Do You Only Have Life Insurance Through Your Employer?

By Contractors Insurance Agency Lifestyle, Personal Comments Off on Do You Only Have Life Insurance Through Your Employer?

One of the perks to your job is the benefits that come along with it.  Medical insurance, 401k, and Life Insurance are typical perks and great ones at that! But did you know that if you lose your job or leave your job, your life insurance doesn’t necessarily follow you?

Here at John Scott Insurance we hear a lot of people say that they have employer provided life insurance and don’t need their own coverage in addition, but we strongly advise getting your own coverage now while you are young and healthy.

Life insurance that is provided through your workplace is typically offered through a company’s group life plan. While plans will differ, in many cases these benefits are offered to all employees with the employer paying part or all of the policy’s premium. Therefore, if you were to leave your current job, you are no longer part of the company’s group plan and your former employer isn’t required to pay for your coverage.

Generally,  your life insurance coverage will end when you leave your job. That means you’ll need to apply for new coverage based on your current age and health status. This may not seem to be a significant problem, but certain health conditions can make it difficult to find an affordable policy, or even make it impossible to qualify for coverage.

When you have your own life insurance coverage as well as your company provided one, you don’t have to stress over things if you decide to leave that job or get laid off.

When you have your own personal policy, you can rest assured that your family is well taken care of in the event your life insurance is needed and they don’t have to track it down in any way.

Protect what matters most by ensuring your loved ones are well cared for no matter what.  Call one of our licensed agents at John Scott Insurance today to find out if your existing coverage is enough or how you can start your own policy if you don’t already have one.


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