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This Article Is Going To Address People Who Work At Walmart And Their Concerns For Life Insurance Coverage
Most likely you’re here today because it is close to benefits season at Walmart, and as an employee or relative of an employee, you are considering life insurance options offered at work.
What I’m going to offer in this article is a number of reasons why it may be important for you to pick up additional coverage to have a more comprehensive life insurance package for your family’s needs.
Specifically, we’ll cover a number of topics as they relate to Walmart employees seeking additional insurance coverage.
Here’s An Overview Of Today’s Topic:
- Why You Should Get Supplemental Life Insurance In Addition To What You Have At Walmart & How Much Coverage Should You Get?
- Top 5 Reasons People Purchase Life Insurance Online
- Reasons why Walmart Employees Buy A Life Insurance Program
- Case Study Examples
- Strategies To Get The Best Price And Supplemental Life Insurance Coverage As A Walmart Worker
- Factors That Can Affect A Walmart Employee’s Application Approval
- Types Of Coverage Available To Walmart Employees
- Burial Insurance Rates, Age 40 to 90*
Why should Walmart employees buy life insurance?
It’s highly likely that the life insurance coverage that you received as an employee benefit from Walmart, or any corporation for that matter, is insufficient.
This coverage most likely won’t provide the kind of comprehensive coverage you need to take care of final bills and income replacement if either yourself or your loved one were to pass away.
Here’s the reason why I make this claim: Walmart, like many other corporations, offer what’s called a group life insurance policy. Generally speaking, this provides a multiple of your annual income. Let’s say you earn $40,000 a year at Walmart. It’s likely that the coverage is, worst case scenario, equivalent to just one year’s worth of income upwards to possibly three years worth of income. The best case payout would be $120,000.
Now, you might think that this is a good death benefit. My point in mentioning this is not to argue with that point. Sure, that kind of coverage has some value. But I would argue that it isn’t nearly enough to take care of the ones you love. Allow me to explain.
Here’s the reality of your situation.
If you are like most Americans, you owe money on a mortgage. You have plans to help your kids get through college. You have plans financially to get to the point where you and your spouse can retire comfortably.
At the same time you love your family, your spouse and your kids. You wouldn’t want them to be unfairly burden with financial debts that they couldn’t handle without your income, nor would you want to dramatically alter their lifestyle because you died unexpectedly.The solution to this problem is to buy life insurance.
The problem with just relying on Walmart alone to provide your life insurance coverage is that even in the best case scenario with $120,000, many people will burn through that amount of money instantly, paying down things like their mortgage, paying off the debts left behind, setting aside money to pay for college, and so on.
You find that money tends to be used very quickly and ultimately puts families right back into the poor house from which they worked so hard to stay out of. So the reason I suggest Walmart employees pick up supplemental coverage in addition to what they get through work is to completely finish out their life insurance needs.
Whether you use your insurance to cover final expenses, mortgage payments, or retirement, Buy Life Insurance for Burial are dedicated to helping people like you get affordable life insurance.
We shop the most competitively priced companies to provide the best packaged deal so that you can have peace of mind in knowing your finances are covered.
For a free quote, give us a call at 888 626-0439 or send us a message using the box at the left hand side of the screen.
The 10 times rule
I generally recommend, and most financial advisers would agree, that you purchase 10 times your annual income in life insurance coverage.
In this case, if you had three times your income of $40,000 already through Walmart, that would mean we would have to subtract 10 times your earnings, which is $400,000 minus $120,000 in coverage. This leaves us with $280,000 in life insurance coverage that you would buy through a private life insurance agency like us here at Buy Life Insurance for Burial.
We find 10 times your annual income in life insurance coverage generally provides sufficient and long lasting income so that you’re surviving family can live comfortably and not be thrown out of their house or have their entire lives altered dramatically beyond your death.
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. With life insurance being online, it 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 the criteria of what you want to accomplish.
