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  • Is It Enough to Have life Insurance Through Your Troy, Illinois Employer?

    June 29, 2020
  • Having an employer that offers you good life insurance benefits is a great thing, but it can be difficult to know whether your employer-provided insurance is enough. If you’ve got a life insurance policy from your Troy Illinois, employer and are considering purchasing additional insurance coverage, here’s what you need to know.

    Problems with Employer-Provided Insurance

    As great as it is to have life insurance through your employer, there are plenty of problems with employer-provided insurance. The first problem is the fact that your employer may not provide enough life insurance coverage, which sort of defeats the purpose of life insurance.

    Another thing to consider with your employer-provided insurance is the fact that it’s only active as long as you work for that employer. If you have to switch jobs, your coverage will stop until you either purchase life insurance independently or find an employer who provides it. This is also an issue because it can penalize you when you have health problems. If a major health problem doesn’t allow you to work and you have to leave your job, you’re going to lose your life insurance at a time when you probably need it most.

    Lastly, you have to consider how much coverage your spouse is getting from your employer’s plan. In some cases, there may not be any coverage for your spouse from your employer’s life insurance policy. Even if there is, it could be a small enough amount that it’s better to simply purchase coverage for them separately.

    Supplementing Your Insurance Benefits

    The good news is, you don’t have to settle for insufficient life insurance through your employer if you don’t want to. You always have the option of supplementing your employer-provided life insurance policy with a policy from an independent insurance provider.

    If you have enough life insurance through your employer but your spouse doesn’t have enough coverage, you also have the option of purchasing coverage specifically for them. This is great because it saves you a little bit of money if you already have enough insurance coverage through your employer.

    Make the Call

    Having good life insurance is an important part of providing security for your family, and you have a lot of options outside of your employer-provide insurance benefits. If you’re thinking about purchasing life insurance for yourself or your spouse, call KMK Insurance and get a free quote today.