LIFE INSURANCE

How Employer-Provided Life Insurance Works

Employer-provided or group life insurance can be a powerful and affordable benefit. Generally, a company will pay for Life insurance for their employees (and families) for a small cost taken from their paychecks, all without a medical exam. This makes employer-provided coverage an affordable option, even for those in less-than-perfect health.

To keep costs down though, and deliver benefits to everyone, company-provided Life insurance may have limitations and:

Restrict your coverage and additional options to small amounts (typically up to 2X your salary).
Not travel with you if you leave your job.
End suddenly if your company discontinues the policy.

While these plans do benefit employees and help families in tough times, far too many households rely on them as their sole source of Life insurance. That means employees are typically not carrying enough coverage (especially in single-income households) and leaving their loved ones exposed between jobs.

It also means 30% of consumers are right…they are underinsured. That’s especially true as most financial experts recommend having Life insurance for at least 5X-7X your annual salary.

Do You Have Enough?

If your employer provides a Life insurance policy benefit, this is a great place to begin. After all, when it comes to Life insurance, some coverage is always better than no coverage. For some, like a single person without dependents, or those in multi-income households, this affordable limited coverage may be enough.

However, if you have children, dependents, or rely on a single income, limited, non-transferable group life insurance may not provide the coverage you want. Consider a personal Life insurance policy to help fill the gaps in your coverage, and protect your family when they need it most.

The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
Products & features may not be available in all states & may vary by state.
* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
* Products and Services/Auto or Home/Questions you may have about Risk Assessment Indicators

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