If your company uses group life insurance, you might be wondering if you need to sign up with. But, is it a good deal? Is it enough coverage for your household’s needs?
There are a lot of aspects to consider relating to the life insurance used through your workplace. Here are some basic pros and cons of each.
Cost: Generally, this sort of life insurance is free. Having a complimentary policy is never a bad thing. Even if the coverage isn’t enough for your household’s needs, there often is an alternative to where you can buy additional coverage if required, usually for a much better rate than anything you might get anywhere else.
Convenience: The truth that it’s being used through your work makes this a simple option to make.
Acceptance: Even if you have a pre-existing condition, possibilities are you’ll still be accepted under this sort of program, usually at a much better rate than you would get elsewhere. This kind of policy might not need a physical examination, something else that makes acceptance simpler.
You might not stick to your company. Individuals change jobs all the time. If you leave the business, are you likewise leaving your life insurance policy? Not necessarily, however the rate might go up significantly. You likewise might encounter problem # 2.
Having had life insurance through your work, you might find out that when you begin your next job, there is no life insurance option. You might find that it’s more difficult to get covered when you have not had a policy previously outside of work and that your premiums are greater because of it.
What about choices? A work policy might have very limited choices, so you might not be able to get the coverage you want or need anyway.
Enough coverage might be an issue. Typically, policies of this nature are very limited in their coverage even when you purchase their extra choices.
If insurance is free, always take it. You might likewise want to supplement your insurance with an extra policy that you’ve gotten on your own through another provider. While free insurance might not be the service to all of your insurance needs, it certainly makes an excellent supplement to another policy that you’ve picked yourself.