Do I need life insurance if I have coverage through work

September 29, 2021

Approximately 60% of civilian workers have life insurance offered by their employers. If you are in that category, you too should have some type of coverage offered while you are an employee – good news!! The bad news is most people do not take the time to consider retirement, leaving work due to layoffs or ending your career due to sickness/illness or accident. All which can leaves you and your family vulnerable to end of life expenses. You can prepare by having honest conversations with experts in the insurance world. Here are some things to consider:

  • Retirement – Ask your employer will your life insurance benefits remain available after retirement. Consider your age and the health of parents and siblings then decide if you could be at a higher risk should you wait to secure coverage at age 62, 65, 67 or older.

  • Layoffs – As we get older, unexpected circumstances like a job layoff can create stress to our normal daily routine. Stress can lead to anxiety, blood pressure spikes and other health conditions that create a higher risk for getting coverage. Consider the peace of mind you and your family will have knowing you have prepared in advance.

  • Sickness/Illness – The year 2020 has taught us how fast our health can change in an instance. The impact of contagious viruses, stroke, diabetes, cancer can change the ability to qualify for any plan with immediate coverage (no waiting period). Consider securing a small amount of coverage, $5K is a great start to be protected from unknown sickness/illness.

  • Accident/Dismemberment – Like sickness/illness accidents can cause time away from work due to extended hospital stays and/or rehabilitation. Consider the safety net of having a small amount of coverage in place before an unexpected car accident, slip or fall prevent your return to work.

Our jobs give us security to provide for our families while we work, but any of the events listed above can change the security of having life insurance provided through work. When have you discussed what would happen to you and your family should your work days end? Now is the time to discuss how to prepare once you are no longer working. Let me help guide you to the best decision.