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Most likely you’re reading this article today because you are an Uber or lyft driver and make most of your income from servicing clients through Uber or lyft.
If This Describes You, Then This Article Is The Perfect Opportunity To Discover What Your Options Are As An Uber Or Lyft Driver
Because you probably don’t get any sort of benefits as a driver, you are looking for information on how to get life insurance.
The Topics We’ll Discuss Are As Follows:
- Why Getting Life Insurance Is Important For Uber And Lyft Drivers
- Stories From The Field
- Case Study Examples
- Top 5 Reasons People Purchase Life Insurance Online
- What Types Of Life Insurance Are Available For An Uber Or Lyft Driver?
- Should You Take An Exam?
Why get life insurance as an Uber or Lyft driver?
One of the biggest reasons why you should purchase life insurance as an Uber or Lyft driver is simple. Neither organization is offering you any sort of employee based life insurance program. As an Uber or Lyft driver, you are what’s known as an independent contractor or a 1099, which is the IRS term for a sole proprietor.
Uber pays you a fee to take care of its clients while transporting them from one location to another. You are not paid a wage, nor is Medicare and FICA automatically taken out of your income. You’re paid a direct fee and at the end of the year you have to file your taxes as a 1099 independent contractor.
The implication of this is that Uber does not have to pay any sort of employee benefits or health insurance programs. So Uber drivers like yourself are basically left to your own devices. You have to figure out a way to self insure through all the customary ways that someone who works for an employer would gain insurance.
We hear at Buy Life Insurance for Burial are dedicated to helping customers get tailored life insurance to meet their individual needs. We take the stress away, giving peace of mind in knowing your loved ones will be taken care of when you are gone.
We take our job seriously and accommodate a variety of budgets and unique age and health circumstances. Give us a call today for your free, no obligation quote to see what we can do for you.
Simply call 888 626-0439 or leave us a message and we will be in touch soon with a free quote.
One of the things that all people need to think about, whether they drive for Uber, Lyft, or have any other sort of self employed profession, is that they need to plan. You need to think about what would happen if they passed away and their source of income disappeared and was gone forever.
If you will, imagine for a moment if you have a family and children, how will your family subsist with you out of the picture? Not only would they be grieving not having you in their lives anymore, but also they would be grieving from the economic loss. How would your family make it? Paying the bills, the mortgage payment, paying for any sort of lifestyle that they are accustomed to living?
Would you be in a position where your family would have to dramatically alter their lifestyle and possibly go down a couple of rungs on the economic ladder? Move back in with parents, take their children out of the schools and the areas in which you appreciate and work hard for. If this situation describes you, then this is a good reason to buy life insurance.
Life insurance is one of the few things that can put your family in a better financial position should you pass away so that they don’t have to make dramatic life altering changes. Professionals like us here at Buy Life Insurance for Burial recommend buying 10 times your annual income in life insurance coverage.
If you drive for Uber and make $30,000 a year, a good starting point for life insurance will be approximately $300,000 in coverage. What this will afford you is the ability, if you pass away, for your family to take care of any lasting final expenses left behind and to put your family in a better financial position to be better prepared for retirement that you would have otherwise funded if you were still alive.
It will also take care of their current lifestyle and expenses. So my recommendation if you are in the process of looking for life insurance as an Uber or Lyft driver is to look at your annual income, multiply it by a factor of 10, and then try to find coverage for that amount.
Pay off debt
If you’re like most Americans, you probably carry some kind of debt such as credit cards, a mortgage, and other kinds of revolving credit. What would happen to that debt if you passed away? Not all of it will be instantly eliminated. And what you may find is that creditors will slip in on your surviving family members and try to reassess and possibly repossessed those assets, putting your family in a bad position.
One of the biggest debts for American families is their home. And if you’ve got a mortgage, a life insurance product is a perfect financial solution to protect it against creditors. Plus after all, it is your home, not just a house. You spent your life there and you want to keep it for your family.
You don’t want to put them in a situation where they have to urgently sell at a discount. So buy a life insurance policy to protect against the mortgage so that if you were to pass away, the house can be paid off and your family can be better protected.
Stories from the field
A number of years ago while I was out talking to clients I happened across two older ladies who wanted to speak with me about life insurance. They had taken on the responsibility of caring for their aging uncle in the home that they shared and were concerned about what would happen if their uncle passed away, as they did not have any savings to pay for a burial.
Their uncle wasn’t in the best of health and they worried that he wouldn’t qualify for life insurance coverage, and if he did, that it would be too expensive for them to be able to afford the payments. They knew they would probably need about $10,000 to cover the cost of a funeral and burial and so they got in touch with me to find out what a premium would be for that amount of coverage.
I was able to qualify their uncle, despite his health problems, for first day, full coverage. A couple of years later I saw the death claim come through for this gentleman and was thankful that his nieces had spoken to me when they did. I was able to pay out a full benefit to the ladies, which helped them cover the expense of their uncles funeral and burial – an expense they wouldn’t have been able to otherwise afford out of pocket.
It’s experiences like this that remind me how important life insurance coverage can be, especially for those on a fixed income with limited savings. Life insurance can relieve the stress caused by unexpected death and give the owner peace of mind in knowing their final expenses will be taken care of without being a burden to loved ones left behind.
Case Study Examples
Newlywed with High Blood Pressure
A young man recently contacted us because he had just gotten married and wanted to ensure his wife was taken care of should he pass away unexpectedly. He knew the importance of life insurance but was concerned because he had a history of blood pressure problems.
He was taking medication to keep his high blood pressure under control and wondered if this would affect his eligibility for term life insurance as an Uber driver.
The good news is that despite his health issue, Buy Life Insurance for Burial was able to get this young man coverage that was comprehensive and affordable.
