{"id":1440,"date":"2017-09-22T15:22:14","date_gmt":"2017-09-22T19:22:14","guid":{"rendered":"https:\/\/lifehappens.org\/?p=1440"},"modified":"2020-04-09T10:41:49","modified_gmt":"2020-04-09T14:41:49","slug":"4-things-you-probably-dont-know-about-your-life-insurance-at-work","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/4-things-you-probably-dont-know-about-your-life-insurance-at-work\/","title":{"rendered":"4 Things You Probably Don\u2019t Know About Your Life Insurance at Work"},"content":{"rendered":"\n\n[et_pb_section fb_built=”1″ _builder_version=”3.27.4″][et_pb_row _builder_version=”3.27.4″][et_pb_column _builder_version=”3.27.4″ type=”4_4″][et_pb_text _builder_version=”3.27.4″ hover_enabled=”0″]

For the first time ever, more Americans have employer-provided life insurance (108 million) than have individual life insurance coverage (102 million), according to a new LIMRA study<\/a>. And while that statistic sounds<\/em> good, it actually hides a few important facts you should understand.<\/p>\n

1. There\u2019s more to the stat than meets the eye.<\/strong> When you dig a little deeper into the study, you find that households that have life insurance coverage through their employer is actually down to 46%, from a peak of 54% in 1984, so the fact is that the percent of employers offering coverage is declining.<\/p>\n

2. If you have it, it\u2019s most likely not enough<\/strong>. Most employer-provided life insurance coverage is one to three times your salary. So if you make $50,000, having up to $150,000 of life insurance sounds like a lot, right? But if you try to put that money to work in today\u2019s interest rate environment, you\u2019ll soon find out it doesn\u2019t go very far. And if your family needs to spend $50,000 each year, what are they going to do after the third year?<\/p>\n

I would also add that while your salary may be $50,000, what about your other benefits like health insurance? Employers pay an average of $19,000 a year for health care for an employee with a family of four. What if your family had to pay for their health insurance from that $50,000, too?<\/p>\n

3. It\u2019s a benefit, not a guarantee. <\/strong>Most Americans believe<\/em> employers should be required to make life insurance coverage available (73%, according to the same study), but the fact is employers are not obligated to offer it. And remember that just because your employer is offering it now, doesn\u2019t mean they will next year\u2014or at any point in the future. A lot of companies are in cost-cutting mode, and benefits like life insurance can disappear without notice.<\/p>\n

4. It doesn\u2019t protect your insurability.<\/strong> Think about what would happen if your health changes while you only have employer-provided health insurance, but then they drop the coverage and you\u2019re no longer able to get life insurance? Or what if you lose your job, or change jobs and the new employer doesn\u2019t offer life insurance as a benefit?<\/p>\n

Typically, employer-offered group life insurance is not portable, meaning you can\u2019t take that coverage with you when you leave a job. Some have the option to convert it to permanent life insurance, but what if you can\u2019t afford that option? Buying an individual policy prevents this because it\u2019s something you own.<\/p>\n

The bottom line, then, is that it\u2019s good to have employer-provided life insurance, but don\u2019t ignore the larger need you may have for individual life insurance coverage, too.<\/p>\n

Use an online calculator like this Life Insurance Needs Calculator<\/a> to get a working idea of what you need. Then if you need help to figure all this out, reach out to an agent. They can help you get the most coverage for your budget\u2014something that you know will be there in case the worst were to happen. If you don\u2019t have an agent, you can use this Agent Locator<\/a> to find one near you.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n\n","protected":false},"excerpt":{"rendered":"

For the first time ever, more Americans have employer-provided life insurance (108 million) than have individual life insurance coverage (102 million), according to a new LIMRA study. And while that statistic sounds good, it actually hides a few important facts you should understand. 1. There\u2019s more to the stat than meets the eye. When you […]<\/p>\n","protected":false},"author":11,"featured_media":1441,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[4],"tags":[216,214,215,14,20],"class_list":["post-1440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-employee-benefit","tag-employer-life-insurance","tag-employer-provided-life-insurance","tag-life-insurance","tag-term-life-insurance"],"acf":[],"yoast_head":"\n4 Things You Probably Don\u2019t Know About Your Life Insurance at Work – Life Happens<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lifehappens.org\/blog\/4-things-you-probably-dont-know-about-your-life-insurance-at-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Things You Probably Don\u2019t Know About Your Life Insurance at Work\" \/>\n<meta property=\"og:description\" content=\"[et_pb_fullwidth_module_placeholder selected_tabs="all"]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lifehappens.org\/blog\/4-things-you-probably-dont-know-about-your-life-insurance-at-work\/\" \/>\n<meta property=\"og:site_name\" content=\"Life Happens\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/lifehappens.org\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-22T19:22:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-09T14:41:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lifehappens.org\/wp-content\/uploads\/2019\/12\/young-family.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"425\" \/>\n\t<meta property=\"og:image:height\" content=\"282\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marvin H. 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