Life insurance is a common component of employee benefit plans. However, the life insurance provided to employees seldom provides the coverage amount most families need. In addition, employer-provided life insurance is often unavailable for other family members. If you have questions about your family’s life insurance needs, consider contacting F.I.R.E Leaders Financial of Eagan, MN. We’ll work with you to obtain the coverage you need.
Advantages of Employer-Provided Life Insurance
Employer-provided life insurance coverage offers several benefits to employees. The coverage is generally free, with the option to buy more. The policies are also group-based, so individual employees do not need to take medical tests, which allows employees with pre-existing conditions to gain life insurance. Obtaining life insurance through an employer also requires little or no effort from the employee.
Limits of Employer-Provided Life Insurance
Employer-provided life insurance has value, but the policies also have multiple disadvantages. First, employees often lose their coverage when they change employers. Second, the policies are generally unavailable for the employee’s spouse or children. Third, and most important for most employees, employer-provided coverage seldom is available in the amount needed to protect their family.
It almost always makes sense to accept any life insurance coverage offered through your employer, but it typically provides only part of the protection you need. The amount of life insurance coverage required depends on your age, family composition, lifestyle, and other factors unique to you and your family.
Working with the F.I.R.E Leaders Financial
If you’re in or near Eagan, MN, and want to discuss your life insurance needs, we invite you to stop in today or call (952) 688-2994 to speak with our F.I.R.E Leaders Financial team. We’ll happily find the right plan to meet your needs.
