{"id":41298,"date":"2023-08-25T19:30:00","date_gmt":"2023-08-25T23:30:00","guid":{"rendered":"https:\/\/www.westbendnews.net\/autonews\/?p=41298"},"modified":"2023-08-21T16:34:14","modified_gmt":"2023-08-21T20:34:14","slug":"workplace-insurance-is-a-welcome-benefit-but-it-may-not-be-adequate-for-you-your-family","status":"publish","type":"post","link":"https:\/\/www.westbendnews.net\/autonews\/workplace-insurance-is-a-welcome-benefit-but-it-may-not-be-adequate-for-you-your-family\/","title":{"rendered":"Workplace Insurance is a Welcome Benefit, but It May Not Be Adequate For You & Your Family"},"content":{"rendered":"\n
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If your workplace offers life insurance at a low cost (or no cost) to you, you may assume it provides sufficient coverage for your family\u2014and not bother to give the subject a second thought. According to the 2021 Insurance Barometer study, 57% of U.S. workers rely on their workplace for life insurance.(1) But you owe it to yourself, and your family, to make a careful assessment. You may find that the coverage offered by your employer, welcome as it is, won\u2019t actually cover your family\u2019s future needs.<\/p>\n\n\n\n

Here\u2019s how to figure out whether your employer offers adequate coverage for you:<\/p>\n\n\n\n

First, find out how much coverage is offered.<\/p>\n\n\n\n

Your workplace\u2019s group life insurance may be included in your benefits package\u2014and you may be automatically enrolled\u2014which makes it very convenient. However, it\u2019s worthwhile to do a careful review of the coverage.The amount your employer offers may start at $25,000 and range up to your annual salary. And it probably will not take care of your life insurance needs. <\/p>\n\n\n\n

Second, assess your family\u2019s long-term needs.<\/p>\n\n\n\n

Once you get married\u2014or if you have dependents\u2014you will probably want to increase your coverage. So that $25,000 policy may not seem like much once you sit down to do the math and figure out your needs five, 10, or 20 years down the line. You\u2019ll probably want to make sure there\u2019s enough coverage to pay off a mortgage, send your kids to college, or help your spouse comfortably retire. (It is often recommended that insurance coverage be five to 10 times your annual salary.) <\/p>\n\n\n\n

Even if you\u2019re single, the group policy through your workplace may not be enough after you consider the potential total of your final expenses. Furthermore, if you have a co-signer for a mortgage, car loan, or student loans, remember that the burden will probably rest with your co-signer should something happen to you.(2)<\/p>\n\n\n\n

What happens if you change jobs?<\/p>\n\n\n\n

Long gone are the days when people expected to stay at the same job for 30 years. A study from IBM\u2019s Institute for Business Value found that 1 in 5 employees voluntarily changed employers in 2020.(3) <\/p>\n\n\n\n

But if you job hop, you\u2019ll lose your workplace insurance when you leave the company. And while you may be able to convert the group life insurance policy from your old employer into an individual policy, the cost of that coverage could go up significantly.<\/p>\n\n\n\n

Look into options to supplement your coverage. If you find your employer\u2019s group life to be insufficient, you may want to add supplemental coverage.<\/p>\n\n\n\n

Concerned that you can\u2019t afford it? According to LIMRA, more than half of Americans estimate that life insurance will cost three times as much as it actually does.4 You\u2019ll need to balance your family\u2019s needs with the cost of insurance. But if you look into your options for a supplemental policy, you may find that life insurance is more affordable than you think.<\/p>\n\n\n\n

This educational third-party article is provided as a courtesy by Anthony E. Marlin, Agent, New York Life Insurance Company and a Registered Representative of NYLIFE Securities LLC (member FINRA, SIPC), a Licensed Insurance Agency and New York Life Company,Marlin & Associates Financial Services, 100 East Jackson, Paulding, Ohio  45879. To learn more about the information or topics discussed, please contact Anthony E. Marlin at 260-704-3272.<\/em><\/p>\n\n\n\n

Sources:<\/p>\n\n\n\n

(1)\u201cLIMRA\u2019s Facts About Life \u2013 Workplace Benefits,\u201d LIMRA, September 2021.<\/p>\n\n\n\n

(2)Ashley Hubbard, \u201cLife insurance facts and statistics 2021,\u201d Bankrate, April 28, 2021.<\/p>\n\n\n\n

(3)Samantha Subin, \u201cMillennials, Gen Z are job-hopping, but contrary to popular belief, maybe not enough,\u201d CNBC, February 28, 2021. <\/p>\n\n\n\n

4\u201cLife Insurance Barometer Study,\u201d LIMRA and Life Happens, 2021. <\/p>\n","protected":false},"excerpt":{"rendered":"

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