Life Insurance El Paso Texas TX
Reader’s Question:
What are the odds if I buy personal life insurance here in El Paso, Texas and get my life insurance from my employment?
Lamber
El Paso, TX
Actually, life insurance that you get from your employer there in El Paso and life insurance that you personally buy have a huge difference. The most obvious difference is that you pay lesser for life insurance from employer for the following reasons:
• Your employer may share the life insurance premium payment. This means that if the premium is 300 dollars, it could be that you are deducted with only 100 dollars while the employer covers the 200 dollars.
• With group life insurance (which is mostly the kind of life insurance that employers avail), there is no individual requirement of insurability. What life insurance companies see is the financial stability of the company getting the group life insurance. Their underwriting decision is not based on your age and health but is focused on the company.
• Because it is a group life insurance, the premiums is bought for the group which would mean that the individual premium could be lesser as compared to buying the plan individually.
Although this is the case, you can’t generally conclude that having life insurance from the company is enough. Yes, it is a benefit that you need to be thankful for but you also have to check if the life insurance benefit is sufficient for your family in case you die. If it isn’t, you may need to buy separate additional life insurance to supplant the employer’s life insurance. Also, remember that the benefit is provided by the company while you are employed. Once you resign, got fired or retire, the life insurance cannot go with. However, you can always ask the HR department if you can continue the life insurance you had even if you are out of the company’s picture already. But if continuing does not seem favorable or takes a lot of arrangement, you can always choose to buy individual life insurance either with the same life insurance provider from that of your company or from other life insurance companies in El Paso, Texas.
Tags: life insurance, life insurance benefits, life insurance leads