We took an interesting call the other day, it was from a woman in her late 20's, in a bit of a panic over the fact that her employer, without any real warning, was doing away with the technology firm's company-sponsored life insurance plan. After assuring her that this was actually a very simple and common process, we ended up engaging in a conversation about why someone her age… single with no kids, would have any interest in continuing her policy.
It's no shock that some businesses are getting a bit lean when it comes to life and ancillary coverage, as a means of compensating for premium increases and unceasing ACA mandates. So if you do find yourself at the crossroads of cancelling or keeping your life insurance policy, here are a few basics to remain mindful of.
Some Life Insurance Policies Build Cash Value
Depending on which type of life insurance plan your employer provided (such as Whole or Universal life) and how long you contributed to it, there's a good chance that it may have been accruing a cash value over the years. Finding out is easy, and can be done by talking to your HR department or contacting a health insurance agent in your area for free assistance.
Your Life is Almost Certainly Going to Change
Maybe you were just going through the motions when contributing to your company-sponsored life policy, but as you age, having that kind of financial protection can be a very good thing. If you're not married or have no significant other, don't assume that you'll be single forever. If and when your life does undergo a significant change, your life insurance policy will provide financial peace of mind for your spouse or children.
Buying Life Insurance is Affordable
Many people are surprised to learn how inexpensive some life insurance policies can be. One of the advantages is that, unlike traditional health and medical insurance, you have a lot more freedom and control over how much coverage you have, as well as how high or low your monthly premium will be. Younger individuals will do well be starting with a more basic plan, such as a term or variable life. Those with families and more significant assets traditionally opt towards whole-life and universal life coverage.
A Lisle Agency that Specializes in Life Insurance
Here at Premier we focus our efforts exclusively on health and life insurance, which frees us of the distractions that many other agents face. If you're unsure about which type of life insurance coverage is most suitable for you, the Premier staff is here to help.
Call our Lisle IL health insurance agency at 800-369-0287, or drop us a line by e-mail through our secure contact page. There are no fees for any of our services, and we'll take the time needed to help you make the best decision.