Eye roll, boring, don’t want to think about it…these are what I envision happens with their inner monologue when the topic of life insurance comes up.  Quite honestly, there is a piece of me that shares those same feelings.  But just like many things in life that are important, we must move beyond that briefly, if only long enough to learn enough to make informed decisions.

Here are the things I see that are most important for the general public to be aware of with respect to their employer provided life insurance.

1. You’re Likely Paying Too Much- If you have it through work and are relatively healthy, more times than not, you can get a better deal with a policy in the open market.

2. Premiums Increase- Your premiums will likely increase every 3-5 years on your employer provided policy.  Most personal policies provide premiums that do not increase for the life of the policy.

3. It’s Probably Not Portable– You probably can’t take it with you.  Ever lost a job or left a job?  What happened to your life insurance wen you left?  It likely stayed with the employer. Having a policy on your own will travel with you and should stay in force as long as you continue to pay the premiums.

Employer provided policies should certainly be explored, but there can be some great advantages to having a policy outside of work.  Be sure to explore both.

Email steve@stevewhiteinsurance.com for help with this or any of your insurance needs.

Disclaimer:  Individual circumstances vary, always consult with a licensed agent to help you understand your personal circumstances and options.  There is no one size fits all for everyone.