Is the Life Insurance Policy Through Your Job Adequate?

Many companies offer employees life insurance. A group policy can be an excellent perk, especially if you’re single, young, and healthy. 

That said, your employer-provided life insurance may not adequately cover you and your family. If you live in Bourbonnais, IL, talk to an agent at the George Ryan Jr. Insurance Group Inc to determine whether your employer-provided life insurance is enough coverage for you. 

What Is Employer-Provided Life Insurance?

Employer-provided life insurance is a policy offered to a group of people, like a business, instead of an individual. Your employer may pay all or a portion of your premium.

What Are the Benefits and Downsides to a Group Policy?

There are advantages to employer-provided policies. Your coverage is typically guaranteed, and usually, there is no medical exam. Enrollment into the plan may be automatic.

There are also disadvantages. Your employer owns the policy. Your life insurance coverage may stop if you are fired or quit. Additionally, most employer-provided policies provide a set amount of coverage instead of allowing you to pick a policy coverage that fits your needs.   

Do You Need More Than Your Employer-Provided Life Insurance?

The amount of life insurance you need depends on your current circumstances. If you have dependents or are married, your employer-provided policy may not provide enough security for your family. If you currently have a mortgage or co-signed debts, you may need more coverage to ensure that your loved ones can cover these financial obligations. 

There are many factors involved in determining whether your employer-provided life insurance is the only life insurance policy you need. Contact the George Ryan Jr. Insurance Group Inc of Bourbonnais, IL today to discuss whether additional life insurance will help you and your family.