June 17, 2015
Is One Life Insurance Policy Enough?
Employer Sponsored Life Insurance
Starting a new job can be both very exciting and nerve wracking. During your orientation, you will learn about your personal accounts, such as health insurance, 401(k), and employer provided life insurance. However, they will not touch on your personal life insurance policy. Just because you have an employer provided life insurance policy does not mean that you should give up your personal policy. There are many advantages of keeping your own life insurance policy, in addition to what is provided by your employer, including:
- You do not have to use it – if you do not use your personal life insurance policy, you will not lose it, as long as you keep up with the premiums. Life insurance can provide many benefits later in life, including financially protecting your family and paying for your long term care when you need it.
- Post health coverage – if you pass away due to a medical issue, your medical bills will still need to be paid. The death benefit that is provided by your life insurance policy can help your family cover these costs, ensuring that they are not left paying for them out of their own pocket.
- One policy may not be enough – if you leave the company, or get fired, your life insurance benefits that are provided by your employer will disappear. If you do make it to retirement, employer sponsored plans typically only cover the bare minimum costs, such as funeral expenses, leaving very little if any for your family to pay for other expenses when you are gone.
Contact the insurance professionals at Brewer-Lloyd Insurance Group in Mesa, Arizona for all of your life insurance needs. As an independent insurance company, we will work with you to make sure that you have the protection that you deserve, all at the right price.