If you are an accountant and are interested in accountant life insurance eligibility, then we can help you out. There are many reasons why life insurance for accountants is a great idea to have in place for your loved ones should you die unexpectedly.
It’s hard to imagine our society without the talented, hard-working accountants keeping our business and personal lives financially organized and in compliance with all of our laws. Our accountants are a crucial part of the civilized and organized society that we so often take for granted.
Accountants benefit every one of us, every day. We are thankful for the contribution that accountants provide that make our world a better place in business and personal finance.
Why is life insurance for accountants important?
Being an accountant can be a high-pressure job. With never-ending deadlines, ever-increasing workloads, and a fast-paced work environment, accountants are always working under pressure to do more with less, and in less amount of time.
Accounting is also a sedentary job. Accounting is a job that relies on high amounts of intellectual, accounting, and legal knowledge. Accounting is not a work environment that is conducive to creating a healthy lifestyle (from an activity standpoint).
Because accounting relies more on brainpower than physical power, it is not uncommon for accountants to put on a few extra pounds over time. It is also not uncommon for accountants to be stressed due to their ever-increasing workloads. Most accountants commute to the place of employment, which is a dangerous endeavor in today’s distracted world of driving.
All of these factors contribute to a shorter than expected lifespan. When an accountant dies prematurely, it affects everyone around them. The most affected are the family members and loved ones of the accountant.
Because of these factors, it makes sense for people to wonder about accountant life insurance eligibility.
I’m an accountant, and I already have life insurance through work?
Life insurance for accountants through work is a welcome workplace job benefit. Your employer owns this life insurance (they pay the premium), and you get the benefit of life insurance coverage as long as you work for this employer.
If you change jobs or transition to another line of work, your life insurance benefit goes away.
Just as you will be unable to take your health and medical benefits with you to a new employer, you will be unable to take your employer-provided life insurance with you to a new job.
I have life insurance with my current employer, and I will have it through my next employer, why do I need to purchase more accountant life insurance?
Because your employer-provided life insurance benefit is owned and controlled by your employer, they can choose to increase, decrease, or eliminate your life insurance coverage in the future. You need life insurance will never go away. Your employer’s willingness to pay for your life insurance may go away under a myriad of circumstances.
Many accountants are injured or unable to work due to an illness. When you leave your place of employment due to injury, illness, or disease, you may be unable to qualify for life insurance coverage in the future.
Owning life insurance that you pay for and control is a crucial financial safety net for accountants and other financial professionals.
My life insurance through work is cheap or free?
This can be a good situation or a bad situation. It’s good that you have access to free or cheap life insurance for accountants at work. It helps save money for your family budget and provides you with life insurance protection while you work for your current employer.
It’s bad because it provides a false sense of security that this life insurance will be a benefit for years to come. Most people switch employers every 5 to 7 years, and their benefits package will change dramatically each time they change employers.
If you do decide that you want to purchase life insurance at a later time, you may do so, but it will be more expensive the older you get. It is wise to choose to purchase a “base level” of life insurance that you own while having the rest of your life insurance coverage provided by your employer.
How much accountant life insurance am I eligible for at work?
This depends on your employer’s benefits package. Most accountants are offered one year’s worth of income as a life insurance policy. Some accountants can purchase additional life insurance through work for 1 to 3 times their base salary.
If you make $40,000 a year as an accountant and purchase an additional three times your annual income in employer-provided life insurance, you would have access to $120,000 in life insurance protection.
While $120,000 sounds like a lot of money, it only provides your family with three years’ worth of income replacement when you die. When you die, there will be other expenses that will pop up that will make this $120,000 disappear faster than you had imagined.
Additional costs such as medical expenses, burial expenses, children’s education, college loan repayment, mortgage payoff, etc. may make your $120,000 in life insurance coverage quickly disappear.
If you only have 1 times your annual salary in employer-provided life insurance, you can see how quickly your $40,000 in employer-provided life insurance goes away thereby placing your family and loved ones at great financial risk.
Providing for your family and making sure that they are taken care of after your death is one of the most loving things an accountant can do for their family.
Accountants selflessly give themselves to provide for their families, and we’re grateful for that. Do, however, make sure that your family is taken care of when the worst happens.
When should I buy life insurance if I’m an accountant?
The best time to purchase life insurance is right now. As you grow older, the cost of life insurance will increase as you age.
The best time to purchase life insurance is before you need it. The best time to purchase life insurance is before you become diagnosed with an illness. The best time to purchase life insurance is when you are younger, rather than older.
What type of life insurance should I purchase?
If you want life insurance as an accountant to cover you only during their working years, a term policy would be an ideal choice. If you want life insurance coverage to protect you for your entire life, a permanent insurance policy such as a whole life or universal life insurance policy would be appropriate.
Term life insurance is like auto insurance. You pay a monthly premium, and when you die the life insurance company will pay your family a death benefit. If you stop paying your life insurance premium, life insurance coverage ends. At the end of the term for your life insurance (often 15, 20, or 30 years) you will not get your money back.
Permanent life insurance such as whole life or universal life insurance builds up cash value which you can access while you are still living.
Term insurance costs less than whole life or universal life insurance.
There are “hybrid” life insurance policies that include a base level of whole life or universal life insurance, and an additional “rider” of term life insurance. These policies are great options for those wanting a higher amount of coverage in their working years, and permanent life insurance protection with access to cash value later in life.
Which life insurance is right for me?
It depends on your financial needs, your tolerance for risk, and your budget. We can help you understand your life insurance options as an accountant in order to help you determine the correct short and long-term life insurance plan for you and your family.
How do I get started?
Your first step will be to determine how much accountant life insurance coverage you need. We are experts in this area and can help you to assess your life insurance needs over the phone.
Your second step will be to determine what will fit into your budget. Once we understand the coverage amount you’re comfortable with, we can approach our 40+ life insurance companies for quotes.
What are my life insurance payment options?
You can pay monthly, quarterly, or yearly with term life insurance policies. With whole life and universal life policies, you have other payment options (lump sum, etc.)
If you are an accountant, call us to help you understand your accountant life insurance approval options.
At Life Wealth Win, we specialize in healthy to high-risk life insurance cases. We can help you understand your accounting life insurance options.
We work with clients across the nation to get the best life insurance rates possible. If you are an accountant, we can help you get the best life insurance rates.