I recently had a conversation with several employees at a business all looking for individual life insurance. Why individual coverage in a business? The business recently changed ownership and the new owner decided not to offer group life insurance to the employees.
Keep this in mind if you rely heavily on your employer to provide your life insurance protection. Although a group plan offered by your employer is a great benefit, you are not in control. Your employer could drop the benefit at any time. If you leave your employer for another, there is no guarantee your next employer will offer the same benefit. Do you really want to hand over control of your family’s financial future if you died unexpectedly to your employer? You have the ability – and the duty – to take control of the situation and take care of your family yourself. Your employer will never care for your family as much as you do.
I understand some people cannot qualify for individual life insurance due to poor health. Most can. Make sure you at least investigate the low cost of personally owned life insurance before your employer forces your hand. You may not qualify in the future.
