Life insurance is a great benefit, and it’s not uncommon for Braselton, GA, businesses to offer it to their employees. But what happens when an employee is laid off, retires, or decides to start his/her own company? Is it wise to try to keep your current policy by "porting" it, or is it best to buy a new policy?
Understanding the Pros and Cons of Life Insurance Coverage from Your Job
Perhaps the greatest benefit of employee-covered life insurance is that you don’t have to pay for it. If you’ve just started a career, have limited finances, and want to protect your family from financial problems if you pass on unexpectedly, getting free life insurance is definitely a huge benefit.
Unfortunately, this is probably the only benefit of employee-covered life insurance. The policy, which is designed to cover all the eligible employees in your company, won’t be tailored to meet our specific needs. Coverage is often limited, which means your family may not get enough compensation to cover funeral costs and other important expenses. Thus, if you’re changing jobs but want to retain life insurance coverage, it’s usually best to buy a personal policy.
Call Bingham Insurance Group for More Information
Buying life insurance when you’re young and relatively healthy can provide you with ample coverage at a low premium. At the same time, you’re never too old to qualify for a life insurance policy. Bingham Insurance Group offers whole and term life insurance from multiple carriers, and our team is always happy to help Braselton, GA, clients find a policy that’s a perfect fit for any personal and financial situation.
