21/10/2021
Even if you have life insurance through work, you should give serious consideration to getting a private policy on the outside.
As the saying goes, never have all of your eggs in one basket, and that’s absolutely true for life insurance.
This became most evident during a conversation of someone seeking life insurance through me.
The gentleman was in his late 40’s and was desperately seeking coverage.
He had well over ₱3 million of life insurance coverage, but it was all through his work.
Why was this such a big issue?
Well, for starters he hated his job. It was super stressful and he was well past his breaking point.
He wanted to quit but was unable.
He was the sole provider for his family and because of a recent serious heart condition, he was unable to get outside life insurance coverage.
His wife forbid him from quitting until he lined up another job that offered similar coverage, but leaving would probably mean he would see a 30% drop in his salary.
With two kids, a mortgage, and other debts, she and her kids would be in financial ruin if he left his job and passed away.
This poor guy was stuck.
He was stuck in a job he hated because he never thought to take life insurance outside of his employer.
This is a just one example why only having life insurance through work is a BAD idea.
ctto https://www.goodfinancialcents.com/life-insurance-through-work/
