Determine if your employer-sponsored life insurance is right for you and your family.
Many people enroll in life insurance through work because of its low cost and it’s easy to manage. If you have an employer-sponsored life insurance policy, you may think you’re all set and have all the necessary coverage in place to protect your family. But how much do you really know about it? Have you reviewed your policy details closely?
Life insurance coverage through work
Typically, employers offer two types of life insurance. One can be included as part of your benefits package which you don’t pay for. The other is group life insurance that you can choose to purchase. To ensure that you have sufficient coverage for your family, you should ask yourself these questions:
- Is it enough? While some life insurance is better than no coverage at all, it’s important to evaluate how much life insurance you really need. Some companies only offer one- to three-times your annual salary as a benefit. After some simple calculations, you may find that this doesn’t address your family’s financial needs of paying for your outstanding debt, funeral expenses, and daily living costs.
- Will it adapt to my life changes? Your work and home life may be in a constant state of flux, which means your financial needs might be, too. When your salary increases, your family grows or you move into a larger home, your responsibilities will change. Your life insurance coverage should also reflect these changes. For this reason, you will want to find out if your policy is flexible and can adapt easily to your changing needs.
- Will my coverage end if I leave my job? Life insurance through work may not follow you if you change jobs or stop working altogether. You can’t always guarantee that your new employer will offer the same benefit options, which is why it’s important to consider a personal life insurance policy.
Make sure you have the right life policy that steps in when your family needs it the most. Talk to a trusted life insurance advisor to determine your policy and coverage exactly. Contact Donald Weiss Insurance Services to get started on your coverage today.