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Why it’s important to have flexible term life insurance

Shopping Around

Why it’s important to have flexible term life insurance

Wyshbox provides adjustable coverage for your evolving life.

We all want flexibility—whether it’s extending a deadline at work, rescheduling dinner plans to catch up on your latest binge-watch, or turning in your school project a little late. Being able to tweak and adjust things in our day-to-day life can provide a respite to our routines.

You may be wondering, “what does this have to do with life insurance?” We’re glad you asked. Just like having flexibility in other aspects of life, having a life insurance policy as malleable as the best yoga pants on the market is a great way to ensure you always have the right amount of coverage you need.

Wyshbox has the tools and features that provide flexibility so our members can increase or decrease their coverage as they see fit.

  1. The basics of term life insurance
  2. Why do customers need flexibility?
  3. How Wyshbox makes it possible
  4. Conclusion

The basics of term life insurance

In case you’re not completely sure what a term policy is, let us break it down. To put it simply, term coverage is when you buy a policy that covers a specific amount of time, generally between 10-30 years. You determine how much coverage you want your policy to be worth and you pay a monthly or annual premium to maintain the account. If you happen to die during your term, your beneficiary will file a claim and, upon approval, will receive the cash payout.

While this true and tried method has been the standard in the insurance game for decades (even centuries), some people are looking for ways to get more personalized coverage, which oftentimes isn’t easy to find under more traditional ways of buying a policy. For instance, historically, an insurance agent or broker handled the account and it may have been more difficult to make changes to your policy. While agents did and continue to do good work, the introduction of technology has made their and the customer’s journey a lot smoother.

Why do customers need flexibility?

Picture this: you’re a recent college graduate heading out into the world. You may be adjusting to being an adult, living on your own, starting your career, traveling, and moving into this new phase of your young adult life. Someone mentions that buying life insurance is a smart financial decision and you think that despite not having many financial responsibilities, getting coverage is an important thing to have.

Unfortunately, since none of us can predict the future, as you start to make plans you have to consider how much your life may change in the next five, 10, or 15 years. Your goals and priorities can shift, maybe drastically, from what you may have imagined because each phase of your life has a different set of circumstances.

  • You’re single: While you may have fewer responsibilities, you may still be paying off student loans or other private loans. If your parents or anyone else is a cosigner, they could be on the hook for your remaining balance. Also, if you have roommates or other shared home expenses, you can designate part of your payout to cover these costs.
  • You’re married: You and your spouse are now sharing a life and, probably, your life expenses. While some states have debt forgiveness (so to speak) upon death, you don’t want to leave your spouse having to cover rent, car expenses, or credit card debt.
  • You’re a parent: Having kids is one of the primary reasons people get life insurance. Parents want to make sure their children are protected should something happen to them—whether it’s making sure the house is paid for, having enough money for everyday necessities, covering childcare costs, or paying for tuition.
  • You’re an empty nester: If you had kids, they’re probably grown and your life may have slowed down as a result. If you have lowered your debt you may want to also lower your coverage to protect what you need during this time in your life. Plus, even though it may be a bit morbid, you do have to think about funeral expenses, as they can really cost a bundle.

How Wyshbox makes it possible

Wyshbox understands that life will inevitably shift, grow, and change. With that thought, we made sure that members can adjust their coverage to have it fit with their particular needs and wants at that time. In addition, Wyshbox provides 100% digital service with no medical exam required as well as features that can help you hyper-personalize your coverage so it works for your unique life.

  • Disability Waiver: If you file for disability, Wyshbox can waive your monthly membership payments for the length of your disability. If you need help getting back on your feet, you can also change your coverage to bring your monthly bill down.
  • Accelerated Death Benefit: This allows a terminally ill policyholder to use their money to get their affairs in order while they’re still alive, so their loved ones are taken care of during that difficult time.
  • Manual increase/decrease of coverage: If you go through your account, you may detect that you’re overinsured on your total coverage. If so, you can lower your coverage, and thus your premium amount, and it will also decrease your monthly cost. The same can be said about increasing your coverage; if you feel your needs have changed and now you require more insurance.
  • Extend to 65: All our memberships give you the option to extend your policy until you’re 65. It’s great to know you can be covered until retirement age and set yourself up, with the right amount of coverage, for the next phase of your life.

Conclusion

Wyshbox understands that having flexible coverage coupled with amazing features gives our members options to get the life insurance that’s right for them. The things that were important to someone just starting their adult life will surely be different from someone who is married, has kids, or is getting closer to their twilight years. All the stages of life have their own particular needs and having flexibility will make that time a lot smoother.

The opinions we expressed in this post are for general informational purposes only and are not intended to provide specific advice or recommendations.
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