In most cases, group life insurance policies purchased through your employer are NOT portable. Meaning if an employee leaves their place of employment, he/she more than likely will also leave the Life Insurance Protection behind.
There is a way around this… Own an Individual Life Insurance Policy purchased through an insurance agent or financial professional. When you leave a job it will have no effect on the coverage you have purchased on your own. So you are still covered and will continue to provide for your loved ones in your absence.
Employer provided group life insurance is still great to have but remember you need something to take with you should you leave your job. Check with the provider to see if this is the case. Also be sure you have enough of your own coverage to care for your loved ones. Often employer group life insurance is not an adequate amount of coverage for the needs for your loved ones. You may want to view the Life Insurance Needs Worksheet on our consumer resource page or speak with a financial professional who can assess your needs.
Another common mistake you don’t want to overlook is trying to purchase Life Insurance after you no longer have the group life insurance. Remember Life Insurance must be purchased before you have severe medical issues. And the older you are the higher the premium is, which in-turn means the best time to obtain Life Insurance is when you are young and healthy.
Find out what it will cost… See your Instant Term Life quote HERE
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
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