Is My Work Coverage Enough?

One of the common rebuttals we hear from clients when they choose to decline insurance is that they feel they have enough coverage from their workplace. We hear everything from: “I have great benefits,” “my husband is part of a union” and, our all-time favorite, “I’ll never lose my job.” However, what many of these clients fail to realize is that the coverage offered through their work is simply not enough when it comes to their insurance needs.
 
Many people are more likely to be underinsured through their work coverage. While most benefits packages come with some kind of life benefit, it is statically not enough to cover your entire mortgage if you pass away. Common amounts are $250,000 or double one year’s salary. Often times homeowners are not even aware of their benefit amounts!  With gaps in coverage, many homeowners are leaving their families at risk to carry the burden of a mortgage they can no longer afford. 
 
Another aspect many people fail to realize is that their job is not 100% secure. Even if you are fairly certain that you are not at risk ask yourself; what would you do if you did lose your job 10 years from now?  There are no guarantees your next job would provide the same benefits, nor how long it might take you to find a job and put those benefits in place. Perhaps 10 years later, you decide that you now do need mortgage protection. The issues that arise now are that you are 10 years older than when you first took out your mortgage, have a few health conditions and (let’s assume) have the additional rating of being a smoker. Would you be able to afford the high premium you would be forced to pay?
 
Health problems could also force you to leave your job. If you relied solely or heavily upon group insurance, and suffer a medical condition that forces you to leave your job, you may be losing your life insurance coverage just when your family is going to need it the most. At that point, it would be too late to purchase your own policy at an affordable rate, if at all, depending on the medical condition. 
 
Finally, your plan may not provide enough coverage for your spouse. While your employer’s benefits package probably provides health insurance for your spouse, it won’t always provide life insurance for your spouse. If it does, the coverage could be minimal, $10,000 is a common amount, and that sum doesn’t go far when you lose your spouse unexpectedly.
 
While having work coverage in place is better than nothing, it will likely fall short and leave you with either a hefty monthly premium down the road or your loved ones without the coverage they need. Consider looking at one of the products offered through Broker Plus Insurance to ensure that your mortgage will be protected in the event of a death, disability, job loss, or critical illness. We offer several different specialty products as well; including term life, critical illness (to age 75) and no medical products (if you’ve been declined for insurance in the past). We also offer child protection products in order to ensure all of your family’s needs are being met. Don’t rely on work coverage alone, contact us today for a free, no obligation quote!

To request a quote on the products we offer, click here.
Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.