Rob Hill Insurance Group in Atlanta, GA wants to ensure that you have all the information you need to make the best decision for you and your family. Employer-sponsored life insurance can be a great option for some, but it’s not right for everyone.
Here are some things to consider when making your decision:
Ease of Use
One of the benefits of getting life insurance through your employer is that it’s often a very easy process. You can typically sign up for coverage during your annual open enrollment period and don’t have to go through the hassle of a medical exam or answering health questions. Coverage is usually effective the first day of the month following your enrollment.
Another thing to consider is the amount of coverage you need. Employer-sponsored life insurance typically provides coverage in the $50,000 to $250,000 range. If you have significant debt or other financial obligations, this may not be enough coverage. You may need to supplement your employer-sponsored life insurance with an individual policy to ensure your loved ones are taken care of financially if something happens to you.
If you leave your job, you will usually lose your employer-sponsored life insurance coverage unless you convert it to an individual policy within a certain time frame (typically 30 to 90 days). With an individual policy, you own the policy and can keep it even if you change jobs or retire. However, converting a group life insurance policy to an individual policy can be expensive, so it’s important to compare costs before deciding what to do.
Contact Us Today
There are a lot of things to consider when deciding whether or not to get life insurance through your employer. The ease of use and guaranteed coverage amounts can be appealing, but it’s important to ensure that the coverage amount is enough and that you understand the conversion process if you decide to leave your job. Be sure to compare costs before making a decision to find the best option for you and your family. Contact Rob Hill Insurance Group in Atlanta, GA for your insurance needs.