As a major business hub, many of us in The Bay are lucky to have our companies offer plans for life insurance. San Francisco employees can be covered with life insurance to little to no cost, which is a luxury not afforded by most.
Nonetheless, it is important to be smart about your personal life insurance. There are definite downsides and benefits to a blanket life insurance policy, and it is important to know whether a company plan is benefiting you or not.
At the top of the list of benefits is that more often than not, the cost of joining your company’s life insurance plan is significantly lower than what you would pay for the same plan independently. As a company, they have certain circumstances and leverages that you and any individual would not have.
The next major benefit that a company life insurance plan has is that you are not required to show any proof of insurability. Proof of insurability can be any number of medical evaluations and documents, including but not limited to a detailed medical history, recorded doctor visits, and up-to-date tests. Individuals who would not be eligible for life insurance based on their medical eligibility would circumvent this issue with a company insurance plan.
By nature, a company life insurance plan will not be a perfect fit for everyone. A diverse work force of differing ages, marital statuses, and health will all be receiving the exact same insurance coverage. Herein lies the problem—depending on your individual situation, your company’s life insurance may not be sufficient.
You can also lose your coverage should you ever get laid off, or choose to work for a different company. Most company life insurance policies are not transferable, and will not cover you in the event that your relations with the company are severed.
If you want to take a second look at your personal life insurance in San Francisco, let our insurance specialists help. Call us today and we will look at your insurance standings and deduce whether you need additional coverage based on any existing debts, predicted future expenses, and more.