Life insurance Woodstock from your employer is insufficient.

 Life insurance from our employer is a valued benefit for us all.

Employer life insurance or life insurance Woodstock is for you and your coworkers. It’s usually a specific dollar amount at smaller companies and a multiple of your salary at bigger ones. The multiple is commonly one to three times your current salary. 

The Benefits of Employer Life Insurance Woodstock

It costs you equal to nothing.  A big benefit of life insurance from your employer is that it’s usually free. And the cost usually only amounts to a few dollars a month. 

You don’t have to take a medical exam. Life insurance Woodstock from your employer is usually offered to every employee regardless of their health status. This can be a big plus if you do have some health conditions. As a health condition can make it difficult to get a life insurance policy on your own. 

It’s convenient as there’s no need to consider multiple quotes, schedule a medical exam, or do all the legwork. You usually need to fill out a form or two and designate a beneficiary.

The Downsides of Employer Life Insurance Woodstock

It often depends on how much coverage you really need. Most people need much more than one, two or even three times their annual salary in coverage to secure their family’s financial future. 

In fact, insurance agents recommend having 10 to 15 times your annual income in coverage. This is especially true if you have dependents or debt . For this reason, it’s best to assume that life insurance from your employer isn't sufficient for you.

But Supplemental coverage can be more expensive than buying your own insurance policy. One often has the option to buy additional coverage through the employer-based policy. While this can be a convenient option, it may cost you more . It's better to work with an insurance advisor or agent to buy your own life insurance policy.  

Your options are limited. You usually don’t have the range of policy options if you do not work with an insurance advisor or agent. 

Your employer can drop the life insurance Woodstock at any time. You can lose coverage as soon as your company decides to drop it. And that’s more common now that fewer companies are choosing to offer or retain their group life insurance these days. 

Life Insurance Woodstock from your employer is tied to your employment status. You also automatically lose your coverage if you switch jobs, or get retired 

In case this happens, you would have to buy your own coverage. That can be more difficult as you get older or if you developed a health condition.

You may not be able to convert your supplemental insurance. Not all employer life insurance policies let you convert your supplemental life policy when you leave the company. If you can convert the policy when you leave, expect to pay a rate increase. 

It’s important to Explore Options Beyond Employer Life Insurance Woodstock

Sadly, The potential downsides of employer life insurance outweighs it’s advantages.Life insurance from your employer doesn't provide you with enough coverage for you and your loved ones. 

So it's better to make sure you have all the coverage you really need by working with an insurance agent In Woodstock.They can calculate how much coverage you really need. 

Once it’s assessed how much coverage you need, it’s time to compare costs. Reviewing quotes from your insurance advisor alongside the supplemental insurance quote is important.. It is worth it to pay more for your own flexible life insurance Woodstock policy that you own and control.

Although, employer life insurance is a great starting point. But it doesn’t give you enough protection. Figure how much coverage you really need . Take time to consider getting your own life insurance policy