TRG GoLife Gets Life Insurance Numbers Just Right

Sep 24, 2018

Family - GoLife

Think back to when you last purchased life insurance. Dig around your memory as it may not have been recently, if at all. It was probably when you last started a new job. Onboarding includes a lot of forms, and likely one of them was the group life insurance your employer provided in your benefits package. You may have then topped that up with Optional Life, which comes in convenient and unlimited units of $10,000. 

Completing all those forms for HR is a crunch so you probably threw a couple of those handy units into a shopping cart and called it a day. After all, you had to, you know…work. But is it possible you put more analysis into buying a coffee maker? Fortunately, there’s a better way.

But first, I admit I exaggerate. There may have been an additional back of the envelope scribble while you waited for the medical/physical approval to come through. But the point is there are few analysis and research tools on the market to help determine exactly how much Optional Life one really needs. Instead, we do a bit of quick math in our heads and come up with a number we think we need. Such casual miscalculation can quickly add up to either lost money or uncovered risk. 

This scenario is not uncommon, and in some ways it’s not a bad one. At least there is some life insurance in place. It may be surprising, but statistics show that insurance amounts are at a historic 30 year low for individuals. In fact, 40 per cent of us don’t have any at all. That figure might have something to do with 80 per cent of us over estimating the cost. Clearly, the proliferation of financial calculators is not heavy on life insurance. The good news is that there’s now an app for that. 

It’s called GoLife. And like most fintech, it employs an interactive and intuitive interface to guide users through a series of questions about age, income, and so forth. Once all the information is entered, the algorithm provides an ideal amount of Optional Life, complete with pricing. The simple and clear graphic comes with an integrated slider so users can easily increase or decrease coverage along with relevant premium changes. GoLife’s powerful analytics help employees confidently purchase just the right amount of insurance, no more and no less.

GoLife is equally attractive for employers to include in their benefits package because there is no cost, either directly or through administrative soft cost. GoLife bypasses the company payroll system and debits premium amounts from employees’ bank accounts or credit cards. Free is hard to beat. This feature also gives employees autonomy and control through easy online access and portability.

This innovative product smooths the way for both employers and employees to make buying Optional Life insurance better. And isn’t that the point? Take GoLife out for a spin and see what your numbers are.

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