Is Your Employer's Life Insurance Plan Really Enough for You?

Many employers provide employees with life insurance as a part of their benefits. This can be a very important and valuable investment for those employees. Yet, often, these policies are not customized to meet the needs of the employee and their family.

If you have not done so, take a closer look at the type of life insurance you have as well as what it covers. It may be time to expand that coverage beyond a basic policy.

Employer Plans Are Not a Bad Thing

Many times, employer-sponsored life insurance can offer a fantastic benefit to the employee. In some cases, the cost savings alone from these plans can be very affordable.

It is important to know the terms of the plan as well as the details of any exclusions or limitations. You may not need to avoid employer policies, but that does not mean you should not add to them. Most people should. This is especially important if you have dependents to care for.

What Should You Consider?

Every plan is different. However, there are several features to look at to determine if you need to buy more life insurance. Take these things into consideration as you shop for additional coverage.

How much coverage does it provide? The amount of coverage is the dollar amount your family might receive if something were to happen to you. You may want to choose a plan that offers enough coverage to pay off the mortgage or cover other debt.
When does the policy remain in effect? Some policies have limitations on them should you leave the company. This may terminate the plan, putting your family at risk if you die. Having a personal policy, on the other hand, would reduce this risk.

What limitations are present in the plan? Some life insurance policies exclude those with certain types of ailments. They may not provide coverage that is effective for what you may be facing. You can purchase your own plan that’s less limited.

Employer-sponsored life insurance can be an excellent investment. However, individuals should look beyond this often-basic plan to find one that fits their needs. It is possible to have more than one plan and both can still be very inexpensive to you.

ProtectALL Insurance is here to help you with all of your life insurance needs. One of our agents can help you get a fast, free quote right now. Call us at 1-833-PROTECT for more information.

No Comments