Benefits that are provided by an employer can include an employers-group-life-insurance plan. Although the life insurance can provide some peace of mind when you are worried about the possibility of accidental death or similar situations, it can also raise a variety of concerns that you must address. In some cases, it may be an appropriate solution to protect your loved ones. In other cases, you may need additional protection to address your needs.
A group life insurance policy is usually designed to provide coverage for the duration of your time in that company. It will protect against accidental death or situations that came up unexpectedly, such as a sudden illness that caused your death. It may not be a whole-life plan and you may not have an investment option.
Other limitations may relate to the amount of coverage that is available. A group policy will usually provide coverage based on the company averages, which may not be appropriate for your needs.
Getting the Plan
Since a group policy that is provided by an employer is part of your benefits, it may not be difficult to obtain coverage. The insurer is taking on the risk of several individuals and averaging out the total risk based on several factors. As a result, you may qualify for coverage, even if you smoke, drink and have a high risk of health concerns. The coverage that is available may vary, so it may or may not be appropriate for your family.
Although it is usually safe to obtain a policy from your employer, it may not address all of your goals, needs or concerns. If you have debts or financial concerns, then you may need additional protection. Contact us to speak to an agent to learn more about your options.