Employer Sponsored Life Insurance Plans - Is My Coverage Enough?

Several questions you want to ask yourself (or ask your HR representative, if you don’t know the answers):

  • Is your employer sponsored life insurance plan “portable?” Meaning: Do you have the option to take the plan with you when you leave? (Regardless if you are fired, you quit, or you leave for any other reason.)
    • If your plan is portable, another question to ask: Will you be guaranteed to keep your current premium or will you have to go thru underwriting when you leave your company to determine your new premium amount? If you need to go thru underwriting, that may make your premiums a whole lot more expensive depending on your age and health at that time when you leave your company.
    • If your plan is NOT portable and you still want to continue being covered, you would have to purchase a new individual life insurance policy when you leave your employer.
  • Who is responsible for the premium payments? You or your employer? 
    • If you are responsible for the payments, do you have guaranteed level premiums for the rest of the policy term or do your premiums increase annually, like the majority of employer sponsored plans do?
  • Is the death benefit a fixed amount or a multiple of your salary? Does the multiple increase to a higher tier level if you get promoted?

Once you understand exactly what coverage you have thru your employer, you can take that info to your professional life insurance agent to help you determine if you have enough coverage and also the correct type of coverage. Or if you don’t, what are your best options?

There are many things to consider regarding an employer sponsored life insurance policy versus an individual life insurance policy. One point being that after an individual life insurance policy is underwritten, you can have the option to have level payments guaranteed for a specified number of years or even for the life of the policy, depending on what you choose when you purchase it. That way you don’t have to worry about losing your policy when switching jobs or having annual premium increases.

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Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

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