While we can’t guarantee coverage to everyone who gets in touch, we do our best to find affordable, first day coverage for every client. Because we are brokers we had the added advantage of being able to shop a number of carriers for the best options.
New Home Owner with a History of Depression
The reason this particular client reached out to me was that he had recently purchased a new home. He was feeling the weight of a 30 year mortgage and was concerned about what would happen to his family if he died unexpectedly.
This client had a medical history of depression and was taking medication to regulate his mental state so that he could continue to work as an Uber driver.
Thankfully this client got in touch with us at Buy Life Insurance for Burial and we were able to find him quality, first day coverage at a price he could afford.
What types of life insurance are available for an Uber or Lyft driver?
There are generally three different types of life insurance products available to those who are Uber drivers. Here are the types of insurance and how they work.
Term Life Insurance
Term Life Insurance is temporary life insurance designed to cover temporary obligations, typically lasting 10, 20 or 30 years at premiums that remain level and never increased during that period of time.
People buy term insurance to replace their income if they pass away or to pay off major debt such as mortgages, as discussed earlier. Why do most Americans purchase term insurance versus other insurance plans? Simply because term insurance is the cheapest form of life insurance that gives you the most amount of coverage. Generally term is a fraction of what whole life or universal life insurance costs, and because Americans are most concerned about paying off debt and replacing their income when they pass away, most reach for term insurance as the first solution.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Whole Life Insurance
Whole life insurance is designed to be permanent protection. The rates on whole insurance never increase. Also, the coverage never cancels because of age or health. Unlike term insurance, in most cases you’re fully protected from the first day.
The biggest advantage with whole life insurance is that it gives you total peace of mind. You don’t have a circumstance where you could outlive it as long as you maintain and pay the premiums. Why then don’t most people purchase whole life instead?
Simply put, whole life insurance costs between 5 to 10 times as much as a term life insurance solution. And factoring in that most Americans purchase a life insurance plan for reasons related to term insurance, such as replacing income and paying off debt. It makes less sense nowadays to purchase whole life insurance.
Most of my clients who do end up purchasing whole life insurance want to make sure that there’s a plan in place to take care of their final expenses, such as their burial and cremation costs. They also want to make sure there’s some kind of permanent protection in place. This is especially true among my older clientele who want to replace their retirement income so the surviving spouse has an economic cushion.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Universal Life Insurance
Universal Life Insurance can be described as a hybrid policy that takes some elements of term life insurance combined with some elements of whole life insurance. Universal life insurance can be permanent in the sense that it can be designed to last without a cancellation date. In the future we call these guaranteed universal life plans, and many times they provide more death benefit coverage for a client than a whole life insurance plan.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
However, universal life plans can act as term insurance plans only lasting for a period of time before potentially canceling. Universal life plans are primarily used as vehicles in which to use what’s called supplemental life insurance retirement plans, or an index universal life plan, where the policy’s cash value, based essentially on the stock market, can be used to generate cash and be withdrawn upon retirement.
Top 5 Reasons People Purchase Life Insurance Online
1.You are in control
With the advent of technology eliminating many of the old fashion ways of doing sales the internet has allowed consumers like yourself to be in the driver’s seat when it comes to making major financial decisions. Online insurance is one of those products that allows you to do your due diligence research and determine ultimately if the company you are doing business with, as well as the agent you are doing business with, meet your criteria.
2.Avoid sales people
Sales people are known for being pushy and not taking “no” for an answer, so of course most people would rather avoid them all together if possible. Shopping for insurance online allows you to avoid the high pressure tactics, shoddy products, and overall bad experiences consumers have come to expect from sales people.
With the internet you can now shop from the comfort of your own home without the annoyance of a sales person. Though you still need a broker to help navigate your coverage, you are free to make a decision without the in-person pressure.
3.Take time to make a decision
Shopping from home, you can take your time to make a final decision on life insurance. While all agents will adamantly argue time is of the essence when it comes to life insurance, we also recognize at the end of the day it is your personal decision. Buying online gives you the ability to make a calculated best decision for you and your family without being rushed into choosing a plan that might not meet your needs.
4.Do your background check
Buying life insurance online gives you all the tools you need to research your broker and insurance options. You can look up agents online, read past reviews, and see if they are legit all from the privacy of your own home.
5.More comfortable pace to doing business
Finding out about life insurance online allows you to control the pace and the progression toward ultimately doing business. It’s completely designed with the consumer in mind. The internet is liberating in this regard, allowing customers to take the sales process into their own hands.
Should I take an exam?
As an Uber or Lyft driver, you may be wondering if it’s smart to take a life insurance policy out that requires an exam. Generally speaking, exams are optional, although I will say as a life insurance professional, I prefer clients who are in pretty good shape to get a policy that has an exam component to it.
The reason is simple.
The more information that is given to the underwriting company the better the chance of lower prices for coverage. Without an exam, there is more uncertainty about your health and therefore, there will be somewhat of a higher price baked into the plan.
If you’re in great shape, consider an exam for a better price. If you don’t like the idea of an exam or you are not in the best of shape, it may be better to look at what’s called a non-medical application or simplified issue product. Either way, we here at Buy Life Insurance for Burial are happy to help Uber and Lyft drivers figure out what kind of life insurance policy would be best.
I hope this article has proven useful on your hunt for more information about life insurance. I also hope it has encouraged you to get in touch with a qualified broker to see what type of life insurance you can get in place to protect the ones you love.
Whether you want to cover burial, replace an income, or protect your retirement, Buy Life Insurance for Burial can help.
Give us a call at 888 626-0439 now to speak to one of our friendly life insurance experts.
It takes less than 10 minutes and there is absolutely no obligation to purchase anything.
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Thanks for your interest we hope to speak with you more about your life insurance goals.