This is the biggest advantage of buying life insurance online, especially through someone like Buy Life Insurance for Burial. We give you all the tools to empower yourself to get the best options and the best exposure as well as the best education to make a decision on what kind of life insurance fits your particular needs.
We give you information on rates, coverage amounts, different reasons why people would purchase coverage, as well as health conditions that may imply certain outcomes for different people. This gives you maximum exposure, allowing you to do all the due diligence necessary to make a decision. Again, being in control is what really matters so that you can do the best for your family with the best life insurance coverage you can find.
2.No sales people in your house
Sales people have a bad rap and it’s understandable. For years sales people have abused consumers with high pressure tactics, shoddy products, and overall bad experiences. Now, with the advent of the internet you have the power to eliminate the shaddy sales person from ever entering your home.
While you still need an agent in many circumstances to help answer questions to help navigate through the process of buying, the good news is that you do it on your terms and not in your home. If you like the idea of doing business over the phone or over the internet and you want to control the process in which you deal with people, buying life insurance online through Buy Life Insurance for Burial is a good idea.
3.Take time to make a decision
Without having a salesperson in the home you are not under any sort of pressure to make a decision. While I, as an agent, will be adamant about you needing to make a decision, the truth is you have full control and can make a decision when it’s best suited for you. I believe this is one of the best reasons to buy online.
While I don’t like to see people procrastinate in making a decision about buying life insurance, I do like to see people make a decision for buying life insurance when they are completely 100% sold that the act of buying life insurance is best for them and their family.
Buying online removes a lot of the salesman pressure that would otherwise compromise the values of careful decision making.
4.Do your background check
As the old saying goes, information wants to be free and having access to the internet to buy life insurance gives you all the tools to proceed and make sure that the person you are dealing with is legitimate. You can look them up online, do a Google search, check out YouTube if they’ve got videos or otherwise look them up on Facebook and see if they are actually a legitimate person that you’d like to do business with. You can do this all of your own accord in the privacy of your own home.
5.More comfortable pace to doing business
Ultimately doing business online, as mentioned earlier, allows you to control the pace and the progression toward ultimately doing business. It’s completely designed with the consumer in mind. The internet has really liberated the buying process for so many different kinds of products and it definitely has been the same and continues to grow for those people who buy life insurance online as well.
Reasons why Walmart employees buy a life insurance program
Let’s talk about why it’s important to buy life insurance so that you can better understand how to apply the 10 times rule and fully understand why you need more income coverage than what Walmart provides.
Cover a mortgage
If you own a house, it’s likely your house exceeds your annual income by several times over.
If you happen to pass away and your loved ones are left responsible for the mortgage, then you put them in a position where they could possibly lose the home you worked so hard to get. This is why having a life insurance plan that covers part or all of the mortgage is very important.
Many times our homes are the center of our lives and they mean so much more than just a roof over our heads. Why not protect the home, and the people, you love?
This ties back to our earlier conversation about the importance of using life insurance to replace what monies would have been made had you lived. You don’t want your family to be so dramatically affected that they have to go back to work or lose out on the kind of lifestyle that you’ve worked hard to create.
A life insurance policy can supplement income at a critical time when your family is at risk, allowing them to survive much longer financially than they would without any kind of support.
Nobody gets out alive after all. We all have to pay for a burial or cremation.
Even though you work and are probably a little younger than people who are thinking about final expenses, a life insurance plan can cover the uncertainty and provide peace of mind in knowing that though you may not know when you will die, you can be prepared with coverage.
It’s smart to have somewhere between $10,000 and $25,000 set aside in life insurance coverage to pay for burial. You can do that with a life insurance plan so that your family doesn’t have to come out of pocket from any savings or any other monies to take care of this cost.
If you find you’re interest peaked and want to find out more about what you might qualify for in life insurance coverage, give us a call at 888 626-0439 today and receive a free, no hassle quote. Our professional experts are here to answer any questions you might have.
