If your employer uses group life insurance, you might be wondering if you should join. Is it a good deal? Is it adequate coverage for your family’s needs?
There are a lot of aspects to consider relating to the life insurance used through your office. Here are some basic benefits and drawbacks of each.
Price: Generally, this kind of life insurance is free. Having a complimentary policy is never ever a bad thing. Even if the coverage isn’t enough for your family’s needs, there typically is an option to where you can purchase extra coverage if required, normally for a much better cost than anything you might get anywhere else.
Benefit: The fact that it’s being used through your work makes this a simple option to make.
Approval: Even if you have a pre-existing condition, chances are you’ll still be accepted under this kind of program, normally at a much better rate than you would get elsewhere. Likewise, this kind of policy may not require a physical examination, something else that makes acceptance much easier.
You may not stick to your employer. Individuals change tasks all the time. If you leave the business, are you also leaving your life insurance policy? Not necessarily, however the cost might go up significantly. You also may encounter issue # 2.
You may get stuck. Having had life insurance through your work, you may discover that when you start your next job, there is no life insurance option. As you age, you become less insurable. You may discover that it’s more difficult to get covered when you haven’t had a policy previously beyond work which your premiums are greater due to the fact that of it.
What about options? A work policy may have very minimal options, so you may not be able to get the coverage you desire or need anyhow.
Enough coverage may be an issue. Generally, policies of this nature are very restricted in their coverage even when you acquire their extra options.
If insurance is free, always take it. You may also desire to supplement your insurance with an additional policy that you’ve gotten on your own through another provider. While free insurance may not be the service to all of your insurance needs, it definitely makes a great supplement to another policy that you’ve chosen yourself.