each client’s situation and needs and putting them before any potential commissions will earn your client’s trust, which is essential to being a good life insurance agent. Building rapport with a potential client is a skill that needs to be developed, so the client knows you want to understand their individual needs.   

Providing quality customer care is also important. Calling clients back when you say you will, following up on any questions they have, and making time to address client needs is also necessary to being a quality agent.

Another people skill that goes a long way is being emotionally intelligent when it comes to your client’s concerns. Listening carefully to their questions and concerns and being sensitive while explaining how products impact their finances is really a hallmark to a better insurance agent.

Sometimes a client may not agree with your assessment but discussing it with an open mind while tactfully pointing out their reality will win over clients. They will see you are concerned for their situation rather than just focused on your potential commission. 

What mindset helps me be a better life insurance agent?

Successful insurance agents know they are doing good and important work while helping clients solve financial issues and problems. Successful insurance agents are able to work unsupervised and take charge of their schedules and calls. They have an entrepreneurial spirit since it’s their business they are running. They also know that being honest and persistent are keys to being successful long term.

Shawn Meaike knows that deciding what type of life insurance to buy can be a complicated matter. He suggests looking at multiple factors to decide what works best for your individual needs.

Why should I purchase life insurance?

Life insurance brings financial security to your family in the event of your death. It will help cover a variety of potential costs including funeral expenses, medical bills, mortgages or rent and college costs for your children. 

What are the different types of life insurance?

Shawn Meaike explains that there are many different types of life insurance products on the market. You may have heard the terms universal life, whole life, term, and other indexed options. But the two most common types of life insurance policies are whole life and term life insurance.

What is term life insurance?

Term life insurance is an insurance policy you buy for a certain amount of time or a term. You can purchase term life policies in various time increments, but the most common are 10, 20, or 30 year terms. During that time, you pay a monthly or annual premium, and should you die during this term, your family receives a death benefit for the amount of coverage you selected.

The benefit to term life is policies are cheaper than whole life or universal life policies. However, they have no cash value and when the term expires, you have no coverage and the money you have paid is non-refundable. Think of term life as coverage for a specific term at a lower cost than other insurance products. If you die during the term, your family is covered.

What is whole life insurance?

Whole life insurance is good for your whole lifetime and pays a death benefit to your family when you die. Unlike term insurance, its coverage does not expire at the end of a term though its coverage does end if you stop paying your annual or monthly premiums. Whole life also accumulates a cash value over the life of the whole life insurance policy.

A whole life insurance policy is good for people who want to provide a death benefit for their family and don’t want to invest that money, but rather leave it in a fixed percentage during their lifetime where it can accrue cash value. It is considered a type of permanent life insurance.

Universal life insurance is also considered a permanent life insurance but it’s more flexible than whole life insurance. If you have universal life insurance, you can adjust your premiums and death benefits. It offers investment options since policyholders can borrow from this type of life insurance policy.

How do I choose what’s best for my needs?

When choosing what type of life insurance plan is best for your family, there are many factors to consider if you die prematurely. Shawn Meaike suggests considering the following.

• What the death benefit would be used for? Funeral expenses, medical expenses, security for your family?
• How many years of income would your family miss out on?
• Does your spouse have the ability to work?
• How many children do you have and how old are they?
• Is it likely they will attend college?
• How much savings and investment do you have to cover their expenses?
• How much can you afford to spend for this coverage?

Once you have figured out the answers to those questions, you can decide how much coverage you need and how much you can afford to pay either monthly or annually.

Shawn Meaike is the CEO and founder of Family First Life, an American life insurance company with agents in every state across America. He understands how important life insurance is and how it protects a family. While it may not be comfortable to think of death, it’s best to be prepared and protect your family in the event something unforeseen happens to you.

Why should I purchase life insurance?

If you are a parent or are considering having children, the best gift you can give your family is protecting them with life insurance. If you were to die prematurely or even at the end of a long and fruitful life, you want to know that your family and their expenses are covered, even when you are no longer here.

How does life insurance protect a family?

If you die prematurely, with life insurance coverage, you would be able to leave some money to your family to help cover their expenses. Thinking about the stage of life you are in helps you visualize how much coverage you might need. Later in life, if you pass away at an advanced age, your life insurance can help pay for your final costs.

If you are just starting out and are married, you would likely want to help your spouse with any schooling, housing or medical debts that you might leave behind. For parents with young children, consider the years of expenses ahead of them. Will they be able to attend and afford college? Will you help finance their weddings? Do your children have any special needs to consider?

How much life insurance should I purchase?

Thinking about the events in their lives and the costs associated with those events can help you figure out how much life insurance you wish to carry. You can always purchase multiple life insurance products to cover those times in life when expenses might be heavier, such as during the college years.

For instance, you may have a whole life policy coverage for 1 million dollars, but if you had several children that would be in college at the same time, you might purchase an additional 10-year term policy for an additional million dollars to cover their schooling costs if you passed away during those years.

Also, Shawn Meaike suggests you consider how much money you may have in savings and investments to ensure that your family is well provided for if you pass away. With less money invested or in savings accounts, you might insure yourself for a

higher level so that if you passed away, your family would have their expenses covered. While you cannot plan for every eventuality, it is important for parents especially, to consider the needs of their children and what costs they might encounter.

While no-one wishes to ever think of leaving their family, it is wise to spend some time considering the amount you would need to cover for their expenses as well as any debts you might leave. Better to be prepared and insured than to leave your family in a precarious financial situation. Consider how much you can afford to pay either monthly or annually for the best life insurance coverage possible.