DO NOT GET A LIFE INSURANCE FROM EMPLOYER
Young, alive, and kicking? Do not purchase life insurance from your employers. Let ForexPedia enumerate the reasons for not doing so.
Whether paid by you or the firm, the company-sponsored insurance does not give flexibility to choose the best insurance. The policy may or not reach the so-called 10 times annual income figure normally mentioned by financial gurus. It may be expensive or not, but it has no bearing unless it is a permanent insurance.
What if you lose your job or resign? Once you leave the portals of your employer, the life insurance will no longer take effect. On the other hand, if the firm decides to close the business, the policy will be nullified and voided.
There are certain exceptions to portability-related issues:
In the event of disability, a policy with waiver of premium might enable the policyholder to continue his insurance without premium payments.
Certain policies allow the holder to continue it by changing to a comparable individual term policy in case of bankruptcy or termination.
In terms of cost, group term life insurance does not require paying for medical exam. You only need to answer some health-related questions. The price being paid is in higher premiums as you are paying for less healthy people as well.
Here are some exceptions:
If offered for free, one should take the corporate insurance. The company can deduct its cost for its employees. Or if the company-provided insurance requires paying a part of the premium, the policy becomes less costly for the holder.
The cost of group insurance might be less expensive than from a private insurer, that is, if your health abruptly declines.
The cost of an employer-backed insurance may be less expensive. However, it has limitations. In most cases, if you leave the company, you won’t be able to use the insurance. Also, it does not provide the flexibility to select the most suitable insurance for you and your family. Is it a great deal? No. Hence, young professionals, you may opt to get an insurance somewhere else.
Make the Most of IRAs
Overcoming Budget Obstacles
Master’s Degree or Work Experience?
The Start of Social Media Decline
Practice What You Preach, Financial Planners!
Behind Instagram’s Profitability
POPULAR FOREX DEFINITION
|01:01||Rightmove House Prices||Jul|
|04:00||Real GDP||2 quarter|
|04:00||Real GDP (YTD)||2 quarter|
|04:00||Fixed Asset Investment||Jun|
|04:00||NBS Press Conference|