Life insurance is available as part of many employee benefit plans. However, these plans seldom provide coverage in the amount needed for most families and are often available only for the employee, not other family members. To discuss your family’s life insurance needs, consider contacting The Select Insurance Agency serving Coppell, TX. We’ll happily review these issues with you.
Life Insurance Through Work
Employer-based life insurance coverage offers several benefits to employees:
- Complementary: Some coverage may be free with the option to buy more.
- No Medical Tests: Policies are group-based, ensuring employees with pre-existing conditions are eligible
- Little Effort: Covered requires little or no effort by the employee
These benefits mean employer-based life insurance has value, but the policies also have disadvantages, including:
- Employer-Based: Employees generally lose coverage if they change employers.
- Employee Only: Many employer-based policies cover the employee only, not their spouse or children.
- Coverage Limits: Employee plans are seldom available in the amount needed to protect your family. For example, State of Texas employees receive only $5,000 in life insurance and can buy up to four times the employee’s salary. Neither amount meets the coverage most families need.
In most cases, it makes sense to take advantage of employer-based coverage.
While accepting the life insurance coverage offered through work makes sense, it generally provides only partial protection. Your life insurance coverage needs depends on your age, family composition, lifestyle, and other factors unique to you and your family.
Working with The Select Insurance Agency
If you live in or near Coppell, TX, and want to discuss your life insurance needs, call or stop in today to see our team at The Select Insurance Agency. We’ll happily find the right plan for you.
