09/20/2021
Did You Know….
Group Life Insurance (Work Life Insurance):
1. The policy is owned by the employer - this means the employer can choose to end the policy at any time, especially if it is no longer cost effective for the company.
2. You can lose your coverage as your employment status changes - if you take an extended leave of absence, get laid off/terminated, or voluntarily leave you can lose your life insurance coverage. Some policies can be converted to an individual policy afterwards, but at much higher rates.
3. Coverage through work tends to be a type of term life insurance policy with limited options - you can find better options including whole life and universal life when you shop around with different insurance carriers. Some term life insurance policies have a return of premium rider or a cash back option.
4. Low coverage amounts - typically you won’t be able to buy as much life insurance as you need through a group life insurance policy provided through your job.
The bottom line is life insurance through work is good for supplemental life insurance. It’s like a company phone or car; they are good to have, but at some point your employer is going to ask for them back.
Let us shop around for you to find you a policy with the coverage amounts that best meet your needs at a price that comfortably fits into your budget. We look forward to hearing from you and helping you own a life insurance policy.
