Some employers offer group life insurance as an employee benefit. It is an affordable option that often requires no medical exam. In other cases, employers may provide the opportunity to get individual life insurance as a voluntary benefit—also usually very affordable. In the latter case, you can typically take that policy with you if you change jobs, though the premium price may change.
There are some concerns, however, that you should address.
- What if I become disabled? Will I still have coverage? How will it be paid?
- Can I keep coverage if I change employÂers, and how will my premiums change?
- What if my employer changes insurance plans or eliminates coverage altogether? Will I be too old or have a condition that will prevent me from obtaining affordable coverage on the individual market?
Discuss your life insurance options with your insurance agent before making any decisions. You may find there is an alternative method or a combination of life insurance policies that is better suited to your needs than just the employer-provided option.
