A life insurance plan can add a great deal of security to a family.
Many Americans rely on team life insurance policies from an organization in the event of a death in their family. In some cases, team life insurance is not enough, and a more specific plan will provide even greater security.
A 2017 study by LIMRA (a leading provider of insurance and monetary services) revealed that 43% of households without life insurance coverage would have immediate difficulty paying for their daily living expenses if a main breadwinner were to pass away. Even for houses with life insurance, this number increases to 50% of homes having problems with expenses after 6 months.
TRANSFORMING ITEM
The cost of team life insurance policies is recalculated every few years in order to reflect the changing demographics. However, the item options and costs are often unclear as to whether the plan can be taken with you when you retire or leave your job: “based upon specific issues …” that the plan may check out.
Are you familiar with the terms of your team insurance policy?
The item and the prices can look very different when compared to a group setup. Your survivor’s benefit or duration of insurance may decrease, or the cost could increase.
DISEMINATION OF PROTECTION
How many companies, supervisors of personnel and workers are aware of the cost and information of life insurance coverage when someone leaves a group plan? Normal, there is no way to continue insurance under the group life insurance plan after employment ends. The result: An ex-worker may have insurance coverage protection.
Another unanticipated aspect of team life insurance is that the insurance coverage can decrease with age. Insurance coverage is often reduced when an employee turns 65 or 70. This is another reason why specific life insurance policies are important in financial planning.
VOLUNTARY LIFE INSURANCY POLICY
The simplicity and ease of administration within the office are both key components to a volunteer life insurance program. The registration process is low-pressure and workers have access to an independent, certified life insurance agent. Look for a program that offers plans owned by the employee and are completely mobile.
Call your local independent life insurance agent to find out what’s available.
