Navigating through Life Insurance: Employer-Provided vs Personal Policy
Employees often receive life insurance as part of their benefits package, while some individuals access group life insurance policies through professional societies, unions, or other associations. While these policies bring about benefits, they rarely provide the substantial coverage that households require. Additionally, life insurance obtained via an employer typically doesn’t extend to family members. If you’re uncertain about your family’s life insurance needs, consult the Phil Klein Insurance Group serving West Bloomfield, MI. We’ll work with you to structure robust life coverage that suits your family’s needs.
Perks of Employer-Provided Life Insurance
In most cases, employer-provided life insurance has several advantages, essentially because it often comes free, with options to purchase more. Moreover, these group-based policies make it easy for employees with pre-existing conditions to secure life insurance they might otherwise not be eligible for. Acquiring employer-based life insurance requires minimal effort on the employee’s part, making the process nearly automatic.
Limitations of Employer-Provided Life Insurance
Despite the benefits, employer-provided life insurance typically has drawbacks:
- It isn’t transferable. Employees generally lose their coverage upon switching employers.
- Few benefit packages offer substantial insurance for spouses or children.
- Most crucially, employers rarely provide coverage in the amount a primary provider needs to shield their families entirely.
Therefore, while employer-provided life insurance is beneficial, it tends to fall short for most families. Hence, purchasing additional life insurance is advisable for most households.
Engaging with Phil Klein Insurance Group
If you reside in the West Bloomfield, MI, area and wish to discuss your life and other insurance needs, feel free to drop by or call us at (248) 682-7445 to engage with the Phil Klein Insurance Group. We’ll help you locate the right plan for your needs.
