A lot of employers offer some sort of basic life insurance along with the employee benefits package. This usually is based on some multiple of the annual salary and is offered at a nominal fee or for free. At times, this can even be extended to your immediate family through supplemental life insurance policies.
So why would you consider buying any insurance beyond that? Wouldn’t the company one be enough?
Weighing the Pros and Cons
It’s great that employees have access to some coverage that’s very inexpensive. Beyond that, if the employee has any preexisting medical conditions (diabetes for example), it may be much harder for them to qualify for insurance outside of work. As a part of the employee plan; however, it will be much easier to at least get some coverage.
Do keep in mind though that since the life insurance was provided by your employer, if you were to lose your job, you also end up losing the life insurance coverage. Changing jobs may cause some gaps in the life insurance as well. It’s also important to understand that the coverage that is being provided. If you have a sizable family, it may not be enough to cover all their needs. To truly figure out what you need in various unforeseen circumstances, it is best to sit down with a professional and conduct a full needs analysis.
What can you do if you feel like you need more?
There are many different types of products outside beyond what the employers provide and each one of these has its own purpose. These range from Term to universal life to whole life and can also incorporate different riders, etc. The details and use cases for each is beyond the scope of this article but is none the less a crucial piece in helping protect your family from unforeseen circumstances. To make the most out of these products, you need to find a dedicated agent that will spend the time and effort to understand your needs. If that sounds like what you are looking for, get over to the Contact Us page and we can chat.
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