Changing Jobs (Part 2 of 3) Employer-Provided Group Life Insurance
Author: Paul D. McDonald, MBA
Maintain Stability in the Midst of Change
Life can bring a flood of changes during your working years. Career changes. Changes in priorities. Changes from work to retirement. How can you make sure that your investments will navigate through these periods of change?
Employer-Provided Group Life Insurance
Life insurance isn't always a topic of fun conversation, but it is a necessary issue for many people. Many employers provide a small amount of life insurance as a benefit to their employees. Your choices? 1. Go without coverage 2. Convert the group plan to an individual policy from the same company 3. Purchase an individual policy Converting to an individual policy from the group plan can be a good option provided that you are uninsurable otherwise. The problem is that the rates may not be as competitive as you may desire. If you desire life insurance, your best bet is to purchase an individual policy for the amount that you need directly from an insurance company or agent. This way, you control the benefits and can take it with you from one job to the next. Treat the extra insurance from work as an added benefit.
About the author: Paul D. McDonald, MBA is a financial professional specializing in working with seniors and business owners. He assists people in making decisions on retirement planning, investing, insurance, budgeting, debt management, and many other critical financial decisions. Paul welcomes calls on the subject at the toll-free number 1-877-711-1264 or you can visit his website at http://boomerfinances.blogspot.com/.