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Is Group Life Insurance Through an Employer Enough?

Updated: Nov 12, 2021


This is a common question that many of our clients ask us, and the answer comes down to more than just the amount of death benefit your group insurance offers.

Life insurance prices offered through employer plans can be very affordable. However, the price of insurance and the total amount of coverage available aren’t the only two factors you should examine. Employer plans almost always lack portability, meaning you won’t be able to take the coverage with you when you leave the company.

"In this case, at best your insurance will be more expensive and at worst you'll be uninsurable"

Even if you plan to stay with that employer for the rest of your working years, events like layoffs can make this a serious issue for you and your family.

In the event you can no longer work due to being laid off, becoming disabled, or needing to move unexpectedly you will no longer have life insurance coverage; This is a problem in itself. Even worse, your ability to get new life insurance coverage might be impacted by a health issue or accident that occurred since you began employment with your previous company. In this case, at best your insurance will be more expensive and at worst you’ll be uninsurable.

As we age

Health issues can become more and more likely and it’s important that your financial plans account for the possibility of unforeseen sicknesses and or accidents. While the price of a group life insurance plan might make them a bargain to participate in, it’s never good to depend solely on your employer for such an important part of your financial plan.

Obtaining your own life insurance policy can be an important step towards financial freedom and can help you protect your family with the proper amount of life insurance, that allows them to continue their lives at the standard of living they are accustomed to. It’s probably cheaper than you think too.

Do you value financial independence and protecting your family through life insurance? If your life insurance is important to your family, isn’t this subject worth discussing with an experienced financial advisor? It’s as easy as a 15 minute phone call.

To schedule a time to speak with Michael Romanello, a financial advisor with over 18 years of experience click or call PRO Financial Network at 440-871-3067.

PRO Financial Network offer services including retirement planning, investment brokering, estate planning, life insurance, disability insurance, and long-term care insurance; among other financial services.

Phone Calls, online meetings, and in person meetings are available.

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