If you’d rather send a message, that’s an option too! Just use the box to the left to get in touch and we will reply within 24 business hours.
Case Study Examples
A client reached out to me because they had recently got married. Both he and his wife thought it was very important to take out life insurance. Why? Because they were facing a situation in which they were responsible for each other financially. If either person passed they didn’t want to leave behind any serious or significant long term financial problems. There was just one problem – my client had a history of blood pressure problems.
While he had kept it well under control and there hadn’t been any real issues of late, he was medicated with several medications to control his blood pressure. My client wondered what his eligibility would be with his blood pressure issue.
The good news is that Buy Life Insurance for Burial was able to shop the most competitively priced companies out there and offer him the best combination of pricing and coverage.
At Buy Life Insurance for Burial we do our best to meet your income restrictions and coverage goals to ensure you have peace of mind that your loved ones are protected if you die unexpectedly.
Primary Bread Winner
A 45 year old woman named Mrs. Yates contacted me a couple of years ago because she was concerned about her husband and children’s financial situation. She was the primary income provider, working full time at Walmart, and worried that if she passed away earlier than expected it would put her family in a bad financial situation.
She wanted to leave behind money to take care of her final expenses as well as cover any debts that might need to be paid off.
Mrs. Yates had suffered from cancer a few years prior, but had been given a clean bill of health at her latest check up. Still, she worried that her cancer history would affect her eligibility for burial coverage. Despite her cancer history, Buy Life Insurance for Burial was able to approve Mrs. Yates for first day full coverage. While we can’t promise the same outcome for every cancer survivor, we do our best to find companies that accept applicants with this particular health background and often succeed at getting them great coverage at a great price.
Factors that affect insurability
What follows in this section are the factors that affect your application for life insurance coverage as an employee of Walmart. Most likely your group life insurance plan didn’t ask health questions and simply asked for your consent to take the policy out.
Unlike a Walmart Life Insurance Program, a private policy is designed only to be approved upon the satisfactory answering of several different types of health and lifestyle related questions.
What follows is a list of those questions, so that you can better prepare yourself and know what to expect when you approach the application process. Be fully prepared to answer questions in a transparent and forthright manner to get the best price and coverage.
Health has the biggest impact on your level of insurability. You’ll be asked a multitude of health related questions as it relates to your internal and external functions. Most companies look back throughout your entire life, but more specifically within the past 10 years, when reviewing answers that you provide.
The older you are, the higher the amount you are likely to pay.
If you smoke or use tobacco, generally, you’ll pay a higher price.
If your weight is not in a healthy range, you will probably pay more for coverage.
Generally, working at Walmart will most likely not have a negative impact on your ability to get life insurance. Most of the time life insurance companies are worried about professions that have higher risk elements, such as working on an oil rig or commercial fishing.
Companies will want to know what your hobbies are and if they’re high risk or low risk. If you’ve had a history of driving violations or a criminal record, all of these will also have an impact on your application as well.
Stories from the Field
Early on in my career I happened across a small, rural area in Tennessee where I met a couple of ladies who were sisters who were housing an older gentleman who was their uncle.
Both had life insurance and were quite happy with what they had, but they wanted to get some kind of life insurance coverage on the uncle. He had suffered from some health ailments, but nothing too serious and they felt it was important because they were financially obligated to take care of this individual.
They didn’t want to end up going into the hole financially for a large $10,000 to $15,000 funeral and it was customary in the family to be buried, so cremation was not an option.
Because they didn’t have much money on hand they knew a life insurance policy would be the perfect route to go.
I was able to qualify this gentleman for first day, full coverage despite some of his health challenges. I got a note about 2 years later that he had passed away from natural causes.
I was proud to say that because of the company I worked with at the time we were able to get half of the death benefit to the family within 24 hours to help pay for the funeral. They received the rest of the money over the next few weeks.
