You work for a great company. Competitive pay, good benefits, and awesome peers to work with. Your company is even providing you with free group life insurance! Free insurance is the best, right? No? Well, why not? Here are 5 major disadvantages of group life insurance:
1. It's Not Portable - If you switch jobs, you cannot take your employer's insurance with you. Your next employer might not offer life insurance.
2. It is Not Guaranteed - Your company's group coverage could go up in price which could make you responsible for the payment or it could be cancelled at any time and you would be left uninsured.
3. You May Not Qualify - If you switch jobs and have an uninsurable condition, you may not qualify for your employer's coverage. Some of these uninsurable conditions could be cancer, heart disease and even diabetes.
4. It is Not Enough - Most group life insurance policies do not have an adequate amount of death benefit. This could leave your family struggling to pay your debts that were left behind.
5. Becomes Your Financial Responsibility - If you become ill and can no longer work, your company will not continue to pay your premiums. This payment will become your liability and will most likely be more expensive than an individual policy.
So what is the solution?
The best solution is to purchase your own life insurance policy. We have many affordable options available to you. Your choice should be made according to your budget and family's financial requirements. Give us a call or fill out our quote request form for a no cost and no obligation consultation. Protecting your legacy is very important as no family should have to worry about money when they are grieving. We are here to help you each step of the way.
TEXAS FAMILY INSURANCE PROUDLY SERVES THE RESIDENTS OF TEXAS AND OHIO FOR ALL OF THEIR LIFE INSURANCE NEEDS. LIFE INSURANCE PRODUCTS ARE OFFERED AND UNDERWRITTEN BY OHIO NATIONAL FINANCIAL SERVICES