Does Changing Jobs Also Mean A Change in Life Insurance Coverage?

Changing jobs is s great way to get a fresh career start. But it can also provide you with the opportunity to get a new start in other ways, too, such as ensuring that all of your financial ducks are in a row – including your life insurance protection.

Over the past several years – especially given the rough economy and the rising cost of healthcare coverage – many companies have been scaling back on their expenses. When this happens, one of the first items on the chopping block is often employee benefits.

With this in mind, you may or may not have the advantage of getting insurance coverage through your new employer. But even if you do, many companies will only provide life insurance coverage up to $25,000, some companies have plans where you can get one or two times your annual salary – which is oftentimes far too little to provide what most people need for final expenses, paying off debts, and ongoing income for survivors.

On top of that, this insurance will most likely only remain in force while you are employed at that company. So, if you decide to change jobs or the company goes under, you may find yourself without any life insurance coverage at all.

Why Get a Personal Policy Now?

As people get older – and as they take the chance that they could incur various health related conditions – the cost of life insurance goes up. In the worst case scenario, some people can even find themselves uninsurable if they’ve suffered more serious health issues.

In this case, they could end up sticking with a job that they don’t like simply because they don’t want to lose their insurance coverage. That’s not a predicament you want to be in. But there is a way around it – having your own personal life insurance coverage.

How to Ensure That You Have More Choices

By having you own individual life insurance coverage – even if you also have coverage through your job – you can ensure that all of your life insurance goals are being met. Typically, people will have certain debt payoff and / or income replacement needs that they want covered when they purchase life insurance protection. But employer-sponsored plans usually do not meet those needs.

You own individual plan will not only provide you with exactly the coverage that you need, but it can remain with you, regardless of where you work. And, depending on the type of coverage that you purchase, you may also be able to obtain additional benefits, too, such as tax-deferred savings that can be used for:

• Supplementing retirement income
• Funding a child’s or grandchild’s college education
• Paying off large debt such as your home mortgage

Taking the Next Step

When seeking the right life insurance policy for your specific needs, we can help. We work with over 40 different insurers, so we can locate the perfect plan for you – allowing you to compare different policies, benefits, and premium quotes prior to making your ultimate decision. So, give us a call – we’ll help you to meet your financial goals on your terms.