This is the kind of thing that helps life insurance agents really understand the power of coverage being in force when they have a valued client die and can watch the policy come to life and take care of understandable financial stresses and concerns in a way that no other kind of plan can do.
Strategies to get the best price and supplemental life insurance coverage as a Walmart worker
In the following section, I’m going to detail the most common recommendations I give people who are looking for supplemental coverage with life insurance that already have existing life insurance coverage from Walmart. These strategies do a good job to help lower the overall price of what you’ll pay for life insurance coverage in addition to giving you the best overall opportunity for the best types of coverage.
Work with a broker
As mentioned earlier, working with a broker is one of the best ways that you can secure a good combination of price and coverage for your life insurance.
You may have read the last section talking about the different factors that affect your insurability and worry that one or more of those factors might impact your capability of qualifying for life insurance coverage.This is exactly why a broker exists.
My job as a broker at Buy Life Insurance for Burial is to take your unique health profile and see which of the many companies that I represent would be willing to give you the best price and coverage for what you are looking to accomplish, whether that be income replacement or covering final expenses.
Brokers, unlike captive agents, can go out to each life insurance company and essentially shop around for your policy to see which company is going to give you the best overall value for your money. This is in contrast to a captive agent who only represents one company.
A captive agent may not give you the best price and may not be able to meet your coverage goals. In many cases, people that work with captive agents who have one or more of the factors mentioned earlier as a concern find that they end up getting declined or are quoted such an expensive rate that they don’t buy life insurance at all. Whereas working with a broker would most likely give them a better opportunity to find coverage at a more affordable price.
Exam or no exam?
Getting an exam totally depends on the amount of coverage that you ultimately want to purchase.
If you have a lower income and you’re looking to purchase a final expense plan, it’s unlikely that you’ll have to take an exam to get a competitive price for the amount of coverage you’re looking for. However, if you’re looking for coverage in excess of $500,000 or more, expect to take an exam.
If you don’t want to pay too much for your life insurance, the difference can be substantial. Personally, I pay around a $1,000 or less a year for my life insurance simply because I opted to take an exam.
An exam may include, but is not limited to, the following:
- Blood withdrawal
- Blood pressure check
- Health questionnaire
What kind of insurance is available to Walmart employees?
Permanent Life Insurance
Term insurance and permanent insurance are the two main types of life insurance coverage available that are designed to pay a death benefit out when you die. The type of plan you pick ultimately depends on what your goals are for your insurance.
If your goal is to pay for your burial or cremation and not to leave any sort of final expenses behind, choose a permanent life insurance policy. Permanent life insurance policies never go up in price, never cancel due to age or health, and if you qualify you may be given 100 percent first day full coverage for natural or accidental death.
Permanent insurance is important for older Walmart workers that are still working. They most likely aren’t necessarily looking to replace their income, but they want to make sure some kind of a policy is set aside in order to take care of their final expenses.
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
Term Life Insurance
If you’re looking to replace your income if you die earlier in life, then a term insurance plan is probably the best bang for your buck as far as coverage options go.
However, term insurance is not permanent coverage. It’s temporary, which means it only covers for a particular period of time, usually between 10, 20 and 30 years. Premiums do remain the same, however you must die before the policy ends for your family to be paid a full death benefit.
Again, term insurance makes more sense for income replacement concerns simply because income is a temporary concern that ends, ideally, once you retire, assuming you have saved money, paid off the majority of your debt, and can rely on social security.
I certainly hope you enjoyed reading this article and plan to take steps toward getting coverage in place no matter what your goals or budget might be.
We here at Buy Life Insurance for Burial want to help you with your goals. Give us a call at 888 626-0439 now to speak to one of our friendly life insurance experts who can help answer any questions you might have.
There is absolutely no obligation and you can have a quote within 10 minutes. You can also send us a message and let us know what you are looking for. You’ll receive a reply within 24 business hours. Thanks for your interest and thanks for reading this article.