If your employer offers group life insurance, you might be wondering if you should join. But, is it a good deal? Is it adequate protection for your household’s requirements?
There are a lot of factors to contemplate regarding the life insurance provided through your workplace. Here are some basic benefits and drawbacks of each.
Rate: Generally, this sort of life insurance is free. Having a free policy is never a bad thing. Even if the protection isn’t enough for your household’s requirements, there often is an option to where you can purchase extra protection if needed, typically for a better cost than anything you could get anywhere else.
Benefit: The reality that it’s being provided through your work makes this a simple choice to make.
Approval: Even if you have a pre-existing condition, opportunities are you’ll still be accepted under this sort of program, typically at a better rate than you would get elsewhere. Also, this sort of policy might not require a physical examination, something else that makes acceptance much easier.
You might not stick with your employer. If you leave the business, are you also leaving your life insurance policy?
Having actually had life insurance through your work, you might discover out that when you start your next task, there is no life insurance option. You might discover that it’s harder to get covered when you have not had a policy formerly outside of work and that your premiums are greater because of it.
What about choices? A work policy might have really limited choices, so you might not be able to get the protection you desire or require anyhow.
Enough protection might be a problem. Normally, policies of this nature are really limited in their protection even when you purchase their extra choices.
So, what do you do? If insurance is free, always take it. You might also desire to supplement your insurance with an additional policy that you’ve gotten on your own through another provider. By doing this if you leave the task, you’re still covered, keeping you from having that pricey issue of trying to get covered later in life.
This would offer you the option of having the protection you require. While free insurance might not be the option to all of your insurance requires, it certainly makes a terrific supplement to another policy that you’ve selected yourself.