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Voluntary Life Insurance - YouTube
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ned ryerson bang bang
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phil i sell insurance what a shock do
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you have life insurance
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because if you do you could always use a
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little more am i right or am i right or
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am i right
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right right right so maybe you have
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employer paid life insurance coverage
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but who couldn't use a little bit more
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am i right check out this episode of the
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benefit breakdown
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where we'll help you calculate how much
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life insurance coverage you might need
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and also discuss the basics of voluntary
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life insurance coverage through your
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employer
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[Music]
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what's up everybody it's brandon huerta
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with maniacci
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and this is our open enrollment series
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so if you like this video be sure to
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connect with us on social media and
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check out the rest of the series
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on our youtube channel when you hear the
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term voluntary life insurance
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i want you to think of two beautiful
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words guarantee
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issue but before we get into the details
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check out our last video on employer
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paid life insurance
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where we discuss the importance of life
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insurance but also define the term
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beneficiary
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remember review your beneficiary
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elections every year
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and adjust as needed the worst possible
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thing that could happen
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is that your life insurance benefit is
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paid to someone unintended like
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an ex-spouse okay so let's drill down on
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how much life insurance coverage is
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necessary
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not everybody needs life insurance and
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coverage amounts will vary from person
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to person
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but we typically recommend that you have
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10 to 12 times your annual income
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as your life insurance benefit now this
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is a good starting point
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but if you want to dive in deeper we can
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perform what's called the dime analysis
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d is for debt if i pass away do i have
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any debt that i'd want paid off
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i is for income how much income do i
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want to replace for my family
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m is for mortgage do i have a mortgage
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that i want paid off
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e is for education do i want to
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guarantee my children's education is
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paid for
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so now that we've established how much
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life insurance coverage you need let's
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jump into the details of voluntary life
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insurance
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this is a supplemental policy that you
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can take out if you have the need
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but it's at your own expense these
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policies typically have
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five year age brackets which means your
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premium remains the same or your cost
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per paycheck
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while you're within each bracket and
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typically these policies
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are portable which means you can take
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your coverage with you if you leave your
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employer
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by far the best feature of voluntary
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life insurance
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is the guaranteed issue amount this
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means
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that you might be able to take out
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coverage without having to answer any
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health questions
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or without having to go through a
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medical exam which is awesome
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this can be a great benefit for someone
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who's unable to obtain
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life insurance on the individual market
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due to an underlying medical condition
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for those who are unfamiliar with how
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the individual market works you have to
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complete a ton of paperwork and you have
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to go through a detailed medical exam
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where they look at your height your
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weight your blood pressure you have to
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do a urine test a blood test
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they look at your health history they
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even look at your family's health
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history
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and if the insurance company doesn't
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like what they see you may be
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declined coverage which means you're
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uninsurable and you can't get the
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coverage that you need
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so voluntary life insurance may be your
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only option through this guaranteed
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issue window
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so be mindful because there's a window
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of opportunity where you can sign up for
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the guaranteed issue amount
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when you're first eligible for coverage
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and each year
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you can usually take out small
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increments of coverage without having to
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answer any health questions
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however if you didn't sign up when
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you're first eligible
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or you're trying to take out coverage
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above the guaranteed issue amount
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you may have to fill out an evidence of
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insurability form
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that asks questions about your health if
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the insurance company likes your answers
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then you'll likely be issued the
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coverage if not
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you may be declined coverage or you may
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be required to go through a medical exam
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and if you found this video helpful
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share it with your friends and your
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colleagues and check out the rest of our
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open enrollment series
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on our youtube channel and stay tuned
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for our next episode
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where we help make your healthcare
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experience less painful
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