If you want to protect your family, that means thinking ahead to some unthinkable things. If something happens to you, what happens to them? Many people get life insurance to cover their family in the event that they pass on and their family is left without their income. There are plenty of life insurance companies out there that can help with this benefit, however, getting group life insurance through your employer may be your best option.
Why Use Employer Group Life Insurance?
When you sign up to work for a certain company, they’re going to list your salary along with any benefits they provide. They’ll likely have health insurance coverage of some kind, but there might be other perks as well. Group life insurance is one item to watch for. When you get life insurance through your company, the premiums are generally lower than they would be if you got an individual plan.
Lower Your Premiums
It’s always a good idea to compare premiums among companies so you know you are getting the best deal. When you compare individual coverage to group life insurance, you will find that you will always get a lower premium with group life insurance. You are also guaranteed coverage, which isn’t always the case if you go outside your company.
It’s a pain to have to write a check every month or even every quarter for life insurance. But when you get group life insurance through your place of employment, you can have those payments made automatically and electronically. The coverage is convertible and you can increase your coverage options if your family status changes, like if you get married, have a child, have a second child, and so on.
Know The Limitations
While group life insurance is great, it is limited, as is true with any life insurance. You need to understand that if you lose your job, the life insurance could go with it. You also may not have coverage for your spouse or anyone else in your family, which is normal for this type of insurance. Understanding the benefits of group life insurance along with the limitations will help you know what you might need in addition to group life insurance if anything.
Make The Right Decision For Your Company
If you’re an employee, you might not be able to do much other than suggesting group life insurance or join in on the plan if it is already available. If you are the business owner making the decisions, it’s a good idea to look into group life insurance coverage. It makes your company more attractive to potential employees when you have benefits of that nature. Plus, you can take advantage of the lower premiums yourself as well. Talk to the representatives at Nickerson Insurance Services when you want to learn more about group insurance plans and the benefits of various policies. Whether you are an employee looking into options or an employer that wants to offer an additional benefit to those who join the company, we can help.