Bewerbungen » #5: Does employer-provide

Having life insurance as part of an employee benefits package at work is a great benefit.

Many companies pay for a fixed amount of life insurance for their employees and also allow employees to purchase more coverage at a low cost and with no medical exam. As a result Saquon Barkley Hat , a significant number of Canadians have life insurance through their employer.


Getting covered through your employer can be convenient, inexpensive and you can usually get covered regardless of your medical history.


Answer these five questions to find out if your employer-provided life insurance is good enough:


#1: Is your employer-provided life insurance coverage enough to take care of your family if you die while employed?


Most employer plans only offer a basic amount and type of life insurance coverage.


Employers who offer life insurance benefits typically offer coverage equivalent to one to two times the employee's salary. For example, if you make $50,000 per year your employer might provide $50,000 of coverage. Life insurance coverage of $50 Odell Beckham Jr Hat ,000 is a good benefit to have, especially if you don鈥檛 have to pay for it, but it鈥檚 below what the average person needs.


Also, since employer plans tend to be a single plan with basic coverage, and are created to cover a group of employees Darius Slayton Hat , the one size fits all design may not meet your life insurance needs.


Many individuals need a tailored plan to meet all of their life insurance needs based on their financial circumstance and priorities, which may require individual life insurance in addition to employer-provided life insurance.


#2: If your job changes will you still have the life insurance?


Usually, when you stop working for a company, the employer stops paying for your life insurance coverage and it ends, unless you are able to convert it to an individual policy. The converted policy may be more expensive than if you had purchased an individual life insurance policy when you were younger Julian Love Hat , and in some cases, you can鈥檛 convert your employer-provided life insurance coverage to an individual policy that is not linked to your employment.


You may not be worried about converting your employer-provided coverage because you鈥檙e expecting life insurance coverage through your next employer, but what if the unexpected happens when you are between jobs? You never know when you may need coverage and having a gap in your life insurance coverage is a risky situation that is preventable.


If your next job doesn鈥檛 offer any type of life insurance coverage, you may have to purchase an individual life insurance policy to replace your employer provided coverage. Depending on your age at the time of purchase, the cost may be significantly higher than if you had purchased individual insurance earlier.


#3: Will you still have life insurance coverage if you experience health issues?


Another problem arises if you leave your job because of a health problem. If you relied heavily upon your employer provided life insurance plan Oshane Ximines Hat , and then suffer a medical condition that forces you to leave your job, you may lose your life insurance coverage for the reasons given in #2 above, just when your family needs it the most. At that point, it may be too late to purchase an affordable policy for the same amount of coverage or your health concerns could prevent you from obtaining the life insurance you need.


#4: Does your employer-provided life insurance plan provide coverage for your partner or spouse?


While your employer鈥檚 benefits package may provide life insurance for your partner or spouse, in many cases the coverage is only minimal.


Many couples assume that the family will only suffer financial hardship if the primary breadwinner passes away. As a result Deandre Baker Hat , some people only insure their spouses through their employee benefit plan, which may not be sufficient. Stay at home spouses, or lower-earning spouses make a valuable financial contribution to the family, and their contribution should be factored into the amount of life insurance coverage your family needs.


#5: Does employer-provided life insurance provide the most affordable life insurance option?


Some employer provided life insurance plans allow employees to buy a certain amount of additional coverage. However, you may need to go through a medical review to qualify for the extra life insurance Dexter Lawrence Hat , and it could be more expensive than purchasing a separate, individual policy. ared[/url] Cheap Air Max 270 Shoes