January 10, 2018

Life Insurance Marin County

Life Insurance Marin County is different for a full variety of reasons. Therefore your choices different and more unique.

First off, Marindependent, is not an insurance broker that will try and oversell you some overpriced whole life insurance policy that you do not need. We specialize in affordable and simple Term Life. We are open to using Cash Value policies when it makes good financial sense and when it is something that the client truly wants and needs.

Why Term Life is Different in Marin:

One of the highest incomes per household in the country.
The highest home prices in the country.
More professional occupations and small business owners.
Mother and Fathers age, often be older when they have children.
The longevity of Marin County residents.
The lowest B.M.I. per person, possibly, in the country.
General higher health standards, however with that comes other rather complex underwriting issues. More on this later.
The general “Marin” Factor. This can refer to marijuana, it can refer to nutraceuticals, or rock climbing.

How Buying Term Life in Marin County Should Change What Type, Kind, and Coverage that you Buy:

In Marin County, $250,000 of term life insurance is really almost chump change. If you own a home valued at $1.3 Million dollars, how will you pay off your note in you were to die. If you are depending on your life policy, you will not. But there are numerous other considerations that will affect what you will buy.

The Potential Need to Buy a Much higher coverage amount than the national average. Because of your house, your career, your debts.
The Possible Need to Buy your first life insurance policy when you have your first child at a more advanced age, say 42.
The Potential Need to Buy a life insurance policy that is properly set up with some sort of revocable or irrevocable trust.
The Special Consideration of rating factors such as dangerous activities, such as mountaineering, scuba diving, trail running, etc.
The Special Consideration of rating factors that involve healthier people. Yes healthier people often have more known health issues. Confused? Don’t be, just know that a healthy person that goes to the doctor every year is more likely to know that they have high cholesterol and hence may be on some medicine.
Considerations of rating factors around increased use of antidepressants. Although I have no proof of this, my “opinion” is that A listers work hard and get stressed out, therefore they often see therapists, etc.
The Gigantic Bay Area cost Consideration. They say things are bigger in Texas, well for the San Francisco Bay Area – “Costs are bigger in San Francisco.” What this means is that if you plan on living in the bay area, even after an untimely death, you really need to budget for this with your life insurance. Will your family really be able to live on ten times your current earnings? Basically living the bay area requires more life insurance.

What to do When Buying Term Life Insurance in Marin County:

Rule Number One: Don’t just stick with the life insurance offer from your home/auto person based on a claim about a discount. Discounts rarely make sense for life insurance. If you do not believe me, ask your home auto insurance company to provide for you an example of the discount that you get from for buying life insurance from them. Often they are one way discounts.

The Home Auto Life Insurance can makes sens when dealing with a very small amount of life insurance, say $50,000 but not usually more than that.
Even if the discount does make sense do you really want to lock in your home insurance for the life of your life insurance policy?

Rule Number Two: Don’t be duped into hearing low life insurance quotes and thinking – Wow that Could be me! I can be as guilty as the next insurance agent on this one, luring potential clients with potential prices. They are all just sample pricing. However, once you turn 30… it really becomes rare to easily qualify for the best class pricing that is usually shown.

Rule Number Three: Strategize when Purchasing Life Insurance. Are you planning on making this your first in a series of term life policies? Will this be your only life insurance policy? Will this be coupled with a work Group life policy? Do you want any living benefits? Do you need it to be a convertible policy?

Rule Number Four: The moment you realize that you have a special underwriting consideration, such as scuba diving, high cholesterol, etc – Let that Drive the Insurance Buying Process. In other words it doesn’t matter what other 43 year old women are paying for a twenty year policy because “they” are not pregnant hang gliders on zocor. If you are, then you need to lead with this, buy insurance based on an insurance companies openness to your situation.

Rule Number Five: Do not let anyone else tell you what type of life insurance you need, and that includes your insurance agent, possibly me. Learn about the types, benefits, and costs of life insurance and make your own informed decision.

Rule Number Six: Get involved in the death benefit calculation discussion. Everyone assumes that the death benefit should be decided based on needs, and in a perfect scenario it should. But sometimes that amount of coverage may be unaffordable.

Rule Number Seven: Check the Financial Strength Rating whenever you are buying any type of life insurance. A financial strength rating- is an “opinion” of an insurance companies ability to meet its insurance claims and other financial ongoing costs.

Rule Number Eight: Do not sign anything that you do not understand.

A Special Life Insurance Marin County Consideration:

Yes, life insurance in the Bay Area is indeed different, after all isn’t everything more expensive around here? Look on the bright – where else can you live where so many people are so healthy.

San Francisco Bay Area Term Life Conclusion:

In the end the right life insurance policy is about the client and their family – no one else. Not what the agent wants, not your friend wants. Finding the right life policy at the right price can be complicated. Hopefully Life Insurance Marin County was able to address any questions that you may have.

Give us a Call or ask a Question in the Comments Field. Marindependent Insurance Services LLC, Marin County Home Insurance Specialist.