Many employers offer low cost or free life insurance as a benefit; the policy offered usually has a low face value or not be a comprehensive plan suited for your individual needs and lifestyle.

Here are some other disadvantages of an employer life insurance policy:

• THE VALUE OF THE POLICY MAY BE TOO LOW

If you have a spouse or dependents, it is suggested to obtain a life insurance policy that is worth at least 6 to 10 times your annual salary to cover costs such as but not limited to; childcare, mortgage or rent costs, student loans, and credit card debt.

• YOU CAN LOSE COVERAGE IF YOUR JOB SITUATION CHANGES

If you change jobs, get laid off, retire, or reduced to part time status; you could lose your coverage. This can mean you lose your life insurance policy when you need it the most.

• YOUR WORKPLACE POLICY MIGHT BE OVERLY EXPENSIVE

Many employer sponsored life insurance policy rates increase over time unlike an individualized term life insurance policy which rates are locked in.

• WORKPLACE POLICIES ARE NOT TAILORED TO YOUR NEEDS

Options are limited through workplace life insurance policies and may leave you under-insured and exposed.

• WORKPLACE POLICIES ARE A BENEFIT NOT A GUARANTEE

An employer can change or stop offering life insurance coverage without your consent as the contract is between the employer and insurer.

• WORKPLACE POLICIES MAY NOT OFFER SPOUSE COVERAGE

Do not assume just the highest income earner in the household needs life insurance. Any sudden and unexpected decrease in household income will create an economic hardship in the family.

Don’t be left unprotected! Contact us today at 269-925-0611 to explore your options. We write with numerous top rated Life Insurance carriers and can customize a plan to fit your needs so you and your family are protected.

Flaugh Insurance is an independent, family owned, local agent who writes with several national carriers. We can service all of your insurance needs no matter where you are located – Benton Harbor, St. Joseph, Stevensville, New Buffalo, Hartford, Coloma, Watervliet, Berrien Springs, and many more! Call our office today to review your insurance at 269-925-0611!