Why Work Insurance is Not Enough in 2021

​If you’ve ever tried working, especially in the private sector, you must be familiar with Group Term Life Insurance. This is the type of insurance that usually comes with benefits packages provided by companies when you get hired. For the most part, it’s a good thing since it secures you while you’re working for them. But is that really enough?

You Need More Than What’s Offered
Although these basic work-provided insurances are usually low-cost or free, they may not be enough. Most workers have dependents who rely on them and their income. In these cases, your life insurance should at least be six times your annual income. While work insurance may be enough for single employees, it’s different if you have a family.

You Lose it Upon Leaving the Company
No matter how appealing your company’s benefits package, everything gets voided the moment you resign. Losing a job is already stressful, and realizing you also lose your insurance can make it worse. You’re lucky to get to have another job right away, and if the next company’s package is effective on day one. Sadly, most work insurance packages take effect upon regularization.

Health Issues May Arise and Cause Trouble
Another concern related to losing your life insurance upon leaving the company is if your health declines. If you have to resign because of health issues and you only rely on work insurance, you might end up losing it when you need it the most. 

Even if you don’t need to resign, these health issues might limit you from exploring other job opportunities. Since your life insurance is tied to the company, you’ll have no choice but to stay. This problem will hold you back from leaving a company no matter how much you want to.

Conclusion
Life insurance is considered the most important type of insurance there is. You get life insurance not for yourself but for the people that you love. It’s a good thing that your company can assure you that you’re covered for as long as you’re with them. But it’s always better if you have something to back you up by getting your life insurance policy. 

At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 779-0177 or Click Here to request a free quote.