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Home » Business & Finance

Reasons Why Life Insurance From Your Employer Isn’t Enough

Michael AustinBy Michael Austin Business & Finance Insurance
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Getting life insurance from your employer is delightful as it gives you peace of mind. You need to take a peek at all of the options and restrictions and choose wisely. Most importantly, you need to visit a successful life insurance comparison site that has received a lot of positive reviews. This will keep your anxiety at bay knowing you are working with a trusted company.

When you look at it, life insurance from your employer works pretty much the same way as general life insurance. Smaller amounts are deducted from your paychecks as premiums to keep your insurance policy going. However, life insurances from work may not be enough to cover for the entire family.

Table of Contents

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  • Reasons Life Insurance Through Your Employer Isn’t Enough
    • 1) It’s Not Enough
    • 2) Policy Ends When You Quit Or Get Fired
    • 3) You Have No Control Over The Policy
      • Conclusion

Reasons Life Insurance Through Your Employer Isn’t Enough

Reasons Life Insurance Through Your Employer Isn't Enough

Mostly, you only get a year’s worth of income when you are covered through a company. In some rare cases, the payout may be two to three times of that pay, but rarely more.

This means that, if an employee earned $80,000 a year, the company will payout lump sum amount of $80,000 to $240,000. It’s true that it looks like a huge amount but still, your family won’t be able to keep a balance in their lives with this amount of money. Experts recommend that the amount should be at least 10x of the annual income.

This means that life insurance from your employer is not enough. Let’s have a look at some more reasons:

1) It’s Not Enough

Life insurance policies offered by companies are usually group policies. These group policies are valid for all the employees working in the company. The death benefit they provide to the family ranges from a year’s salary to twice or thrice of that, which usually is not enough. There may be children in the family, an ill member and debt that need to be paid off, and with this amount of money, it sure becomes daunting and stressing.

Also Read: Tips to Help Millennials Rank the Corporate Ladder Tips to Help Millennials Rank the Corporate Ladder

On the death of the wage earner, the home expenses usually drop from 8% to 10% only which is a minimal percentage and hardly affects the monthly budget of a family. Hence, life insurance policy from work isn’t sufficient enough.

2) Policy Ends When You Quit Or Get Fired

If you think life insurance from your employer will have you covered for the rest of your life, then you are wrong. This type of insurance ends when you quit or get fired from your company, hence it is just a temporary form of insurance.

Most of the companies follow this rule and don’t let employees walks out of the company with policies in their hand. This drains all the money that they have been paying as premiums from their paycheck for months.

3) You Have No Control Over The Policy

Life insurance policy

Life insurance policies from work are solely operated by the company, meaning, you have to accept to the company’s terms no matter what. This is bad for an employee because the company might increase the price of the policy a year after and you have no option but to accept it.

Conclusion

There are many employees who have an insurance policy from work but because it is not enough, they go for an additional individual policy to keep the future of their family secured. You should do the same. Check out life insurance comparison from iselect. 🙂

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Michael Austin
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Michael Austin is an expert writer who loves creating engaging and easy-to-understand content. With years of experience, he specializes in writing well-researched articles that inform, inspire, and entertain readers. His clear and simple writing style makes complex topics easy to grasp. Whether it's trending news, helpful guides, or expert insights, Michael’s content is designed to be valuable and SEO-friendly, ensuring it reaches the right audience. Stay connected for his latest articles!

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