Maybe.
Employer-provided life insurance can be a valuable benefit, but the important question is whether the amount and terms actually match your family's needs.
If I died while I had this coverage, would the benefit accomplish what I want it to accomplish?
Start With the Numbers
Find out:
- How much coverage you actually have
- Whether the employer pays for it
- Whether you purchase supplemental coverage
- Who your beneficiaries are
- What happens if you leave the company
- What happens when you retire
- Whether coverage can be converted or continued
- What deadlines apply
Don't assume. Read the benefit information.
The Question Most People Should Ask
Instead of: "Do I have life insurance at work?"
Ask: "If I died while I had this coverage, would the benefit accomplish what I want it to accomplish?"
If your family needs years of income replacement, mortgage protection, education funding or other financial support, compare those needs with the actual benefit.
What People Often Overlook
Your employment can change.
You might:
- Change employers
- Be laid off
- Retire
- Become self-employed
- Lose eligibility for a benefit
That doesn't automatically mean employer coverage is inadequate. It means you should understand how dependent your protection strategy is on remaining employed by that particular employer.
Questions Worth Asking
- How much coverage do I actually have?
- Is it enough for the responsibilities I'm trying to protect?
- What happens if I leave my employer?
- Can I take the coverage with me?
- Would the cost change?
- Do I have protection outside of work?
- When did I last check my beneficiaries?
GEMACE Perspective
Employer coverage should not be dismissed.
But it shouldn't be misunderstood either.
Know what you have before deciding what else you may need.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
How Does This Fit Into Your Life?
GEMACE LifeMap™ begins with your family, responsibilities, goals, concerns and what you're already counting on before discussing possible solutions.
You don't have to become an insurance expert. But you should understand enough to ask better questions, recognize what matters and make more informed decisions.
Educational Information
This material is provided for general educational purposes only and is not intended as individualized insurance, financial, investment, tax or legal advice. Individual circumstances vary. Insurance products, features, availability, eligibility, costs and policy provisions vary by insurer, product and applicant. Review actual policy documents and consult appropriately licensed or qualified professionals regarding your individual circumstances.