We are often asked the question “Why would I buy life insurance or disability insurance when I have it through work?” It’s a great question, and not particularly easy to answer as there is never one size that fits all when it comes to individual insurance requirements.
In this economy many employers seem to be cutting costs. One of the biggest costs we find they are cutting is their employee benefits plans. This can lead to some big surprises when employees are relying on certain insurances offered through work for them and their family. One day you might have benefits, the next you might not. In most cases, employees are not given the option to retain the particular coverage, the plan simply changes at the will of the employer.
In addition, some of the benefits you may have through your work plan are not as flexible as individual insurance.
Many group life policies generally go up in price in five-year increments. Individual policies can be purchased in 10, 20, 30 or 40-year terms (or even longer). This allows you to have a longer, more predictable fixed rate vs. a work policy.
Many optional group plans do not offer preferred rates or underwriting. Individual policies may offer preferred rates (better than quoted) if you are in exceptional health. The difference between standard rates and preferred rates can be tremendous. A good broker will know the companies that will tend to be more attractive depending on the coverage you want and your health at the time of application.
Many optional life policies through your work plan do not offer any sort of riders or benefits. With an individual policy, you can often add your spouse to your coverage, as well as your children. Other benefits include accidental death and dismemberment, waiver of premiums if you become sick and even critical illness benefits should you suffer a critical illness during the term of your policy.
This is why it is very important to integrate your insurance needs in addition to what you have through work.
Our insurance advisors will ask you questions about your work benefits and what type of coverage you have. We will perform a full needs analysis on you and your family and help you decide if you have enough insurance, or if the coverage you have through work is sufficient. Often, we can not only find savings but we can help you secure the proper coverage to help you integrate your personal insurance requirements with what you have through work. We have access to all of the major providers in Canada and work for YOU, not the insurance company.
If you have any questions, please feel free to call us at 306-242-9056 and speak to one of our knowledgeable advisors. You can also visit our online insurance tool where you can get real time quotes directly from your desktop or mobile device. Just click on the amount of insurance, the term, press enter and we’ll help you through the rest of the process. We also have various needs analysis calculators on our website as well, to help guide you through the process of selecting the amount of coverage that is right for you.