Are you considering whether to get life insurance through your employer? It can be a difficult decision, as many people aren’t sure what to look for in an employer-sponsored plan and how it differs from other policies. While having life insurance through your job can offer some convenience, you should also understand any potential drawbacks and the specific terms of coverage. In this blog post, William Schantz discusses the pros and cons of getting life insurance through employers so that you can make an informed decision about what’s right for you. Whether you’re just starting out or have years of experience in the workplace, read on for insights into this important financial consideration.
Should You Get Life Insurance Through Your Employer? William Schantz Answers
When it comes to life insurance, there are many options available, says William Schantz. One of the popular choices is getting a policy through your employer. Before doing this, however, it’s important to take into account some key factors and look at how the pros and cons balance out for you.
One major advantage of getting life insurance through your employer is that it’s often easier to get approved for than a private policy. This means that even if you don’t have great health, you can still qualify for coverage – an option not readily available in private policies where typically only those with excellent health qualify. Additionally, employers usually offer group rates or discounted premiums, which could be significantly lower than purchasing an individual plan from a traditional insurer.
While there can be some advantages to getting life insurance through your employer, there are also drawbacks, says William Schantz. Depending on the plan and type of coverage, you may not have much flexibility in choosing which policy is right for you. You’re typically limited to the options offered by your employer – so if they don’t offer enough coverage or have a policy that doesn’t meet your needs, you may be out of luck. Another con is that most policies obtained through employers will end when you end your employment with them – leaving you without any coverage at all unless you purchase a new policy from another insurer.
To make an informed decision about whether getting life insurance through your employer is the right choice for you, consider these key points:
– Over 90% of employers offer some type of life insurance coverage as part of their benefits package.
– An average employer-sponsored life insurance policy provides $40,000 worth of coverage.
– Employees typically pay 8 – 12 % of the cost for a group life insurance plan.
William Schantz’s Concluding Thoughts
In conclusion, while it feels like a relief to have life insurance provided by an employer, there are many potential drawbacks worth considering. Before deciding whether to take life insurance through one’s employer, students, and young people should think about the long-term implications of such a decision. According to William Schantz, they should consider their future goals and family needs before taking action. Moreover, even if you opt for your employer-provided life insurance plan, it is still very important to monitor the policy for any unexpected changes, as employers are regularly changing their terms and conditions. It is also a good idea to compare various companies offering similar services and compare plans to ensure you have the most suitable coverage for your personal needs. Life insurance is not something that should be taken lightly due to its increasingly expensive premiums—it needs careful consideration when making decisions about purchasing additional coverage.