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Is My Employer Life Insurance Enough?

Due to the difficult and uncertain economic times we’ve experienced over the last decade, a lot of companies have altered or eliminated the benefit packages offered to their employees. If you’re fortunate, your company may still offer a benefits package that includes life insurance.

We often are asked if an individual needs a personal life insurance policy when that coverage is already being offered through the employee benefits package. Three questions you should ask yourself when considering additional coverage are: What types of policies are you being offered through your employer? Can you keep the policy if you change employers? Is the coverage sufficient to meet your needs?

The first question to answer is what type of coverage is being offered through your employer. Most of the time the policy type is what’s known as term life insurance. This simply covers you for a set length of time, such as 10 or 15 years or possibly through the term of your employment. If your employer is offering a term life insurance policy, it’s worth considering a senior life insurance policy or burial insurance plan, as most of those options will never terminate or cut off at a certain age. This ensures that there will always be a policy in place for those left behind as long as the monthly premium is paid.

The second question to ask is: Can you keep the policy after you leave your place of employment? More often than not, these group policies terminate upon your departure from the company, whether through retirement or through voluntary or involuntary termination. If this is indeed the case, you might want to consider additional coverage. If you wait until retirement or after termination of employment, the monthly premium would most likely be higher due to you being advanced in age. Also, your health situation may have changed, causing the coverage to be more expensive or even possibly unattainable.

The third question to consider is simply confirming the coverage being offered is sufficient to meet your needs. Once you’ve done a financial assessment of your current situation, you will most likely find that a supplemental life insurance policy would be beneficial. Things to consider in this assessment would be your current outstanding debts, including your mortgage, your potential loss of income from this point through retirement, and potential future financial obligations, such as children’s college tuition, weddings, etc.

If you’ve evaluated these three questions and would like to speak to one of our licensed insurance professionals, you can do so by calling us directly. We would be glad to walk you through the various options we have for senior life coverage and answer any questions that you may have. We are licensed in most states and look forward to working with you.